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CommercialThu, 22 Apr, 21

LIESBEEK LEISURE PROPERTY TRUST TO BUILD US$280M WORTH OF RIVER CLUB IN CAPE TOWN, SOUTH AFRICA

LIESBEEK LEISURE PROPERTY TRUST TO BUILD US$280M WORTH OF RIVER CLUB IN CAPE TOWN, SOUTH AFRICA

A River Club worth US$280m is to be developed in Cape Town, South Africa by Liesbeek Leisure Properties Trust. The Club which is a mixed-use project would be constructed on a 15-hectare parcel of land. The architectural design intends to create a 150,000sqm2 mixed-use space, divided into commercial and housing uses across two precincts. According to the developer, the project intends to use 31,900sqm2 for residential purposes.

The proposed development will meet the requirements of inclusivity and integration. It combines various land uses and a mix of income groups by offering market-driven and affordable housing opportunities – the latter of which will be physically integrated with the other residential units in the apartment complexes.

Other parts of the development include: 59 600 sqm2 office space, 20 700 sqm2 retail space, 8200 sqm2 hotel, 4100 sqm2 gym; restaurants, conferencing, school and events space. According to the developer, 20% of the residential floor space will be allocated for affordable housing opportunities. US retail giant, Amazon, will be the anchor tenant, opening a base of operations on the African continent.

It is clear that this River Club development will offer many economic, social and environmental benefits for the area. The Mayor of Cape Town, Dan Plato, added that the project is committed to driving investment to revitalise the economy, which was slowly recovering following the impact of Covid-19. It is envisaged that 5,239 jobs would be created in the construction phase alone. The project would also create up to 19,000 indirect and induced jobs.

Meanwhile, there have always been concerns regarding the balancing of developments, health and environmental aspects of the area. However, the Mayor assured the people that thorough work had been done and would continue to do same in the course of the project.

The planned mixed-use development will be a significant boost to the economy and the people of Cape Town in the aftermath of the national Covid-19 lockdown. The City has carefully and thoroughly considered all of the submissions and concerns during the appeal process. We are acutely aware of the need to balance investment and job creation, along with heritage and planning considerations”, the Mayor explained.

While the development has been approved as a concept, conditions have been attached requiring further stages of approval during which the developer must submit detailed plans on a range of development aspects.

The development is foreseen to take place in phases, with construction set to take place over three to five years. The development of Phase I includes a mixed-use space and a floor space of approximately 60 000 sqm2. Phase II will house the Amazon headquarters in Africa which is 70 000 sqm2 of floor space. The developer will further assume responsibility of and costs for the Berkley Road extension upgrade. This would improve traffic flow in the area and provide several access points to the development’s northern precinct. As part of the initial phase, a bridge is to be built over the Black River to Liesbeek Parkway, along with the rehabilitation of the Liesbeek Corridor.

 

 

Source: Abdul-Razak Mohammed (Real Estate Times Africa)

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