SECTION
viability study, various financial institutions were
approached. Agreement with Nedbank was
reached and they were a pleasure to work with.
With regards the sale process - in order to
release the funding a pre-sale threshhold was set
at 80% of the total sales value of the units. As it
turned out the development was sold out in under
a month which allowed construction to commence
earlier than expected.
The construction process started off slowly
with the main challenge being the co-ordination
between the demolition of the existing building
whilst maintaining the lateral support integrity
of the existing basement and the installation of
the foundation piling. Thanks to Ross Demolition,
Franki and JLK Construction for their assistance
in solving these challenges.
Once out of the ground construction proceeded
apace despite the best efforts of the neighbours
from the legal fraternity who continually threatened
to interdict the developers for excessive noise
and disturbance. This problem had been
anticipated and at the start the developers set
up a liaison committee with two members of
the Cape Bar Council. Consensus was reached
with an agreement on working hours and the
implementation of noise reducing measures on
site. As a result this was the quietest site the team
had ever experienced.
As a consequence of the limited working hours
the construction period was extended by some
3 months which had an effect on the overall
development cost of the project. However, when
all was said and done the projected return on
investment was maintained with each shareholder
achieving an excellent annualised return on capital.
Thanks go to all involved for the extremely positive
working environment which is reflected in the
iconic end product.
8TH FLOOR
TYPICAL FLOOR
GROUND FLOOR
Tuynhuys 45