Following the required pause during lockdown, construction has once again resumed on the Old Cape Quarter luxury mixed-use development, located at the popular Cape Quarter Precinct in De Waterkant.
When completed in September 2021, Old Cape Quarter (previously known as Cape Quarter Piazza) will consist of 55 apartments – made up of 22 one bedroom and 31 two bedroom apartments, as well as two penthouse suites, each featuring three bedrooms, a private swimming pool and roof-top garden. Old Cape Quarter also consists of 1621m2 of commercial space and 3664m2 of retail space.
“Framed by Dixon, Waterkant and Hudson Street, Old Cape Quarter will cradle the existing retail and commercial floors of the Piazza, adding an additional four residential floors,” explains Marc Edwards, CEO of Tower Property Fund, who are the owners of the building.
Tower recently sold two buildings from its Croatian portfolio, strengthening its balance sheet and having additional funds available for Old Cape Quarter. With the sales, Tower aims to reduce its loan to value across the board, and particularly reduce euro debt secured against its South African portfolio.
“We initially broke ground on the development in June 2019 and several units sold quickly, with record prices for the area indicating the quality and desirability of this development,” says Edwards. “Given the implications of the Covid-19 pandemic on the property sector, Tower are reviewing the pricing structure on the apartments going forward.”
Old Cape Quarter forms part of the trendy and vibrant De Waterkant Village, with its European influence, cobbled streets and sidewalk cafe’s, and is also part of the Cape Quarter Precinct. The Cape Quarter is a landmark development in De Waterkant, and one which continues to evolve, taking shape into one of the most iconic and desirable mixed used centres in the City drawing both local and overseas visitors alike.
“We are pleased to have been able to resume construction on this flagship building which will take the historical De Waterkant area to the next level. De Waterkant continues to attract buyers, both those looking for buy-to-live properties and those looking for an investment property with good future returns. The area is one of the trendiest in the Mother city, with its stylish historical buildings, fashionable shops, and vibrant restaurants, all situated close to the V&A Waterfront, Cape Town Stadium, Cape Town Convention Centre, CBD, Table Mountain and famous beaches,” concludes Edwards.
For more information visit www.oldcapequarter.co.za.