Skyscraper City Forum banner
1 - 20 of 44 Posts

·
Registered
Joined
·
28,982 Posts
Discussion Starter · #1 ·
Erf 205 and 211 will be combined for a new development, with a proposed height of 60 metres.

The site is between Long and Jetty Streets, and will be consolidated using the above sites.

Ingenuity Investments already own Erf 205 and the City have now sold Erf 211 to Ingenuity for R34.65 million which equates to a site of about 1,100 sqm.

Proposal: That the consolidated site zoned General Business be rezoned for office use with a height limit of 60m, which can be reconsidered based on the proposal, in particular the ground level conditions, uses and mix of spaces and other requirements in the Tall Buildings Protocol.

Through this sale the full potential of the site will be unlocked.
 

·
South Straddie QLD
Joined
·
10,893 Posts
phaaaa wasted oppotunity to push the envelope of the conservative SA inner city logic.

Why no mixed use? Why no height (not proposing 50F but up to 30F or 100m would make an impact), its a prime site and inner city needs more high rise upper middle class residential.

Too many pure office towers kills the precint and wastes the chance to improve the density, usage and value to Cape Town.

Disapointed but maybe a good architectual addition to CT will balance it out.

Mo time for a list of high rises proposed in CT, seems to be getting impressive but SLOW
 

·
Registered
Joined
·
28,982 Posts
Discussion Starter · #7 ·
Its just the site that has been sold, nothing more. Any actual building will go through a full application process.
 

·
Registered
Joined
·
2,605 Posts
The article is factually incorrect, Ingenuity bought the sites together (for a bit less than the price mentioned) and have applied for additional bulk and height for future development. VA recently renewed their lease (for 5 years commencing this year) so its unlikely to be developed anytime soon - especially since Ingenuity has vacant sites (The Modern and in Bellville next to the diner) that they will focus on developing before redeveloping existing buildings although they do have another foreshore property that could be extended before either the modern or the tygervalley schemes come out the ground (in fact they busy putting an additional floor over part of the property at the moment).
 

·
Registered
Joined
·
28,982 Posts
Discussion Starter · #10 · (Edited)
The article is factually incorrect, Ingenuity bought the sites together (for a bit less than the price mentioned) and have applied for additional bulk and height for future development. VA recently renewed their lease (for 5 years commencing this year) so its unlikely to be developed anytime soon - especially since Ingenuity has vacant sites (The Modern and in Bellville next to the diner) that they will focus on developing before redeveloping existing buildings although they do have another foreshore property that could be extended before either the modern or the tygervalley schemes come out the ground (in fact they busy putting an additional floor over part of the property at the moment).
As far as I know;

1. Ingenuity as far as I understand have bought Erf 211 after already owning 205 (acquired in 2007)

2. The Erf 211 site was bought for R34.65 million, which includes R5 million for the pump station relocation. (To be approved tomorrow)

3. Ingenuity are currently leasing the site Erf 211 (expires 2043), VA being a sub-lease agreement. The current lease of Erf 211 to be cancelled when the sale is approved tomorrow.

Erf 2011
- Unregistered erf 2011 Roggebaai is not required for basic municipal services.
- the sale to Ingenuity Property Investments be approved subject to terms and conditions of City Property Management Dept.
- the property be sold for R29,650,000, escalated at 5% per annum from the date of Council Approval until paid in full
- Assumed bulk: 10,500sqm
- Valid for a period of 3 years
- The sale is subject to the purchaser relocating the pump station before commencement with any development and that any cost over R5 million be accounted for by the developer
- the existing servitude over Erf 205 be retained and extended of Erf 211 Roggebaai


R29.65 million = 10,500sqm x R3,300bulk/sqm (Erf 211 sold as a parcel)
Only R6.5 million if Erf 211 sold as stand-alone site
 

·
Registered
Joined
·
2,605 Posts
As far as I know;

1. Ingenuity as far as I understand have bought Erf 211 after already owning 205 (acquired in 2007)

2. The Erf 211 site was bought for R34.65 million, which includes R5 million for the pump station relocation. (To be approved tomorrow)

3. Ingenuity are currently leasing the site Erf 211 (expires 2043), VA being a sub-lease agreement. The current lease of Erf 211 to be cancelled when the sale is approved tomorrow.

Erf 2011
- Unregistered erf 2011 Roggebaai is not required for basic municipal services.
- the sale to Ingenuity Property Investments be approved subject to terms and conditions of City Property Management Dept.
- the property be sold for R29,650,000, escalated at 5% per annum from the date of Council Approval until paid in full
- Assumed bulk: 10,500sqm
- Valid for a period of 3 years
- The sale is subject to the purchaser relocating the pump station before commencement with any development and that any cost over R5 million be accounted for by the developer
- the existing servitude over Erf 205 be retained and extended of Erf 211 Roggebaai


R29.65 million = 10,500sqm x R3,300bulk/sqm (Erf 211 sold as a parcel)
Only R6.5 million if Erf 211 sold as stand-alone site
Hey, have misinterpreted statement on Ingenuity's AFS which suggests that they already owned erf 211! Looks like they trying to secure the site but defer payment until they develop, kudos...

 

·
Registered
Joined
·
28,982 Posts
Discussion Starter · #12 ·
Hey, have misinterpreted statement on Ingenuity's AFS which suggests that they already owned erf 211! Looks like they trying to secure the site but defer payment until they develop, kudos...

Yip. Who knows how they can say they own a site when they were only leasing it.

Sale still depends on Council Approval on Thursday, not tomorrow.

On the down side, not that huge, but the longer they take, the higher the cost of relocating the pump station, and the higher the risk of this relocation exceeding R5 million, although I'm not sure whether in the context of a major tower, this is a huge issue.

That said, it will be nice to see developers go head to head.

Is there anyway they can target major foreign companies that want to setup a business base in Cape Town
 

·
Registered
Joined
·
28,982 Posts
Discussion Starter · #15 ·
Busy Time For Ingenuity

LOCAL real estate group Ingenuity, which is already undertaking a mega development of its Dock Road property, looks set for further development along Cape Town’s Foreshore.


The company’s three Foreshore investment properties – Reeds as well as 31 and 33 Martin Hammerschlag Way – has 29 000 sq m of additional bulk available for future development in the vibrant Culemborg node.


In the year to end August 2010 31 Martin Hammerschlag was upgraded and a floor of surplus parking was converted to A-grade office space.
Perhaps more significant is that 33 Martin Hammerschlag is being redeveloped and a further floor of 1 000 sq m is being added to the existing building.
Ingenuity directors reckon these enhancements will unlock bulk and lead to better average rentals.



Ingenuity is also in the process of negotiation with certain new tenants to lease a further 8 000 sq m which will be added to the Reeds building.


If these negotiations are successful, construction of the additional area will start early this year.


In the meantime Ingenuity reports that formal permission has been granted to proceed with the development of its Dock Road property.
Just to recap our previous story, a total 22 000 sq m of premium grade offices and 1 500 sq m of retail will be built in Dock Road with an anticipated value of some R700 million.
While the Dock Road property is situated in the heart of the Cape Town CBD and CTICC zone, Ingenuity stresses that development will only commence once a suitable tenant is secured.
 

·
Moderator
Joined
·
23,342 Posts
#Virgin Active Site Redevelopment - CBD

According to Ingenuity Properties:

Formal agreements have been concluded with the City of Cape Town to acquire the leasehold rights of one of the two erven that makes up this site. The acquisition is subject to the approval of additional development rights to be granted that must be approved prior to transfer. The application for the development rights and a formal site development plan have been finalised and form part of a public participation process. This process is likely to take in excess of a year. Once approved this will add significant value to the site, as the combined erven will have over 22 000 sqm of available bulk for development. In the meantime the building currently situated on the land remains well let and provides a solid return.

-----

I presume that Dennis Fabian Berman Architects are working on this proposal, so we shall have to keep an eye out for any more details.
 

·
Registered
Joined
·
28,982 Posts
Discussion Starter · #18 ·
According to Ingenuity Properties:

Formal agreements have been concluded with the City of Cape Town to acquire the leasehold rights of one of the two erven that makes up this site. The acquisition is subject to the approval of additional development rights to be granted that must be approved prior to transfer. The application for the development rights and a formal site development plan have been finalised and form part of a public participation process. This process is likely to take in excess of a year. Once approved this will add significant value to the site, as the combined erven will have over 22 000 sqm of available bulk for development. In the meantime the building currently situated on the land remains well let and provides a solid return.

-----

I presume that Dennis Fabian Berman Architects are working on this proposal, so we shall have to keep an eye out for any more details.

Source: Lydon
 

·
Registered
Joined
·
28,982 Posts
Discussion Starter · #19 ·
Location address: 21 Lower Long Street, Cape Town
Owners: Erf 205: Ingenuity Property Investments Limited; Erf 211: City of Cape Town

Nature of application:


It is proposed to erect a Combined Building (comprising a hotel, parking, shopping and business uses as detailed below) for which the following applications are required:


1. The rezoning of Erf 211, Cape Town from General Business Use Zone, Sub-Zone B2 to General Business Use Zone, Sub-Zone B6. (This would also enable consolidation with Erf 205, Cape Town which is zoned General Business Sub-Zone B6).

2. Council’s consent in terms of Section 100(6) of the Zoning Scheme Regulations to permit a ‘hotel’ and ‘warehousing’ (parking garage) in addition to the ‘shopping and business’ uses on the properties.

3. Council’s consent in terms of Section 100(8) of the Zoning Scheme Regulations to exceed 37,49m and to permit a building of 60m in height on Erven 205 and 211.
 
1 - 20 of 44 Posts
Top