#70 Prestwich Street Redevelopment - 3F - Mixed Use - Green Point | Complete

[Lydon]

Originally Posted by pauluswizard

Can anybody enligten me as to whats a happening adjacent to 70 Prestwich ( south east ). Graders and small crane actively removing old sheds ??

MyCiTi bus service depot. Site owned by TransNet. I guess they're increasing their capacity in light of all the new buses due to come online in future?

[Lydon]

From what I can see, this is now complete.

[dysan1]

rather good revamp, glad they brought in the retail element. much else on street level nearby?

[Lydon]

There's The Foundry next door, which opens up from the street onto a courtyard where Beluga restaurant and a number of other retail stores are located. The ground floor of the interior of The Foundry is also occupied by retail stores. Across the road Victoria Junction has a number of stores inside its courtyard as well, such as Ecco, and around the corner the likes of Table Thirteen open up onto the street. Down the road Il Leone opens up onto the street as well. So this is quite nicely placed (and proving very busy).

[Lydon]

Green Point's AAA office property
06 Jul 2012


The AAA grade office property 70 Prestwich Street in Green Point Cape Town is set to be a sought-after office location by business owners.

The AAA grade office property 70 Prestwich Street in Green Point Cape Town is set to be a sought-after office location by business owners.


This modern building which underwent redevelopment and a revamp in November 2011 is currently in the last stages of being redeveloped into a top class office destination, says Russell Smith, chief executive officer of the Land Equity Group, owners of 70 Prestwich Street property.

Smith explains that the redevelopment of Phase 1 cost R11 million and the property has approximately 6 200 square metres of commercial office space and 100 square metres of retail, featuring vida e caffè which opens up the entire property, making it more user-friendly.

He explains that this property was always called 70 Prestwich Street, however, it was referred to as the I&J Building in earlier years.

The revamp has seen the property being transformed into a modern building and the old foyer has been redeveloped into something fresh and elegant and the old property did not have a coffee shop.

Smith says the traditional multi-tenant offices gives tenants the best of everything as it is situated close enough to the city, main highways, shops and restaurants to make day to day office life a pleasure.

It is also ideally set back from the busy Main Road providing a quiet and productive working environment while the vida e caffè provides a perfect place for a pre-work coffee or meetings during the day without having to even leave the building, he says.

If you are looking for space in the new-look AAA building, expect asking rentals of R120 per square metre – a competitive rental rate compared to the V & A Waterfront and the Cape Quarter, says Smith.

He says 70 Prestwich offers magnificently refurbished spacious common areas including an ultra stylish reception foyer.

“Tenants are looking for the wow factor when entering a building and that is particularly what draws them to 70 Prestwich Street and why we relocated our offices to this property.”

Smith points out that with the advent of technology in the form of iPhones, Blackberry mobile devices and iPads, it is the company’s vision and strategy to develop properties that enhance and embrace the way in which business and people occupy space in the ever changing digital era.


Old Foyer: The revamp has seen the property being transformed into a modern building and the old foyer has been redeveloped into something fresh and elegant - the old property did not have a coffee shop.

“In taking this into consideration, we’ve used the re-development of 70 Prestwich Street as a template for how we see future office developments going forward.”

He says they ripped out ceilings to create 3.8m floor to ceiling volume, concentrated on a combination of raw elements and light space as well as add super-high-speed bandwidth.

Each tenant will then create their own identity within their space and we have assisted them by creating a show office, where the focus is communal space, he says.

“A person should want to come into an office because it is functional and aesthetically enjoyable space to work in.”

Green Point office market


Smith notes that the Green Point office market is extremely vibrant and lively with lots of design type companies as well as corporates.

It has a great atmosphere with excellent restaurants and coffee shops all within walking distance and appeals to companies that are looking to relocate from the suburbs to be part of the city energy instead of being in large office style complexes.

According to the South African Property Owners Association (Sapoa) Office Vacancy Survey for the first quarter of 2012, median gross asking rentals per square metre per month in Cape Town vary for A grade office properties.

Cape Town CBD has asking rentals of R90 per square metre, Century City R100 per square metre, Claremont R110 per square metre, Pinelands R100 per square metre, Rondebosch/Newlands R115 per square metre and Waterfront R150 per square metre.

Meanwhile, Selwyn Sharon, leasing, sales and investment broker for JHI Properties explains that the Green Point and De Waterkant area has become very popular with upmarket tenants.

“This vibrant area is on the fringe of the city, close to freeways and within walking distance of the city centre, while public transport is readily available.”


70 Prestwich Street in Green Point Cape Town offers magnificently refurbished spacious common areas including an ultra stylish reception foyer.

Sharon says the world-renowned V&A Waterfront is only five minutes away.

Corporate head offices and financial services have AAA grade offices in this area in new buildings such as the Hudson, Cape Quarter (Deloittes have their Cape Town office), The Piazza, Soho on Strand and the Foundry.

Creative tenants such architect firms, DHK and Leon Saven as well as media/radio stations including KFM have their offices on Somerset Road.

He notes that there are very few vacancies in top end offices, however, there are some opportunities at present as new developments have brought new stock onto the market, for example Media Quarter (a complete redevelopment of a building situated on the corner of De Smit and Somerset Roads, comprising both retail and office components, and which is expected to be completed by the end of this year – 2012).

Tenants already signed include a radio station.

There is also Cape Quarter, which has some office space available and rentals for these prime grade offices range from R130 to R160 per square metre.

Situated adjacent to the Foundry is 70 Prestwich Street, which offers a new refurbished building, under construction at present, with office rentals from R115 per square metre.

All these options allow tenants to design their own layouts and finishes.

Sharon says there are two new developments nearby at the start of construction and about two years from completion.

There is Portside, a joint initiative between Old Mutual and FirstRand Bank comprising a new landmark, 32 floor building on the corner of Buitengracht Street and Hans Strijdom, which when completed in 2014 will be Cape Town’s tallest building.

Read about the Portside property here.

The other new development, also currently under construction – and which will have Bowman Gilfillan as anchor tenant is situated behind the Cliffe Dekker building on Bree Street.

“There is very minimal AAA/P grade stock available in Cape Town CBD and according to Sapoa, there is a total of 12 500 square metres of P grade stock,” says Ryan McFarlane, broker manager for JHI Properties in the Western Cape.

McFarlane notes that another appealing property in Green Point area is Harbour Edge, located at 10 Hospital Street and comprising retail and residential units.

JHI Properties manages the retail component (which is fully tenanted) on behalf of Capital Property Fund, a Johannesburg Stock Exchange listed property company.

Green Point is rapidly becoming a buzzing, sophisticated cosmopolitan area with a vibrant residential and retail mix - and sought after among the business sector and home buyers alike.

The Cape Town Stadium precinct and Green Point Urban Park have contributed significantly towards regeneration in the area, he adds. – Denise Mhlanga

- Property24

[KeithQ]

This taken a week ago:

image hosted on flickr

[Foxyman]

Originally Posted by KeithQ

This taken a week ago:

image hosted on flickr

awesome shot!

[Lydon]

That site is huge! Wish it were being used for something other than a bus depot.

[Ocean4]

Only a bus depot ???
maybe busses on the First floor.
But mixed used on the other 8 floors? hahaha.

Naa Lydon! Here is the big shot for development!
..... and no Heritage problems

[SA BOY]

so update the thread to 8F

[Lydon]

This is a completely different development to the site being worked on above...