Building date confirmed for soon-to-be tallest building in Cape Town

Development of the soon-to-be tallest building in Cape Town has now been scheduled to begin in April, and construction will cost in the region of R1.5 billion.

Zero-2-One Tower – the working name for the development – will take 30 months to complete, according to Stuart Chait, head of the Land Equity Group, the developer of the new CBD landmark.

Land Equity recently acquired the Old Mutual Centre and Exchange Place in the Cape Town CBD from Old Mutual Properties. The site on the corner of Adderley and Strand streets, across the road from Cape Town Central Station, is designated to be redeveloped into a 44 storey tower with 44 000m² of space.

“When complete, this tower will be the same height as the Reserve Bank building in Pretoria and will be Cape Town’s tallest building,” says Chait.

The development will have 624 apartments, 760 parking bays, 5 000m² of retail space and a 360-degree viewing deck and restaurant at roof level which will be open to the public. Chait says 60 percent of the space has already been sold.

Land Equity Group has appointed FWJK to co-develop the project.

Chait says the Cape Town CBD is sought-after by investors and tenants.

“There are already at least a dozen new high-rise buildings in development in the CBD, with many more on the drawing board for 2017. Buyers and investors are able to get the tax benefit of the UDZ (urban development zone) allowance which makes their investment highly attractive, and with the massive ongoing capital investment taking place, the Cape Town CBD will now be on a par with some of the best cities in the world,” says Chait.

He says Land Equity has secured another two strategic blocks in the Cape Town CBD and plans to develop further mixed-use projects in the bustling node. In total, the company is planning over R4bn in new developments in the area this year alone.

Chait has recently been involved in various major developments across South Africa, including Melrose Arch in Johannesburg, Tyger Falls in Tyger Valley, Big Bay in Bloubergstrand, Nettleton Ridge in Clifton, Victoria Junction adjacent to the V& A Waterfront and Stonehurst Mountain Estate in Tokai.

“We are now going into an aggressive development cycle, having raised significant funding for a R40bn pipeline of development projects across sub-Saharan Africa, and including South Africa,” says Chait.

  Comment on this Article

  Please login to post comments

Post to my facebook wall
Characters remaining

    Latest Property News
    • 21 Nov 2017
      The buying process is over, and the moving truck has delivered your household goods to your new property. Now it’s time to unpack and turn your new house into a home.
    • 21 Nov 2017
      When an offer to purchase a property is signed by both buyer and seller, this constitutes a binding agreement or “Deed of Sale” between the two parties. However, in most cases the “standard contract” might not be enough to cover all the specifics pertaining to the sale. The agreement may require some additions or alterations to clauses, which needs an expert hand in the drafting of such
    • 21 Nov 2017
      As more and more South Africans look to invest in property abroad, Spain is offering them one of the best deals in global real estate.
    • 20 Nov 2017
      Since 2012, sectional title complexes have been leading the South African property market, not only in terms of price growth, but sales volumes as well. Remaining relatively strong, even in the face of 2017’s political and economic turmoil, experts say this market segment could offer valuable insight into South Africans’ property purchase priorities.
    • 20 Nov 2017
      Regardless of whether you are purchasing your first start-up home, downsizing or moving in with roommates, finding ways to maximise small spaces can be a big advantage, says Adrian Goslett, Regional Director and CEO of RE/MAX of Southern Africa.
    • 20 Nov 2017
      Property valued at approximately R1 billion is on High Street Auctions’ sales floor during the month of November, including the much-anticipated sale of the Tshwane Mayoral Residence and the land occupied by one of South Africa’s oldest operating gold mines.
    • 17 Nov 2017
      FWJK has announced the launch of its latest residential brand, the Lil’ Apple, which will be launched simultaneously in two developments in Cape Town and Umhlanga totaling 600 apartments. The Lil’ Apple is set to be a brand of FWJK’s New York style apartments which will be rolled out nationally.
    • 17 Nov 2017
      It’s been a tumultuous year on many fronts, with socio-political uncertainty setting the tone for much of South Africa’s economic activity yet despite this and seemingly counter-intuitively, the residential property market has held up well.
    Subscribe to the MyProperty Newsletter

    Last Name  
    Email Address  
    Email Frequency
    Share this Page

    For Sale Property
    Rental Property
    More Options
    Connect with us