JSE-listed Tower Property has provided an update on its refurbishing on the Cape Quarter Precinct in Greenpoint, Cape Town, with the plan to launch 55 new luxury apartments in the Piazza.
Tower acquired the commercial properties known as Cape Quarter Piazza, Cape Quarter Square and 32 Napier Street in 2013, which together make up the Cape Quarter Precinct – with the area including 5,403 sqm of developable bulk at Cape Quarter Piazza alone.
The Cape Quarter Precinct is situated in De Waterkant, a highly desirable residential area with strong property demand.
The development has been in refurbishment since Tower Property acquired it in 2013 for R132.4 million, including what Tower refers to as “greening” – a strategy to make the developments more water and energy efficient.
In the group’s 2017 annual report it listed the approximate value of the entire Cape Quarter Square at over R680 million, while the Piazza is valued at over R187 million.
As part of the refurbishment, the Cape Quarter Piazza – which will be renamed the Old Cape Quarter upon completion – Tower Property has announced the development and sale of 55 new residential apartments, which will launch at the end of April.
“Upon completion, the Old Cape Quarter will comprise parking, two floors of retail and office space (the re-developed existing structure) and 55 apartments. The retail offering will be focused towards a unique food market type offering while the offices are expected to be let to strong local and national tenants given the current high demand in the node,” Tower said.
“The apartments will be upmarket residential apartments, with budgeted selling prices in the region of R79,000 per square metre.”
The group is currently targeting 1-bedroom apartments starting from R5,454,000; 2-bedroom apartments from R6,969,000; and the penthouse apartments start at R15,150,000.