DEVELOPMENT: Nedbank Funds Phase 2 Of Upper Eastside
Recent Western Cape Business News
Nedbank Corporate Property Finance has funded the R265-million second phase of the Upper Eastside mixed use development in Woodstock, Cape Town.
The 50/50 joint venture between Redefine Property Holdings Ltd and Swish Property Group features commercial, residential and retail space, as well as the area’s first luxury hotel, the Upper Eastside Hotel and Conference Centre.
According to Richard Thomas, regional executive of Nedbank Corporate Property Finance Cape, the joint investors’ reputations were a leading factor in the bank’s decision to fund the development. “While Redefine is a major player in the South African property loan stock industry, Giancarlo Lanfranchi, the owner of Swish Properties, is widely regarded as an experienced property developer. It was therefore unsurprising that the first phase of the development was so successful and that the second phase has since followed suit.”
The Upper Eastside development comprises three sections – West, East and South blocks – consisting of 12 000 m² of commercial office space, 2 200 m² of retail and showroom space and a 183 bed roomed hotel and conference centre. The 250 apartments range from 28 m² bachelors apartments to 143 m² two bedroom penthouses.
The 800 m² art atrium and 280 seated outdoor amphitheatre are intended for events such as musical and theatrical performances, launches and fashion shows.
Lanfranchi believes that the Upper Eastside is contributing towards Cape Town’s inner-city rejuvenation, which is being led by a partnership involving the municipality, developers and businesses.
The Upper Eastside also incorporates a number of environmentally friendly features including heat exchange systems, photo voltaic technology, low-energy lighting, recycling facilities, restricted power usage and the use of waste energy to heat water cylinders.
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