Waterfront project to create 2 000 jobs
The V&A Waterfront will soon boast a mixed-use development which is set to create thousands of jobs in the Western Cape.
|||Cape Town - The V&A Waterfront will soon boast a R1.2 billion mixed-use development which is set to boost the Western Cape’s employment needs by creating thousands of jobs.
Amdec Property Development, part of the Amdec Group, announced the launch of The Yacht Club on Wednesday, which will comprise residential, hotel and office space.
The development is built along similar lines as Amdec’s other mixed-use precinct, Melrose Arch in Gauteng.
Amdec Property Development’s joint managing director, Nicholas Stopforth, said The Yacht Club’s outstanding location makes it the ideal site for a mixed-use development.
“The Yacht Club is strategically positioned adjacent to the V&A Waterfront, close to the Cape Town International Convention Centre (CTICC) and on the doorstep of the Foreshore. A variety of world-class tourist, business, retail and recreational facilities are all well represented within the immediate vicinity.”
Stopforth said the Yacht Club is located within the Roggebaai Canal Tourism Precinct, named after the Roggebaai Canal which runs through it, connecting Cape Town’s financial hub, the convention centre and the V&A Waterfront.
Development is set to start before the end of the year and is set to be completed by mid-2017 – over 2 000 jobs will be created during the construction period.
The facility will include a podium of modern, flexible office space and two towers of urban hotel and apartment living.
It also benefits from a secure and connected precinct, parking, easy access, excellent design, quality finishes and public areas alongside the pedestrianised canal environment.
Pam Golding Properties said The Yacht Club will appeal to a range of buyers including the buy-to-rent market, short- and long-term investors as well as the aspirant buyer who wants to be close to enjoy the V&A Waterfront lifestyle while being in proximity to the financial district and Foreshore precinct.
Ian Slot, the managing director at Seeff Atlantic Seaboard, said demand for property at the Waterfront should be seen in light of the generally strong demand for property on the Atlantic Seaboard and the City Bowl. “These areas seem to just defy the economic trend and while sales volumes in some areas are a little down year-on-year, much of this is attributable to a shortage of stock rather than a drop in demand, general demand remains high and it is a good time to be a seller here.”
Slot added that where buyers were predominantly foreigners in previous years, the past two years had seen development at the Waterfront such as the V&A Marina, Front Yacht Basin and One & Only, attract South African buyers.
He said that buyers, from Cape Town and other areas such as Joburg, were not only those looking for holiday and buy-to-let investments but also for residential purposes.
Stopforth added that The Yacht Club would also offer sought-after urban apartment living ideal for young professionals, first-time buyers and investors.
It will feature a range of apartments with one-bedroom, two-bedroom and corner apartments.
Apartments will range from 54m2 to 95m2 with a starting price of R2.4 million.
Stopforth said the development has the potential to include a hotel and associated serviced apartments and negotiations with a well-known international hotel group are in advance.
He said the precinct is designed around public areas, with benches and pedestrian pathways.
The Yacht Club will offer access control as well as other cutting-edge technologies that put it at the forefront of quality and modern design.
Stopforth said the development is located directly north of the approved R180m Cape Town cruise liner terminal set for completion in 2017, perfectly timed for the opening of The Yacht Club.
joseph.booysen@inl.co.za
Cape Argus