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V&A Waterfront project gets R1.5bn boost

Jul 28 2014 11:10
Fin24

A graphic of plans for the Silo district at the V&A Waterfront. (Supplied)

Company Data

GROWTHPOINT PROPERTIES LIMITED [JSE:GRT]

Last traded 13
Change 1
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Cumulative volume 17577509
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Last Updated: 01/01/0001 at 12:00. Prices are delayed by 15 minutes. Source: McGregor BFA

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Cape Town -  The final phase of the V&A Waterfront’s Silo district in Cape Town is on track for an early 2017 completion at a substantial investment of R1.5bn.

The district is already home to the award-winning Number 1 and Number 2 Silo developments, and is the location of the Zeitz Museum of Contemporary Art Africa (Zeitz Mocaa) currently being developed in the Grain Silo complex.

This will bring the total investment by V&A Waterfront shareholders Growthpoint [JSE:GRT] and the Government Employee Pension Fund, managed by the Public Investment Corporation (PIC), to over R2.5bn.

Four new developments will introduce over 35 000m² of mixed use, sustainable developments including new corporate offices, a residential development, a Virgin Active Classic Health Club and a mid-range internationally branded hotel, plus over 1 050 additional parking bays.

When completed, approximately 2 500 people will work at the Silo district daily.

In a 2012 economic impact study that is currently being updated, the expected nominal contribution to the Gross Domestic Product (GDP) from future developments is R28bn by 2023.

“With approximately 30% or 180 000m² of the V&A Waterfront property available for development, the Silo district is our current area of short term development focus," said V&A Waterfront CEO David Green.

"Development at the V&A is market-led, in response to a demand we have seen for bespoke commercial offices and urban residential with harbour and mountain views."

The intention is to create a vibrant and mixed-use sustainable district with sustainability credentials that will offer business opportunities, accommodation, lifestyle options and eateries.

The Silo district developments will be focused around the Zeitz Mocaa that sits at the heart of this district and the surrounding new central pedestrian plaza – Silo Square -  providing a gathering place for locals and international visitors alike.

The district will also build upon the sustainable pedigree of Number 1 and Number 2 Silo with all developments targeting a rating from the Green Building Council of SA (GBCSA).

This includes working with the GBCSA to develop a new mixed use tool that will be a first for South Africa.

The new developments will sit on top of the 2 750 parking bay super basement that will house the district sea water cooling plant and a number of other district services including sprinkler tanks, back-up generators and diesel storage, potable water and gas.

Overview of upcoming developments

Number 3 Silo will offer approximately 10 0002m² of residential space in the form of approximately 75 luxury one to four bedroomed apartments.

In a first for the V&A Waterfront Number 4 Silo will offer a state of the art, 4 000m² Virgin Active Health Club due for completion by early 2016.

Number 5 Silo will offer 13 5002m² of multi-tenanted office space. Number 5 Silo is due for completion by mid- 2016, followed by the residential development, Number 3 Silo in late 2016.

A 220 room 8 000m² international, mid-market hotel announced earlier this year will be housed in Number 6 Silo and will open in early 2017. The operator for this hotel is expected to be announced in the upcoming months.

- Fin24

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