Artist’s impression of Portside – Old Mutual and FirstRand Bank’s new building. which will soon be rising on Cape Town’s Foreshore.
Last week Old Mutual and FirstRand Bank held a ground breaking ceremony to launch their joint Portside development initiative, which will further revitalise Cape Town’s central business district.
The 32-storey building will be the tallest building in Cape Town, a title held for more than 40 years by 1 Thibault, which was formerly the BP Centre.
The Portside project is a joint initiative between Old Mutual and FirstRand Bank, and will become the provincial headquarters for FirstRand’s three divisions – FNB, RMB and Wesbank. Old Mutual will offer an additional 25 000m² of prime space for leasing to corporate and retail tenants.
Western Cape Premier Helen Zille took part in the ground breaking ceremony signalling the start of the project. In her speech, she congratulated the two companies for their vision and investment in the future of South Africa, as well as their commitment to the growth of the Western Cape.
“The obvious commitment by both Old Mutual and FirstRand to support the Province’s sustainable economic development standards has been commendable,” she said, “and the City is confident that the presence of the architecturally appealing Portside building in Cape Town will enhance the beauty of the city, and will serve as a catalyst to create the critical mass of related buildings and commercial activities needed to further revitalise the fast-growing Cape Town CBD.”
Designed jointly by dhk and Louis Karol architects to represent a ‘city in the sky’, the new building will occupy a full city block bordered by Buitengracht, Hans Strijdom, Bree and Mechau streets. The architects say it will capitalise on the views of Table Mountain and the Atlantic Ocean while complementing the beauty of the city. The project is likely to be a big boost for the local construction industry, and represents a substantial investment in the Western Cape.
The R1.6bn project is expected to take 32 months to complete. The building will have more than 52 000 m² of office space and 1 200m² of banking and retail area, with easy access from all sides on the ground level.
Speaking at the ceremony, FirstRand chief executive, Sizwe Nxasana, said that the banking group considered Portside to be far more than merely another city building.
“As one of South Africa’s oldest banks, FNB has a strong presence in Cape Town and the Western Cape. Our investment in Portside is an extension of our continued commitment to investing in the development of the city and the region, providing sustainable economic stimulus and creating much-needed jobs in line with government’s employment development and social upliftment agenda,” he said.
According to Ben Kodisang, managing director of Old Mutual Property, the visual, environmental and social impact of Portside was key to the entire design process.
“Not only did the design of Portside need to enable Old Mutual and FirstRand to have two distinct business addresses in the city, its location in a central city urban conservation area meant it needed to be highly sensitive to the historical and environmental character of its surroundings.”
The architects were required to take into account the current and potential future development of the city around the site of the new building, and ensure that Portside would be able to create the necessary synergies with other buildings in the area, contributing to the overall revitalisation of this part of Cape Town over time.
From the outset, all stakeholders agreed that environmental sustainability was a vital component in this design approach. Stephan Claassen, provincial head of FNB, said it was the intention of the project team to submit the building for a green star rating to the Green Building Council of South Africa.
“We intend making Portside a benchmark of environmental sustainability in terms of construction and building management processes, and have worked closely with the architects to ensure that it will raise the standards of green design, indoor environmental quality, and the reduction of energy and water consumption, waste production and negative carbon emissions for tall buildings.”
Kodisang confirmed this commitment and said that the incorporation of these green building principles will be closely monitored and evaluated to ensure that Portside conforms with the City of Cape Town’s green building standards and achieves the desired four green star rating.
Claassen and Kodisang expressed their gratitude to the City of Cape Town for its support and assistance in making this vision a reality.
“Without the close partnership of the City of Cape Town, FirstRand and Old Mutual would never have reached this historic point in realising our vision for the Portside building,” said Kodisang, “and we are immensely grateful for the encouragement and assistance the council has provided.”
