{"id":812264,"date":"2025-02-17T12:00:00","date_gmt":"2025-02-17T10:00:00","guid":{"rendered":"https:\/\/businesstech.co.za\/news\/?p=812264"},"modified":"2025-02-17T11:39:53","modified_gmt":"2025-02-17T09:39:53","slug":"iconic-cape-town-shopping-mall-getting-sold","status":"publish","type":"post","link":"https:\/\/businesstech.co.za\/news\/property\/812264\/iconic-cape-town-shopping-mall-getting-sold\/","title":{"rendered":"Iconic Cape Town shopping mall getting sold"},"content":{"rendered":"\n

The iconic Golden Acre shopping centre in the heart of Cape Town\u2019s central business district is getting sold to Putirex and 11 Adderley Properties.<\/p>\n\n\n\n

Sanlam built the Golden Acre shopping centre in the 1970s on the site of the original Cape Town train station.<\/p>\n\n\n\n

It was the first shopping centre built in the middle of a South African city, and during construction, there was a big surprise.<\/p>\n\n\n\n

Excavations revealed remnants of the northern portion of a storage dam built in 1663 where the coastline once was.<\/p>\n\n\n\n

Golden Acre, on the corner of Adderley and Strand streets in central Cape Town, opened for business in 1979.<\/p>\n\n\n\n

In 2009, shortly before the 2010 Soccer World Cup, the Grand Parade Shopping Centre became part of Golden Acre, adding many new stores and fast-food restaurants.<\/p>\n\n\n\n

The new additions included Hungry Lion, Jive City, Cell C, McDonald’s, Sportscene, Biltong Bistro, and Giddy’s Electric Express.<\/p>\n\n\n\n

It also featured Russells, Joshua Doore, OK Furnishers, Mr Price Weekend Material, Your Lunch Box, Mojo’s Home Fashion, Shoprite, and Top Boutique.<\/p>\n\n\n\n

As part of the extension, dentist services and ATMs from Nedbank, First National Bank, and Standard Bank were also offered.<\/p>\n\n\n\n

\u201cThe merger between Golden Acre and the Grand Parade Shopping Centre just made sense,\u201d said John Bielich, one of the developers of this project.<\/p>\n\n\n\n

The two centres are next to each other, and combining Grand Parade with Golden Acre added 10,461 square meters of general lettable area and 22,000 square meters of office space.<\/p>\n\n\n\n

Today, Golden Acre is surrounded by a busy bus terminus and taxi rank and near a central railway station.<\/p>\n\n\n\n

This makes it easy for commuters to access the Golden Acre shopping mall and its hundred shops.<\/p>\n\n\n\n

These shops include electronics, clothing, food, footwear, health and beauty products, home d\u00e9cor, furniture, jewellery, accessories, sports and outdoor gear, toys, and gifts.<\/p>\n\n\n\n

Golden Acre has several prominent retailers, including Shoprite, Ackermans, Markham, Foschini, Sportscene, and Totalsports.<\/p>\n\n\n\n

The shopping centre’s restaurants and takeaways include Mcdonald’s, Wimpy, KFC, Steers, and Hungry Lion.<\/p>\n\n\n\n

Golden Acre shopping centre getting sold<\/strong><\/h2>\n\n\n\n
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On Monday, 17 February 2025, the Competition Commission approved the deal where Putirex and 11 Adderley Properties will buy Golden Acre and Grand Parade.<\/p>\n\n\n\n

The Golden Acre and Grand Parade shopping centre is currently controlled by the Paramount Property Fund.<\/p>\n\n\n\n

Paramount Property Fund is a property investment company which holds a portfolio of industrial, office, retail, and parking properties in major South African nodes.<\/p>\n\n\n\n

Putirex and 11 Adderley Properties own office and retail properties in the Western Cape and want to expand their portfolio.<\/p>\n\n\n\n

Putirex and 11 Adderley Properties will buy Golden Acre, Grand Parade and 11 Adderley Street from Paramount Property Fund.<\/p>\n\n\n\n

Golden Acre, with Grand Parade, is seen in the transaction as a retail community centre with retail and B-grade office space.<\/p>\n\n\n\n

11 Adderley Street is classified as a retail neighbourhood centre with retail and A-grade office space.<\/p>\n\n\n\n

The Competition Commission is of the view that the proposed transaction is unlikely to substantially lessen or prevent competition in any market.<\/p>\n\n\n\n

The deal was approved with conditions. To address public interest concerns, Putirex has made commitments to procure services at Golden Acre from HDPs.<\/p>\n\n\n\n

\u201cThe proposed transaction does not raise further significant public interest concerns,\u201d the Competition Commission said.<\/p>\n\n\n\n

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Golden Acre Shopping Centre construction<\/h2>\n\n\n\n
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Inside the Golden Acre shopping centre<\/h2>\n\n\n\n
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\n","protected":false},"excerpt":{"rendered":"

The iconic Golden Acre shopping centre in the heart of Cape Town\u2019s central business district is getting sold to Putirex and 11 Adderley Properties.<\/p>\n","protected":false},"author":10,"featured_media":812266,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[12755],"tags":[1516,21753,21754,21755],"class_list":["post-812264","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-property","tag-competition-commission","tag-golden-acre","tag-grand-parade-shopping-centre","tag-paramount-property-fund"],"_links":{"self":[{"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/posts\/812264","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/users\/10"}],"replies":[{"embeddable":true,"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/comments?post=812264"}],"version-history":[{"count":5,"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/posts\/812264\/revisions"}],"predecessor-version":[{"id":812294,"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/posts\/812264\/revisions\/812294"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/media\/812266"}],"wp:attachment":[{"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/media?parent=812264"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/categories?post=812264"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/tags?post=812264"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}