CAPE TOWN CBD INVESTMENTS
This is the key finding of the latest edition of the State of Cape Town Central City Report 2021 – A Year in Review ( SCCR ), published by the Cape Town Central City Improvement District ( CCID ). The 10th edition of the report - presented to the Cape Town business community at a breakfast in the Central City this morning - reflects on the economic climate in the CBD across the previous year .
A total of 28 property developments came on stream last year , including
• 13 completed developments or redevelopments worth in excess of R2.5 billion
• 12 projects that were under construction worth in excess of R1.7 billion
• 3 projects in the planning phase worth in excess of R1.5 billion .
Five of the 13 completed property investments are either hotels or aparthotels , which have already opened . These include the aparthotel The Rockefeller
( R500 million ), Hotel Sky ( R400 million ), aparthotel BlackBrick Cape Town ( R107 million ), The Capital 15 on Orange ( R20 million ) and the Old Bank Hotel ( value to be confirmed ).
Of the projects still under construction in 2021 , more than half were commercial buildings , with commercial property owners - having borne the brunt of the Covidinduced Work From Home and hybrid work trends - moving swiftly to reimagine existing workplaces to make them more attractive and people-friendly . Only two commercial buildings were completed in 2021 .
Confidence in the CBD
Data in the annual report shows sustained confidence in the development and business investment potential of the Central City , says CCID Board Chairman Rob Kane .
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100 OCT 2022 SA Real Estate Investor Magazine