Cape Town - The announcement of the development of a cruise terminal at the V&A Waterfront in Cape Town is putting the focus of property development around the vicinity of the working harbour and Silo district, according to Dr Andrew Golding, CEO of Pam Golding Properties (PGP).
He pointed out that across the globe, in many port and river cities, successful waterfront projects have re-established the rich cultural and historic links between land and water.
“With easy access to the central city, Cape Town’s two major freeway access routes to the rest of the Metropole and the Atlantic Seaboard, the V&A Waterfront is favourably located both for successful businesses and convenience for residential and recreational purposes. Furthermore, it’s only 20 minutes from Cape Town International Airport,” Golding said on Monday.
With construction having commenced at the beginning of 2000, today the V&A Marina luxury housing project comprises some 550 apartments and 150 moorings for yachts and other recreational craft in the heart of the Waterfront.
According to PGP agents Lynn Pinn, Paul Levy and Mariël Burger, this has become some of the most prized new residential accommodation in Cape Town, with the first phase virtually sold out off-plan within less than seven months and the first residents taking occupation during mid-2001.
Sector One of the V&A Marina, comprising 10 construction phases with a total of 273 apartments, was completed in 2004, while completion of the entire Marina project and the One&Only Hotel occurred towards the end of 2006. Today, in less than 15 years, the V&A has become the biggest individual ratepayer in the City of Cape Town.
According to Lightstone statistics, the average selling price of V&A Waterfront apartments has increased from R7.459m in 2014 to R10.496m in 2015 for transfers registered in the first six months of 2015.
Development at the V&A Waterfront’s Silo district is on track for early-2017 completion at an investment of R1.5bn. This district is already home to multiple award-winning Number 1 and Number 2 Silo developments as well as the Zeitz Museum of Contemporary Art Africa, which is presently being developed in the Grain Silo complex.
Levy said four new developments in the Silo district will introduce over 35 000m² of mixed-use sustainable developments, including new corporate offices, a residential development, gym and a mid-range internationally branded hotel, plus over 1 050 additional parking bays.
When completed, approximately 2 500 people will work in the Silo district daily.
In a 2012 economic impact study that is currently being updated, the expected nominal contribution to GDP from new developments in the new Silo district is R28bn by the year 2023.
Due for completion in late 2016, Number 3 Silo will provide some 10 000m² of accommodation comprising approximately 75 luxury one to four bedroom apartments, all offering the same environmentally sustainable benefits as Number 2 Silo.
In addition to receiving a 4 Star Green rating from the Green Building Council of South Africa (GBCSA) in 2013, Number 2 Silo has just been ranked as the best residential development in the country by the South African Property Owners Association (Sapoa). The new Number 3 Silo has similar aims and will seek to redefine luxury.
Number 4 Silo will offer a state of the art 4 000m² Virgin Active Health Club which is due for completion in 2016.
Scheduled for completion in mid-2016, Number 5 Silo will provide 13 500m² of multi-tenanted office space which, like all the Silo developments, aims to achieve a Green Star rating from the GBCSA.
SAPOA recently named Number 1 Silo, corporate head office of Allan Gray, as the overall winner at the Sapoa’s Overall Green and best Corporate Office Development Awards. Number 1 Silo also ranks as the only South African building to receive a 6 Star "As Built" GBCSA rating which signifies "world leadership" in sustainable development.
Set to open in early 2017, a 220-room, 8 000sqm international, mid-market hotel will be housed in Number 6 Silo, with the operator expected to be announced in the coming months.
To accommodate the anticipated increased traffic into the Silo district enabling works are underway to widen South Arm Road, while an extension of the basement parking area will add an additional 1 050 new bays to the super basement, bringing the total number of bays to 2 750.
The basement extension is schedule to be complete by late 2015. The Silo bus stop, which connects with the MyCiti service, is already operational.
Burger says over and above this development Cape Town’s Foreshore is receiving a grand upgrade in the new Yacht Club precinct – once again opening up the Table Bay harbour area and linking the city with the V&A Waterfront.
The 300 high-specification Yacht Club apartments will cater for the needs of residents, commercial visitors and investors, with accommodation incorporating a roof garden and pool and modern design making full use of abundant natural light.
Including VAT, prices of apartments range from R1.995m for one bedroom and from R2.8m for two bedrooms.
For the buy to let investor potential tenants will include medical personnel and family of patients admitted to the new Chris Barnard Hospital about one kilometre away and visitors to the Cape Town Convention Centre, and longer term tenants who seek the convenience and lifestyle benefits of the location.