Africa-Press – South-Africa. Plans are now officially underway to redevelop Cape Town’s historic Golden Acre complex, transforming its office tower into affordable rental units.
In February 2025, the Competition Commission confirmed that, following a complex negotiation process that took more than three years to complete, the sale of Golden Acre was approved for R781.5 million.
The sale, which included the 11 Adderley Street building, is one of the largest property transactions of its kind in the City of Cape Town in recent years.
Following the historic acquisition, Putirex, a joint venture between Cape Town-based property developers, led by Gary Moore and Roelof Delport, announced the next phase in the revitalisation.
Located in the heart of Cape Town’s Central Business District, Golden Acre has always been a key node for businesses and commuters alike since its opening in the late 1970s.
It is surrounded by major traffic arterials as well as the Cape Town Station, the major city taxi rank and the Golden Arrow central city bus terminus,
The landmark is situated at the busy junction of Adderley and Strand Streets, and includes 65,000 m2 of retail and office space together with some 800 parking bays.
Now, Golden Acre is set to undergo a transformative redevelopment. Architectural and engineering planning commenced in mid-2024 to transform the 24-storey office tower into reasonably priced inner-city residential rental accommodation.
It will also include a 6,000 m2 communal garden and lifestyle clubhouse facility for residents atop the existing under-utilised parking garage, as well as renovations and additions to the existing retail trading areas.
Plan approval processes are underway, and recently appointed contractors are expected to commence construction in early October. Completion is anticipated by early 2027.
Residential development
The major redevelopment will see the office tower converted into 414 affordable semi-serviced residential rental units, with approximately 300 studios, 1-bedroom, and 2-bedroom units reserved for long-term tenants.
This offering is intended to be priced approximately 30% below other residential rental options currently available in the city. It will be aimed at young aspirational employees who are currently commuting into the city on a daily basis.
“Redeveloping the office tower into residential rentals presents an opportunity to revitalise this key city node,” said Ian McMahon, local Ward Councillor.
He added that the project will also unlock much-needed rental opportunities in the area, where the demand for well-located, affordable urban living continues to outstrip supply.
Upon completion of the day-to-day management, the development will be run by Neighbourgood, a residential property management business led by Murray Clark.
“Neighbourgood will manage the residential tower at the Golden Acre, providing primarily long-term rental options for locals, as well as some medium-term accommodation for itinerant tenants,” Clark said.
“A key distinction is that our tenants, short and long-term, will not just be renting accommodation, they will be joining a residential club.”
This club will offer various lifestyle benefits such as access to co-working spaces, events and community experiences across the city.
Retail transformation
Plans for the retail redevelopment at Golden Acre include transforming the retail experience, which is currently a primarily transient, commuter-based offering.
Instead, the developers want to make it an 18-hour retail environment that serves both residents and the wider Cape Town community. The redevelopment will focus on curating a more diverse and attractive mix of retailers.
Over the next two to three years, the tenant mix will be rationalised to better meet the needs of the growing residential population and the high volume of commuters passing through the centre.
Notably, the sub-Strand and Adderley Street concourse, which the city has dramatically upgraded over the past few years, creates a substantial CBD retail footprint.
It connects Golden Acre, 11 Adderley Street, Woolworths, the newly redeveloped “Mutual” corner and the retail component of the 3,000-unit Student Housing village over the Cape Town Station.
The expanded retail centre’s major tenants include Shoprite, Woolworths, Spar, Checkers, Ackermans, Pepkor, The Foschini Group, Mr Price, Clicks, McDonald’s, Wimpy, KFC, and a number of local traders.
The redevelopment also aims to improve surrounding public spaces, accessibility, enhance safety, and integrate with city initiatives for pedestrianisation and the safe access to and utilisation of public transport.
Ushering in this new age, Golden Acre will be revitalised and reconnected to other key precincts in the CBD, including the Grand Parade, City Hall, and the Castle.
The Golden Acre redevelopment is being undertaken in close collaboration with the City of Cape Town as well as key development and community stakeholders.
It aligns with broader initiatives to improve public transport integration and foster a dynamic, people-friendly urban environment.
The Mission for Inner City Cape Town, a non-profit organisation focused on enhancing the street-level experience for everyone who uses the Inner City, welcomed the news.
“We wholeheartedly support developments that bring a healthy mix of residential and retail offerings to the street-level experience for people in the city,” said Brad Armitage, Executive Creative Director of The Mission for Inner City Cape Town.
“The Golden Acre project is shaping up to be a flagship example of how the redevelopment and reimagining of private and public spaces can unlock new growth that positively impacts everyone who visits or lives in the inner city.”
Revitalising the city
“We are thrilled to be part of this transformative project,” said Lesego Majatladi, Director of Gracht Asset Managers.
Gracht Asset Managers was appointed by Putirex to oversee the integration of the redevelopment process, the retail centre, and the various City of Cape Town initiatives in the area.
“Our vision is to rejuvenate the Golden Acre as the centre of Cape Town’s retail and urban life, reconnecting historic sites and creating a welcoming space for all.”
“By providing reasonably priced rental housing and enhancing the retail offering, we aim to support the city’s ambition to grow the inner-city residential population in a safe, commuter and visitor-friendly environment.”
Majatladi added that it is also important for them to ensure the Golden Acre remains a cherished destination for generations to come.
”This is a very exciting development, and I look forward to seeing it get underway,” said Geordin Hill-Lewis, Cape Town’s Executive Mayor.
“It will add significantly to the ongoing revitalisation of the Inner City, and joins a number of other large-scale developments soon to be underway in the same precinct.”
James Vos, the City of Cape Town’s Mayoral Committee Member for Economic Growth, welcomed the Golden Acre redevelopment, saying it aligns perfectly with the City’s goal of creating an accessible and inclusive urban environment.
“This project is a significant step forward for Cape Town’s inner city, bringing people closer to work opportunities, enhancing public spaces, and celebrating our city’s unique heritage,” Vos said.
“The Central Business District is alive with energy, culture, and lifestyle, from world-class cuisine and dynamic co-working spaces to bustling streets filled with business, arts, and culture.”
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