Cape Town inner city redevelopment project nears completion

Cape Town inner city redevelopment project nears completion

CITY CHIC: 220 Loop Street, UrbanOn’s new mixed-use development in the trendy Bree Street hub.

Construction is nearing completion at 220 Loop Street, the edgy R100 million Cape Town inner city development by UrbanOn, an innovative residential development company formed in 2015.

Soon after the launch most units were sold off plan, and the developers expect the last few to be sold out soon. All apartments have exceptional mountain and cityscape views.

“There is still strong demand for smaller compact luxury accommodation to rent and buy in the city and not much available, so early investors in these chic studio and one-bedroom apartments have already seen their assets increase in value,” says UrbanOn director, Andre Krige.

According to the State of Cape Town Central City Report: 2017, released earlier this year, there are close to 4 000 people now living in Cape Town’s Central City – 68% of whom cited wanting to be closer to work as their main motivation. Other top six reasons for 2017 included the desire for a downtown lifestyle as well as the wish to be close to great restaurants and good public transport options.

“This development certainly ticks all those boxes,” says Krige. “Construction will be completed in December, and we will soon have a showflat for prospective buyers to view. We expect to attract a number of owner occupiers when the holidaymakers come to town in summer.”

ON SITE: The construction team at 220 Loop Street includes: (top) Paul Boyce of Airselect, Joiner Jean Booyens of CCMI, developers Andre Krige and Warren Adler of UrbanOn, Chris Daly of main contractor R+N and Lawrence Benatar of Benatar; (bottom) architect Wayne Muller of Robert Silke and Associates, Shay Nicholls of R+N and Stefan Snyman of electrical engineers Mapule.

UrbanOn’s first project was a New York loft style boutique hotel at 53 Castle Street in the CBD – InnsCape on Castle – with 19 studio apartments and ground floor retail. Partners Krige and Warren Adler had noticed earlier that there was a requirement in the city for small, affordable but edgy accommodation, so they bought that building on spec and the project turned out really well.

“We love the inner city lifestyle, and our concept is to design living spaces moulded by the city around them. These spaces are extensions of our personal expression and we create them with people who are just like us,” say Adler and Krige.

“After the Castle Street project, we looked around for further opportunities and came across 220 Loop Street, a mixed use sectional title building with retail, offices, residential and parking, bounded by Bree Street, Loop Street, Watson Street and Buitensingel. The location is exceptional, in a trendy area with coffee shops, bars and shopping close by, and just a short walk to the city centre.

“We bought all the office sections and appointed Robert Silke as the architect to convert them into 44 studio and one-bedroom apartments. We wanted a high spec, modern design, and Robert’s vast experience, architectural flair and understanding of inner city spaces made him an obvious fit for the project.”

All the apartments at 220 Loop Street have views of the city or the mountain, and most of the apartments have balconies. Unit prices range from R1.5 million to R3m, and sizes vary from 33m2 to 68m2 with the average around 45m2.

In addition to Silke, the professional team on the 220 Loop Street project includes quantity surveyor Smith & Co, R&N is the principal building contractor, and project manager is Ignatius Kruger. Financial backing is by Buffett Investments.

In addition to the 44 new units, the block contains 27 independently owned residential units, ground floor retail and a 500m2 office section on the third level.

As part of the development, upgrades include painting the building, putting up aluminium louvre cladding, new signage, a new entrance, upgrading all the common areas, new lifts and a state-of-the-art security system. The modern colour scheme is a blend of black, white, dark greys and silver.

Krige says the building is well-run with Pam Golding Properties as managing agents, and a very strong body corporate. There are restrictions on short term letting, so the building favours permanent residents.

“There is an oversupply of short term lets in the Cape Town CBD, so most investors aren’t looking for this option at present. We will be holding on to a few units at 220 Loop Street, as there is strong demand for rental accommodation in the inner city,” says Krige.

“Property in a good location is always a good long term investment, and the location of 220 Loop Street couldn’t be better,” says Adler. “We expect the last few units to sell out quickly now that construction is almost complete.”

For more information call Andre Krige on 083 402 7206, email andre@innovateproperty.co.za or visit www.urbanon.co.za.