The refurbishment of the Cape Quarter Plaza, which will be renamed the Old Cape Quarter upon completion, will be launched by Tower Property Fund’s subsidiary Cape Quarter company at the end of April.
The Cape Quarter precinct is situated in De Waterkant, in Cape Town, and is a highly desirable residential area with strong demand and high selling prices, Tower noted.
Upon completion, the Old Cape Quarter will comprise parking, two floors of retail and office space (the redeveloped existing structure) and 55 apartments.
The retail offering will be focused towards a unique food market type offering, while the offices are expected to be let to strong local and national tenants given the current high demand in the node.
The apartments will be upmarket residential apartments, with budgeted selling prices in the region of R79 000/m2.
In Tower's view, the current demand for residential property means that a residential development offers the best opportunity for Tower to realise the capital value in the developable bulk to its best advantage.