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V&A developments progressing well

20th July 2015

By: Megan van Wyngaardt

Creamer Media Contributing Editor Online

  

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The V&A Waterfront precinct has seen unprecedented growth, with current activity and development focused on the Silo district, which is on track for completion in early 2017 at an investment value of R1.5-billion.

The district was already home to the award-winning No 1 and No 2 Silo developments, as well as the Zeitz Museum of Contemporary Art Africa, which was presently being developed in the Grain Silo complex.

Estate agency Pam Golding Properties agent Paul Levy noted that four new developments in the Silo district would introduce over 35 000 m2 of mixed-use sustainable developments, including new corporate offices, a residential development, gym and a mid-range internationally branded hotel, as well as more than 1 050 additional parking bays.

“When completed, almost 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 gross domestic product from new developments in the new Silo district [will be] R28-billion by the year 2023.

“Further enhancing the residential component and due for completion in late 2016, No 3 Silo will provide some 10 000 m2 of accommodation, comprising 75 luxury one- to four-bedroom apartments, all offering the same environmentally sustainable benefits as No 2 Silo,” he added.

In addition to receiving a four-star 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.

“The new No 3 Silo has similar aims and will seek to redefine luxury,” Levy said.

Meanwhile, No 4 Silo would house a 4 000 m2 Virgin Active Health Club, which was due for completion in 2016. Scheduled for completion in mid-2016, No 5 Silo would provide 13 500 m2 of multitenanted office space which, like the other Silo developments, aimed to achieve a Green Star rating from the GBCSA.

Set to open in early 2017, a 220-room, 8 000 m2 international, mid-market hotel would be housed in No 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 were under way to widen South Arm road, while an extension of the basement parking area would add an additional 1 050 new bays to the super basement, bringing the total number of bays to 2 750. The basement extension was scheduled for completion by late this year.

Further, the Silo bus stop, which connected with Cape Town’s MyCiti service, was already operational.

YACHT PRECINCT
Cape Town’s Foreshore was also receiving an 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, Pam Golding agent Mariël Burger noted.

She added that this mixed-use development aimed to become the hub of a vibrant community, with “an exciting blend of beautiful urban spaces and restaurants”.

The 300 high-specification Yacht Club apartments would 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. Apartments in this precinct would range from R2-million for a one-bedroom unit and from R2.8-million for a two-bedroom unit.

Edited by Chanel de Bruyn
Creamer Media Senior Deputy Editor Online

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