PROPERTY: Cape Quarter Success
Recent Western Cape Business News
Six months after opening the doors of the Square, the new addition to Green Point’s trendy Cape Quarter Lifestyle Village, the centre is almost fully let.
Cape Quarter Property Company director Bob Knight said the office component would be 100% let in August when Pernod Ricard moved in, joining anchor office tenant Deloitte, the Hilton Medi-Spa and The Zone Fitness. “After the financial meltdown of last year businesses are turning over their pennies before spending them, so it is a positive sign that our tenants choose to run their businesses from the Cape Quarter,” Knight said.
On the retail side of the business, 12 of 130 shops are vacant, but many are in negotiation.
“Construction on a new décor section for smaller interior decorators has just been finished. “Shops from 20m² to 122m² are available to tenants who will add to the centre’s unique mix. We’re looking for décor-orientated tenants and although we have up to 15 people making enquiries every week, we have to scrutinise the finer details. We want owner-operated stores, good business people who can drive a concept and have been in the game for a number of years.”
Knight said shop owners around the world were either “smiling or crying, depending on the season”. “If you’ve been down the road for the last 15 years then you understand you have to weather the bad and look at it as an annual cycle.”
When Cape Quarter opened late last year, retailers had a successful Christmas season but the current winter months have brought on a slight downturn.
“The Soccer World Cup is a bonus and we are hoping the added foot traffic will bring a second boost.” Anchor retail tenant Spar was pulling in locals at a rate of 3 200 people each day.
“Our restaurants are doing well, with several offering specials to attract winter diners looking for value for money.”
In line with helping shoppers cut back on their spending, Cape Quarter has extended their free parking to 40 minutes, and R5 for the whole day on Sundays. Shoppers can conveniently park their cars in any of the 900 secure parking bays in the Cape Quarter car park; and if that is not enough, parking is also available just off Hudson, Dixon and Napier Streets.
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