From that same link. I like the sound of residential units. Pity they're high end, but I guess it's expected, being on the foreshore and all:
"Accelerate finalised the acquisition of the Murray & Roberts building in the latter half of 2016. The Fund also acquired a vacant parking lot adjacent to the Murray & Roberts building. The properties are located on erven 7 & 8 Roggebaai, Foreshore, Cape Town and are also adjacent to Accelerate’s other properties in its Foreshore node, the Mustek building and Oceana House.
The Murray & Roberts Acquisition enhances Accelerate’s position in the Cape Town Foreshore node. The Fund is looking to create its own “Accelerate precinct” in Cape Town.
The site lends itself to a development of A-grade office space within the precinct. It is envisaged that this office development will house a national tenant with a lease for 10 / 15 years. Once this office development is complete, the Fund will also look to development high-end residential units above the office space, essentially creating a live / work precinct."
I think this incorporates 6 different properties owned by Accelerate - Thomas Pattullo (Bytes as Tenant) which is interconnected to the 'Oceana' buildings (they share parking), in the render the current M&R buildings seems to adopt the same levels and becomes an extension of Oceana and then the new structure on the vacant parking lot connects this to the Mustek building and the building that currently houses metro police
Seems like this is called the Conservatory. Accelerate's latest (September year end) financials speak about this development:
Phase 1 GLA: 17 375sqm of which 96% secured, blue chip tenant with a 15 year lease
It's quite hard to piece together the info as it's in different parts of the document but seems the above is marked as "advanced" in it's development stage.
Then another component called "Foreshore Residential/Hotel - 20 story residential/hotel" is marked as at "initiation" stage.
Their March annual report has this development in 3 phases:
Phase 1 - Commercial development (25 metres/7 floors , 17 375sqm)
Phase 2 - Additional commercial development (8 floors, 13 500sqm)
Phase 3 - Residential & hotel development (20 floors, 35 000sqm)
It states that phase 1 is commencing January 2019 and phases 2 and 3 expected completion 2022.
Quite confusing because the March report has a different render with a separate residential tower and hotel component visible in the renders so I'm not sure how this has been consolidated into the new design and how the GLA could be anything close to the addition of the old phases 1-3 combined (considering that's around 65 000sqm).
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