Golden Acre tower to be redeveloped into 414 residential units by 2027

John Maytham, standing in for CapeTalk's Lester Kiewit, speaks to Lesego Majatladi, Director of Gracht Asset Managers.

Listen below:

Appointed by Putirex Pty Ltd., the new owners of the Golden Acre in Cape Town's CBD, are moving into the next phase of redevelopment.

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The new owners purchased the iconic landmark for R781 million, and plans to convert the commercial tower into residential accommodation development, which includes 414 affordable, semi-serviced, residential rental units with approximately 300 studios, one-bed and two-bed units reserved for long-term tenants set for completion by early 2027.

"There's a lot of work to do," says Majatladi.

"There has been some level of dissipation of commercial tenants throughout the City, and the investors in the project saw an opportunity to make an impact in the accommodation residential space."

- Lesego Majatladi, Director - Gracht Asset Managers

"Globally, the signs of a healthy City are a City where the CBD or the heart of the City thrives beyond working hours. If you look at Cape Town, there is this mass migration that happens every morning and every afternoon, and that shouldn't be the case. Our target for the project is young professionals who are spending quite a bit on transport in and out of the City, where they could be spending that money living in the City."

- Lesego Majatladi, Director - Gracht Asset Managers

Apartments in the revamped Golden Acre will be available to rent for around R10,000 per month.

However, this will only be finalised once the building is completely redeveloped, Majatladi says.

Scroll up to the audio player to hear the full conversation.