The Cape Town Central City Improvement District (CCID) has published it latest State of Cape Town Central City report, highlighting R14 billion worth of investment into new and future developments in the Mother City.
The report, covering 2019, noted the challenges presented in that year, including the aftermath of the 2018 drought and subsequent water crisis, ongoing load-shedding and a tough economic climate.
While the impact of the 2020 coronavirus pandemic falls beyond the ambit of the SCCR report, it acknowledged the global devastation the virus has caused, noting that it “has damaged the Central City’s economy”.
“But the economic performance of what is arguably South Africa’s most successful Central Business District means the Central City is well-placed to navigate a path to recovery,” it said.
The SCCR report shows that, according to the City of Cape Town’s 2018/2019 property evaluation, the value of Central City property stands at R44.124 billion, and that the total value of property investments in the Central City – recently completed, under construction, proposed or planned – is R13.83 billion.
This is broken down into:
- R1 045 million – A conservative estimate of the value of property completed in the Central City during 2019 but which still has to be officially assessed by the City of Cape Town (7 projects);
- R3 730 million – The value of property, conservatively estimated, that is under construction (14 projects);
- R5 196 million – The value of property, conservatively estimated, that is currently in the planning phase (11 projects); and
- R3 860 million – The value of property, conservatively estimated, that is currently proposed and is expected to begin construction within the next two years (6 projects).
The Foreshore precinct has emerged as a key property investment node which is due, in part, to the expansion in 2018 of the Cape Town International Convention Centre (CTICC), which achieved a turnover of R277 million in 2018/2019.
However, all inner city precincts are seeing development taking place, as outlined in the maps below:
“The Foreshore has traditionally had the least number of residential complexes in the CBD. In 2019, it had 12 % of the 68 residential buildings. However, with the rise in mixed-use developments supporting the trend for inner-city living, this is set to change,” the group said.
Property worth at least R7.9 billion was either completed, under construction or in the planning or proposal phase in P1 in 2019. This includes redevelopments, refurbishments, upgrades and new developments.
Just over R5.3 billion worth of property was either completed, under construction or in the planning or proposal phase in P2 in 2019. This includes redevelopments, refurbishments, upgrades and new developments.
At least R247 million worth of property was either completed, under construction or in the planning or proposal phase in P3 in 2019. This includes redevelopments, refurbishments, upgrades and new developments.
At least R265 million worth of property was either completed, under construction or in the planning or proposal phase in the East City in 2019. This includes redevelopments, refurbishments, upgrades and new developments.
Completed projects – R1 045 million
|The Haylard||FWJK||R400 000 000|
|Signature Lux||Signature Lux Hotels||R210 000 000|
|Capetonian Hotel||Raya Hotels||R200 000 000|
|Gorgeous George||Tobias Alter||R100 000 000|
|Labotessa||Jan Fourie and Johan du Plessis||R75 000 000|
|Tuynhuys||Willbridge Property||R60 000 000|
Under construction – R3 730 million
|16 on Bree||FWJK||R860 000 000|
|35 Lower Long Street||Abland||R500 000 000|
|The Rockerfeller at Harbour Place||Narrative/Ryan Joffe Properties||R500 000 000|
|58 Strand Street||Boxwood Property Fund||R400 000 000|
|Hotel Sky||WBHO||R400 000 000|
|Foreshore Place||HBW Group||R373 000 000|
|The Duke||The Mosaic Group||R210 000 000|
|Iziko SA Museum Expansion||Iziko Museums Trust||R187 000 000|
|84 Harrington Street||Wolf & Wolf Architects||R120 000 000|
|The Harri||Sepia and Silk||R70 000 000|
|Fleetway House||HOMii Lifestyle||R60 000 000|
|Mike’s Sports||Gera Investment Trust||R50 000 000|
Proposed – R3 860 million
|Zero-2-One Tower||FWJK||R1 500 000 000|
|The Modern||Ingenuity Property Investments||R1 500 000 000|
|Cullinan Square||Tshogo Sun||R860 000 000|
|Murray & Roberts||Accelerate Property Fund||TBC|
|60 Queen Victoria Street||RDC Properties SA||TBC|
|Spindle||Robert Silke & Partners||TBC|
Planned – R5 196 million
|City Park||Ingenuity Property Investments||R1 300 000 000|
|The Vogue||FWJK||R1 100 000 000|
|The Matrix||Boxwood Property Fund||R850 000 000|
|The Box||Boxwood Property Fund||R570 000 000|
|The Rubik||Abland||R500 000 000|
|27 Lower Long Street||Ingenuity Property Investments||R476 000 000|
|6 Jack Craig||Ingenuity Property Investments||R350 000 000|
|14 Long Street||Boxwood Property Fund||R50 000 000|
|142 Bree Street||Arctigen||TBC|
|Telkom Exchange Foreshore||Telkom||TBC|