Man who went from making R15 a day washing dishes to building a R2.5 billion skyscraper in South Africa
Senzo Tsabedze went from earning R15 a day washing dishes to building a business that is the primary developer behind a new R2.5 billion skyscraper planned for Cape Town.
The 35-storey ThirtyFour18 development, being driven by Afrirent Holdings through its hospitality subsidiary, Indalo Hotels and Leisure Group, is a significant expansion for the company.
The mixed-use development will be built at 84 Heerengracht Street, on a 1,680 sqm site directly in front of the Cape Town International Convention Centre’s (CTICC) second convention complex.
The project is a substantial step into large-scale commercial property development for Afrirent, whose operations have traditionally centred on fleet management, logistics, and hospitality.
Tsabedze, Afrirent’s founder and executive chairman, grew up in extreme poverty in Mshayazafe village in Mpumalanga.
He later moved to Nelspruit, where he earned just R15 a day washing dishes at a restaurant and slept on cardboard boxes in a garage.
He eventually worked his way up into hospitality management at the Kruger National Park. A linen supply contract gave him an opportunity to start his first business, Siyenza Consulting, in 1999.
Three years later, he entered the transport industry by establishing Indalo Fleet Solutions, which was later renamed Afrirent Fleet Management.
Without access to traditional bank funding, Tsabedze reportedly sold a procurement contract to finance the purchase of his first two second-hand trucks.
The business went on to become South Africa’s first black-owned fleet management company, securing a R37 million government contract with Bushbuckridge Local Municipality in 2006.
Over the following decade, it expanded significantly, reportedly managing close to 12,000 vehicles and other assets at its peak, including trucks, cars, and trailers.
Its clients included major public institutions and private companies. Among its municipal contracts was the provision of more than 4,000 operational vehicles to the City of Johannesburg, including vehicles used by the Johannesburg Metropolitan Police Department and Joburg Water.
Coca-Cola Beverages South Africa was also among its corporate clients. In 2017, Afrirent Holdings was established as an investment company to oversee the group’s expanding operations.
Plans for Cape Town’s new skyscraper
Today, the group is a Level 1 B-BBEE contributor and employs more than 800 people across its divisions. ThirtyFour18 is the company’s largest venture to date.
The developers initially considered an investment of between R1 billion and R1.3 billion, but the projected development cost has since increased to R2.5 billion.
Afrirent is partnering with Lance Chalwin-Milton, co-founder of High Street Auctions, in which Afrirent holds a 51% controlling stake.
The development site was secured through a 99-year lease agreement with the City of Cape Town in 2024.
The planned tower will combine residential, hospitality, retail, and commercial properties. It will include 94 private apartments and seven penthouses, alongside a 155-room five-star hotel.
Four floors will be dedicated to premium-grade office space, while street-level retail outlets will cater to visitors and occupants.
The building will also feature co-working facilities and executive meeting rooms designed to accommodate conference delegates, with direct access to the CTICC.
Other facilities will include a restaurant, gym, day spa, and a rooftop entertainment area featuring a swimming pool, sky bar, and restaurant. The developers are also seeking to secure a Michelin-starred culinary partner for the rooftop venue.
Speaking about the project, Tsabedze expressed confidence in Cape Town’s investment environment and the city’s ability to support major private-sector developments.
The project is expected to create approximately 2,500 construction jobs and 400 permanent operational positions.
Cape Town’s Mayoral Committee Member for Economic Growth, Alderman James Vos, said the development supported the city’s ambition to turn the Foreshore into a more active, 24-hour urban economy, which will strengthen tourism and commercial activity.
The project’s concept and architectural model were unveiled at the CTICC on 26 October 2026, with a public teaser campaign scheduled for December and its full market launch planned for January 2027.
Construction is expected to begin on 22 April 2027, subject to final regulatory approvals, with completion targeted for April 2031.
Renders of the 35-storey ThirtyFour18 development
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