The iconic Golden Acre building in Cape Town is set to undergo a major transformation, with developers planning to convert the commercial tower into a modern residential complex aimed at young professionals.
The building was recently acquired by Putirex (Pty) Ltd for R781 million, and Gracht Asset Managers has been appointed to manage the ambitious redevelopment project.
‘Vibrant’
Lesego Majatladi, Director at Gracht Asset Managers, says the heart of the city must remain vibrant beyond traditional business hours – and that means creating space for people to live, not just work.
“Globally, the signs of a healthy city are ones where the CBD thrives beyond working hours,” Majatladi said.
“If you look at Cape Town, there’s this mass migration every morning and afternoon. Our target is young professionals who spend a lot on transport – money that could be spent living in the city instead.”
The redevelopment will include 414 affordable, semi-serviced residential rental units, made up of:
- Approximately 300 studio apartments
- A mix of one- and two-bedroom units
- Units designed for long-term tenants
- Project completion expected by early 2027
Rental prices are expected to average around R10 000 per month, though final figures will only be confirmed once the redevelopment is complete.
Global trend
The move aligns with a broader global trend of reimagining underutilised commercial spaces as accessible housing, particularly in urban cores impacted by shifts in working patterns and rising housing demand.
Majatladi acknowledged that Cape Town’s CBD has experienced a decline in commercial tenancy post-COVID and noted this project is a strategic response to revitalise the area.
“There’s a lot of work to do,” he added, but emphasised that the redevelopment offers “an opportunity to make a real impact in the residential accommodation space.”
This new chapter for Golden Acre could help reshape Cape Town’s inner city, offering affordable rental housing in a prime location while supporting economic activity around the clock.
Do you fancy the idea of living in a residential complex in the heart of the CBD in a city?
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