COMMERCIAL Real Estate
South Africa’s inclusion in the BRICS group has established a foundation for very proactive commercial growth. – Peter Gilmour,
Chairman, RE/MAX of Southern Africa
About time
The V & A Waterfront has recently embarked on a major refurbishment of the Clock Tower Shopping Centre in the heart of the Clock Tower Precinct. The project aims to balance the lifestyle retail offerings with the increasing demand for office space within the precinct, with a large section of the existing shopping centre now being transformed into offices, says Mike Brokenshire, development manager at the V & A Waterfront. He adds that a major benefit of the Clock Tower Precinct is its proximity to the city centre as well as to MyCiTi bus stops, which are within walking distance of the Clock Tower Centre. The refurbishment commenced in May; the retail element will open to the public on 1 August, and the offices will be opening on a phased basis from 1 August to early September 2011. +27 (0)21 408 7600, waterfront.co.za
Grand makeover The second phase of an extensive renovation project at d’Ouwe Werf, the oldest inn in the country, has just kicked off. The estimated date of completion is mid November, when this national monument in Stellenbosch
Renting in the city
will be fully restored to its former glory, though with an added modern edge. The first phase of renovations was carried out between September and December last year, resulting in a restored facade, 10 refurbished rooms and a new reception area. The second phase is a larger project in which the underground parking area is being
Ian Grant, senior leasing and investment consultant
extended, 12 new rooms are being built in an existing building and the Meiring Building is being gutted and
for Eris Property Group, says the total vacancy level
redesigned to include nine new bedrooms. ‘At the end of this phase we’ll have a total of 51 newly refurbished,
in the Cape Town CBD is 9,3%, comparing favourably
modern bedrooms,’ says Elanie Potgieter, d’Ouwe Werf’s general manager. The concept for the look and feel of
with the overall vacancy figures for Century City
the renovated hotel was developed by interior designer, Les Harbottle. ‘Les knows how important it is to retain
(10,2%) and Claremont (14,7%). Bellville has a vacancy
a property’s character. It’s been great having him on board,’ says Elanie. During the renovation period the hotel
of 6,25% because of the presence of corporate
is offering a ‘nuts and bolts’ rate of 21% off the bar rate; at the hotel’s 1802 Restaurant, however, it’s business as
giants Sanlam and Metropolitan; likewise, Pinelands
usual. +27 (0)21 887 4608, ouwewerf.co.za
has a modest 6,8% vacancy rate, attributed to the presence of Old Mutual. Grant says, ‘It’s important to view the 9,3% overall vacancy level of the Cape Town CBD in light of the fact that the total office area across all grades in the central city is three times higher than that of Century City and Pinelands.’ The V & A Waterfront has a low vacancy level of 1,4%, because of its location. However, its office node is still relatively small in comparison to the says the IRT network, which started running in May 2011, will alleviate some traffic and dependency on motor vehicle transport to and from the CBD and will encourage greater footfall into the city. Rob Kane, chairperson of the Central City Improvement District, says, ‘The city centre’s property outlook remains positive due to constant improvements to the urban landscape and the ongoing investment and development interest in the city, which boosts its reputation as an appealing residential, retail and business hub.’ +27 (0)21 410 1160, eris.co.za
68 | June/July 2011
Compiled by Andrea Firth and Jackie Gray
others. Cape Town Partnership CEO Andrew Boraine