PROPERTY: 11 Adderly Street Gets R200m Lease On Life
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Growthpoint Properties R200 million redevelopment of 11 Adderley Street in central Cape Town has created quality 10,000sqm retail and 22,000sqm office space in one of the city’s most historic districts, from the partially mothballed remains of a once significant building.
Growthpoint is the largest JSE-listed property company in South Africa with a market capitalisation of more than R18,1 billion and a diversified portfolio of nearly 440 properties country-wide. This hands-on property owner undertakes asset management and property management of its premium portfolio of buildings.
Situated next to the busy retail and transport Golden Acre node, in an area that has undergone significant urban regeneration, the redevelopment involved two separate buildings providing retail and office space respectively. The redevelopment of the retail space was undertaken amidst trading, which strategically limited the impact on tenants, while the office building’s interior underwent a large-scale refurbishment.
In order to preserve the historical value that the building lends to the central district, the exterior was restored to its original pristine architectural design.
“11 Adderley Street is one of Cape Town’s older buildings, situated in an area steeped in the city’s rich history. Adderley Street is known for its Grand Parade and the building is a short distance from The Castle of Good Hope, the museums and Parliament,” says Gregg Huntingford of Growthpoint.
However, the interior however was transformed dramatically from its aged, mothballed state to an A-grade, contemporary Manhattan-style business address.
A spacious entrance and concierge area provides an impressive entrance to the building and a new central atrium area, which extends from the fourth to the eight floor, provides light and a inner area for communal enjoyment. Construction of the glass-topped atrium area necessitated cutting of concrete slabs on four levels to create the 700sqm open space.
“This significant part of the project was particularly complex and time-consuming, but has added exceptional design strengths and functionality of 11 Adderley Street,” adds Huntingford.
“There’s been significant interest for 11 Adderley Street from corporates and blue chip tenants, many of which are based offshore,” says Huntingford.
The original building design included very large floor plates which have been retained because of their significant advantages, particularly for tenants who require large open spaces, such as call centres, banks and government departments. The most recent blue chip lease at the building has capitalised on these key features.
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