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Cape Town - FWJK announted on Friday that it has awarded a construction contract to Concor Western Cape for the construction of its new 16 on Bree residential development in the Cape Town city centre.
According to Dave Williams-Jones, CEO of FWJK Developments, the 371 apartment development will, at 36 storeys, become the tallest residential building in Cape Town when completed in May 2020.
Construction will start on March 1, 2018 with the demolition of four buildings on Bree Street and will include the retention of two heritage facades.
The building, designed by FWJK’s architectural division, will have as its neighbour the FNB Portside building currently the tallest building in Cape Town.
Williams-Jones added that 16 on Bree was the first of three high rise towers that it was planning to develop in the city centre, where demand for residential accommodation continues to increase. This is due, among other factors, to the lifestyle that the city centre of Cape Town offers, in his view.
Earlier this year Fin24 reported Laurie Wener, PGP senior executive for developments in the Cape region, saying buyers are looking for urban living with secure parking and convenient access to the best the city has to offer.
"The 16 on Bree development places residents in the heart of hip Bree Street, with its art galleries, antique shops, artisan restaurants and contemporary bars. Bree Street has become a destination in its own right - reflecting the diversity and creativity of Cape Town,” she said at the time.
Bree Street already offers regular events such as “First Thursdays”, where people can frequent art galleries and eateries until late, and “Open Streets” where the road is for reserved for pedestrians.
16 On Bree is also within the city’s Urban Development Zone which entitles purchasers who let out their apartments to claim the UDZ accelerated depreciation benefits.
Wener says this is an attractive benefit for investors who are, in effect, obtaining an interest-free loan from the South African Revenue Service over an 11-year period for repayment from the proceeds of the resale of the apartment.
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