MegaBanner-Right

MegaBanner-Left

LeaderBoad-Right

LeaderBoard-Left

Home » Industry News » Property Development Sector » Growthpoint acquires iconic Cape Town Foreshore development site

Growthpoint acquires iconic Cape Town Foreshore development site

Growthpoint Properties today acquired Site B Lower Long Street in Cape Town’s Foreshore, securing and landmark development site situated between two of its property assets.

The 3,932m² piece of land, Erf 165639 Cape Town, has developable bulk of 17,500m² which neighbours the Investec building and ENS building, both owned by Growthpoint. It was acquired for R86,5m on auction.

The property was put on auction by the City of Cape Town, with over 100 people attending the event including Cape Town’s Executive Mayor and other city officials. The transaction remains subject to acceptance in line with the city’s regulatory processes.

Commenting on the transaction, David Stoll, Growthpoint Regional Head – Cape Town, says, “This site is in a highly attractive commercial area on the Cape Town foreshore. It is the final vacant site available to create a brand new development and presents Growthpoint with the opportunity to develop an iconic building on the foreshore.”

Growthpoint owns and manages a diversified portfolio of 526 property assets spanning 6,8 million m². This includes 467 properties in South Africa, 58 properties in Australia through its investment in Growthpoint Properties Australia (GOZ) and it has a 50% interest in the properties at V&A Waterfront, Cape Town.

Stoll adds, “We have not finalised plans for the development yet, but envisage a building that would include offices with ground-floor retail. We would also consider a client-driven development for the site. Either way, we will create a landmark building that will be an asset for the city, its people, the environment and its investors.”

Growthpoint is the largest South African primary listed REIT with the vision to be a leading international property company providing space to thrive. It creates value for all its stakeholders through innovative and sustainable property solutions. The 35th largest company on the JSE, Growthpoint is a Top five constituent of the FTSE EPRA/NAREIT Emerging Index and has been included in the FTSE/JSE Responsible Investment Index for the seventh year running. It is the most liquid and tradable way to own commercial property in South Africa.

To enquire about Cape Business News' digital marketing options please contact sales@cbn.co.za

Related articles

WEG Africa’s new Cape Town premises reflect 30 years of growth

Celebrating 30 years since its inception, WEG Africa’s Cape Town branch can mark this achievement from its larger and improved premises in Richmond Business...

Why Cape Town’s economy works – and how it will shine brighter than ever

STATEMENT BY THE MAYORAL COMMITTEE MEMBER FOR ECONOMIC GROWTH, ALDERMAN JAMES VOS One of the clearest indications of a region’s economic well-being is its jobs...

MUST READ

WEG Africa pioneers local manufacture of MV softstarters in SA

WEG Africa has become the first OEM to produce medium voltage (MV) softstarters in South Africa, reducing lead times for customers and supporting the...

RECOMMENDED

Cape Business News
Follow us on Social Media