Commercial Guidebook | Real Estate Investor Magazine Commercial Handbook | Page 18

OFFICES Cape Town City Centre Revival Foreshore precinct attracting blue chip tenants BY DREW HOOK R eaffirming the strategic relevance and increasing appeal of Cape Town’s rapidly transforming Foreshore area, which is undergoing considerable revitalisation, two major corporates have recently concluded lease agreements through Ikon Property Group for prime office space in the area. Pearson Southern Africa, which is part of a leading global education business, has relocated its headquarters from Pinelands to occupy a single floor of 3 180sqm in the refurbished AAA grade Media City building. Taking a 10 year lease at a competitive monthly rental of R105 per square metre, they have moved premises to be in a more central location in a pleasing environment conducive to staff access and productivity. 16 Commercial Handbook 2016 The Foreshore precinct has been earmarked as the next major growth node in the Cape Town CBD as it has convenient accessibility to public transport – both MyCiti bus service and Cape Town train station, and being on the periphery of the CBD it has almost immediate access to the N1 and N2 freeways. The Chairperson of the Cape Town Central City Improvement District (CCID), Rob Kane, notes that a massive re-urbanisation of the Foreshore area has begun. “As the CCID, we define this area as stretching from Riebeek Street and Old Marine Drive down to Table Bay and Nelson Mandela boulevards, and bordered on either side by Buitengracht and Christiaan Barnard Street. “This is going to completely revitalise the www.reimag.co.za