The
The
EXECUTIVE SUMMARY
Introduction
In accordance with
the spirit of the Development Plan for Cape Town, Devco du Cap Investments
(Pty) Ltd have decided to scope, design and develop a mixed use development
plan for this unique site in the CBD of Cape Town.
The proposed design
of the site embodies the aims of the Central City Development Framework by
addressing the quality of place, diversity of activities and providing a unique
experience, not just in South Africa but Internationally.
The proposed
development provides a place to live, work, shop, visit and invest in a unique
and exclusive way thereby creating a world class destination in the Western
Cape.
The development
comprises executive residential units, premier office suites, prestigious
retail facilities complemented by convenient and secure parking. It also provides a unique view of the Water
Front and Table mountain, with people friendly and interactive piazza area.
Marketability
Market trends and
research supports this development.
General economic fundamentals are sound and the foreshore has become a
sought after location. Rentals in the foreshore are showing signs of recovery
as demand increases and the retail show rooms will achieve premium rentals in
this unique location. The demand for rental and residential space has been
overwhelming with the majority of rentable space let to exclusive tenants such
as, Shell International, Ferrari, Daimler Crysler, Here Be Dragons, on 5 year
leases, escalating at 10% per annum compounded.
Financial Viability
The financial
viability offers an attractive investment with the following:
Ø
Total capital investment (before residential sales of
R110 m) = R215 m
Ø
The projected initial yield = 13.51%
Ø
Internal rate of return = 21.48%.
Funding
The development will
be funded 25% by equity and the balance in debt. Standard Bank of SA Ltd have agreed to take a 30% stake in the
Newco Joint Venture with Devco Du Cap Investments (Pty) Ltd taking the balance. Standard Bank will also provide the loan
finance for the development at fixed interest rates of 13.5% for 5 years.
Conclusion
We believe that this
proposal is a unique opportunity to benefit Cape Town as the gate to Africa.
3.3.4 Proposed future network changes
3.6 Surveyors Diagram and Title Deeds
4.1 Urban / Metropolitan / Local Context
4.1.1 Guide Plan / Structure Plan:
4.1.2 Zoning / Surrounding Plan
4.2 Town Planning Controls / Contributions
4.2.1 Definition of users (TP scheme)
4.2.2 Consent use / Amendment schemes
4.2.3 Coverage / height / bulk (FAR)
4.2.6 Township conditions of establishment
4.2.7 Subdivisions / consolidations
4.2.8 Development Contributions
4.3 Discussions with Local (and other) Authorities and Outcomes
5.2.6 Merchandising (analysis)
5.3 Promotions and Advertising Programme
5.3.1 On-Site signage – to be erected upon site handover.
5.3.3 Promotional pamphlets/brochures/print media
5.3.5 Invited Closed Tender Night
6.1 Public \ Private Partnership (PPP)
6.2 Aesthetics / environmental impact
6.3 Accessibility around the site
6.5 Unique / competitive features
7.2 Concept (refer to concept plan)
7.7 Positioning of the building
7.9.1 Planning and programming.
10.1 The Joint Venture (Newco)
11.6 Title Deeds for the site.
11.9 The site accessibility plan
1.
Devco du Cap proposes creation of a most
innovative concept: Cape Town in the Fast Lane.
2.
The aim is to become the most visited site in
Cape Town after the V&A Waterfront.
3.
The power of the most watched sport in the
world, Formula 1 racing is used to create a showroom of F1 competitors:
Ferrari, McLaren-Mercedes, BMW and Toyota. These auto manufacturers will
showcase their high-end passenger vehicles, creating an ambience of excitement,
thrills and indulgence. To support the lavish showrooms, each ‘exhibitor’ will
promote its brand by a merchandising shop. The high visibility of the site will
maximise the exposure and the branding opportunities. The building is The F1
4.
Technology is the backbone of this building
with fast-speed connections and interactive websites, ensuring that the
building remains at the cutting edge and takes its proprietors forward.
5.
The Shell service station will remain part of
this concept. The Fast Lane
concept kick-starts Shell’s new
international branding & image into Africa, part of the world’s largest
branding exercise. Shell partners Ferrari in F1 and supplies fuel to other
racing.
6.
To support the attraction, limited retail
opportunities is created as showcasing the best in Cape Town and South Africa.
The same philosophy is carried through into the limited A+++ office space.
7.
The retail opportunities offered:
o
Woolies Deli;
o
News Cafe, a most successful restaurant concept;
o
The Pro
Shop for golfing experience;
o
Carlton Hair International to
promote a trendy personal image;
o
The Nelson
Mandela Museum (sponsored by a major banking group and the funds raised by
the innovative residential tender)
8.
Two international branded companies are
participating:
o
Harley-Davidson for wheel-based
merchandising;
o
Starbucks Coffee (their first Africa store).
9.
The major office space is let to Shell
Merchandising Division (Africa). The remaining is let to:
o
Ernie Els Golf Design Worldwide;
o
Boss Models;
o
Fusion Models;
o
Base models;
o
Storm modelling Agencies;
o
Here Be Dragons – the venture capital
company of Mark Shuttleworth.
10. The piazza area is used for events to be a major tourist destination. In
co-operation with the SA Reserve Bank and Rand refineries, an ingot of gold is melted and poured at 12:00
every day from a portable crucible. This is followed by a fashion show hosted by the 4 modelling agencies and a hologram
display from the new Nelson Mandela Museum.
11. In short, South Africa’s most famous exports are brand-reinforced:
Madiba, Big Easy, First African in Space, Gold and Girls; all in the shadow of
its most famous landmark, Table Mountain. All surrounded by the
high-adrenalin world of F1.
12. The residential component of the development shares the excitement of
the lower terraces. High-class units are proposed for floors 6 to 10 with the
last two floors taken up by Manhattan-styled Penthouses.
13. The merchandising is based around the 3 tower entrances that face the
major thoroughfares. Each visual vista is used to the utmost. The F1 will blend
in with the prevailing architecture of the Investec building and the
International Convention centre, while remaining a counterpoint to the adjacent
heritage-protected Spearhead building.
14. Devco du Cap believes that the concept is a world-first and seriously
trend-setting, truly driving Cape Town in the Fast Lane.
The proposed site, erf no 9576 & 142228 represents a unique
opportunity to create a landmark development for the City of Cape Town. It is located in the rapidly developing,
Lower Foreshore and is bordered by Buitengracht, Hans Strijdom, Mechau, and
Bree streets. The Development Company
is determined to put together a high quality, aesthetically pleasing,
sustainable, and environmentally friendly development which captures the
imagination of all Capetonians. The
following specific details on the site are of relevance:
Ø
Topography -
This site has a slope north east, which falls from the corner of Mechau Street
and Buitengracht Street down towards Western Boulevard. Cut and fill has taken
place and the site is generally flat. See the diagram below:
Ø
Views – the site offers amazing views and is situated
in the world-renowned city of Cape Town.
Ø
The building is fronted on three sides with views of
Table Mountain, the Table Bay and Lions Head. Almost from any side a view is
experienced which will add considerable value and a sense of place.
Views of Table Mountain from Western Boulevard Guide to the
views with Table Mountain in the background
Ø
0,5m – 3,4m -
loose to medium dense, clay sand containing sandy silky clay at lower levels
Ø
3,4m and lower -
medium to hard rock of Malmesbury Group.
Ø
Implications
a)
Favorable
founding conditions occur within the colluviums and bedrock but not in the
overlying fill.
b)
Foundations
should be dimensioned not to exceed maximum permissible bearing pressure of
200Kpa where founding in the colluviums and 600 KPa in the soft to medium hard
rock shale.
c)
Groundwater
seepage is likely to result in the build up of significant volumes of water
behind basement parking retaining walls and beneath the surface beds.
Subsurface drainage should accordingly be installed behind the retaining walls
for collection and removal of this water. This water can be collected for
storage tanks and used for irrigation.
d) Surface beds should be designed to
tolerate up to 10mm of heave (total) in the colluviums and should preferably be
articulated to accommodate such movement.
Ø
Buitengracht St and the near-by Somerset Street (M61)
are registered bus routes.
Ø
Buitengracht and Hans Strijdom St have a mini-bus
route passing the site.
Ø
Above all, the site is within 5 to 10 minutes walk
from the bus and taxi ranks at the Cape Town station.
Ø
Public transport accessibility is therefore good.
The site
is accessible through 3 major routes, Hans Strijdom, Buitengracht and Western
Boulevard. Please see the accessibility
diagram below which summarises the situation.
The site is also situated on one of
the two most significant intersections in Cape Town. This will ensure that the
traffic rate will be one of the highest in the Cape Town area and will ensure
the greatest throughput for the Retail Show Rooms. This will be reflected in
the rental charged for this significant positioning.
According
to the Municipal Transport Planning Manager, access through Hans Strijdom and
Buitengracht to the development will not be allowed. Lay-bys are provided to
ensure that taxis do not obstruct the traffic flow. The current Hans Strijdom access is already problematic and
access to the site will only be allowed through Bree and Mechau Streets.
An inner
city public transport system is currently being negotiated, which could create
3 to 4 additional bus stops around the site, at Somerset, Loop and Long
streets, which are within 5 minutes walk from the site.
The road
network will remain stable except for the possible completion of the Foreshore
Freeway. The future of this Freeway is uncertain with
some parties believing it should be built, others believing it should be
demolished and the land developed and some believing they should tunnel.
All
services are available at the boundary of the site.
An audit
of the title deeds revealed no servitudes.
Ø
Refer to the appendix for the title deeds
for Erf No: 9576
Ø
Surveyors Diagram – requested from survey
department
Ø
The municipal valuation of both sites is as follows:
Ø
Erf No: 9576 is owned by Old Mutual who are currently
paying R146 338 per annum for rates
Ø
Erf No: 142228 is owned by the City of Cape Town and
is exempt from rates.
According to Derek Stuart Finlay, CEO of the Cape Town Partnership, he
explained that CTP was formed 4 years ago. It was the first public / private
partnership of its kind and it was decided that 30 companies would donate and
the city council would contribute R1 million a year. In November 2000, the
Central CID (City Improvement District), which incorporates all the CBD, was
formed after more than 50% of the rate payers agreed. Since then R15 million a
year is spent on improving the district and over half of that goes to security,
with an extra 120 police officers. To ensure that the council still performs
their duties, they were given 30 deliverables and the CID will provide the top
up services. However, if the City Council did not provide the services, then
there is a period of performance and a remedy to call a private contractor at
the cities council’s expense. It has proved such a success that many cities
from all around the world have visited Cape Town to find out how it works.
Mr Finlay clearly laid out the cities aims in the following:
Ø
The first aim was to clean up the area before the
opening of the convention centre.
Ø
The second aim was to try and convert ground floor into
retail at the lower end of the city. This would enable people and tourists to
walk through the city to the lower end, past the convention centre and onto the
waterfront, providing retail shopping along the entire length and adding to the
experience. Their underlying belief was, “get the street level sorted and
the rest will sort itself out.”
Ø
Further to this 7 office buildings are being
negotiated to be converted to residential by an Irish Developer and the Old
Mutual Building has been very successfully sold off using this strategy. It is
directly Cape Townian’s who are buying these houses and there are two markets:
o
Professionals working in the city.
o
Parents buying for their offspring.
Ø
This is a crucial development as these people will
insist to work in the city and therefore it reinforces the city rejuvenation.
For this reason the city council is in favour of residential development. Derek
Stuart Finlay stated, “Residential is the flavour of the future!”
Ø
The Canal, which is due to be finished by the end of
August, is envisioned to join the Waterfront and the CDB.
Ø
The Waterfront has set a standard and the City
Partnership wants the CBD to adhere to that standard. This will enhance the
extended experience of Cape Town.
Financial Established
Retail and new depot stores Leisure,
upmarket residential, small and business convenience retail
Ø
The site currently falls into zoning of mixed-use
developments.
Ø
The site is in the CBD of the city and many modern
offices have moved to this precinct, creating an identity for the area.
Ø
The convention centre has been recently been
completed, there are two new hotels and a recent Investec Development. All
these buildings have been a fundamental catalyst to uplifting the entire area.
Ø
On Buitengracht Street, a mixed use development is
proposed and is to have MG and Rover showrooms, adding to the car showroom
market.
Cape Town Central City Development Framework
(DF) drives the philosophy of the development, in conjunction with Central City
Partnership. The White Paper on Spatial Planning and Land Management Use
(Ministry of Agriculture and Land Affairs,
2001) lays down principles for the DF. The land-use activities are
designated as “re-enforcing mixed use, as opposed to mono-functional environments.”
Ø
See the Zoning / Surrounding Zonings Section.
Ø
See the Zoning / Surrounding Zonings Section.
Ø
The height restriction is set at 40m from ground level
Ø
The bulk factor is 10, according to the municipal valuation..
The parking requirements for the
various uses are:
Ø
Retail = 2 bays
per 100m2 GLA
Ø
Office = 2 bays
per 100m2 GLA
Ø
Residential = 1.25 per
unit
Ø
The building line is set back 5m from the boundary on Buitengraght and
Hans Strijdom. Streets and 2m from the boundary on Bree and Mechau Streets.
As per title deed.
The proposed site will be consolidated and developed
as a single entity. No subdivisions will be necessary. It is assumed that the
consolidation will be approved and registered in time for the project to
commence forth.
A contribution of R250 000 towards the
landscaping of the islands in Buitengracht Street and Hans Strijdom Avenue
would be made. Islands will be irrigated and planted with water wise low
maintenance ground covers. Pedestrian crossing lines will be facilitated by
means of stepping stones. The existing Ficus trees will be pruned to bring in
more light and preserved, adding to the ambiance effect of the avenue.
The
two traffic islands which can, with landscaping, substantially add to the “wow
effect” entrance of the development
Ø
Street children was a concern in the city but the CID
has it under control.
It was confirmed by the heritage foundation that there are no
restrictions in terms of the Heritage Act on this site.
Positives to the future
Ø
Growth
in tourism
Ø
Political
Stability
Ø
Oil on
the West Coast
Ø
Potential
for residential developments in the CBD.
Ø
Since
the Provincial Government has changed to the ANC there has been no mention of
the National Parliament moving up north.
Ø
Growth
in the film industry and call centres.
Ø
Declining
inflation
Ø
Falling
interest rates
Negatives on the Future
Ø Crime is still an issue, although
progress has been made.
Ø Effects that a stronger Rand will
have on tourism, as SA becomes more expensive.
Ø Any land invasion would be seen as
political instability and would affect the residential market.
Ø Economic Cycles – decreasing gold
price, increasing inflation & interest
Between the period from 1995 to 2003
the following market trends occurred:
Ø
There was a general demise of the CBD when viewed as a
retail node.
Ø
Major nationals moved out of the CBD, like Stuttafords
and Garlicks.
Positive Outlook for the future
Ø
The retail sector has enjoyed a period of moderate
growth for several years. With the
continued increase in tourism, the increase in spending power of the average
consumer, and the high demand for retail space, it is
expected that this sector will perform well in the future.
Ø With specific reference
to the CBD, the reduction in crime, convention centre and the construction of
other prestigious hotels, will have a very positive impact on retail in the
CBD.
Ø The council is becoming
more proactive in ensuring that retail is situated at ground floor level. This
was explained in the ‘Guide Plan / Structure Plan’ where they are trying to
extend the experience from the top end of the CBD, past the convention centre
and onto the Waterfront.
Ø Finally the Lower
Foreshore has traditionally attracted a number of motor show rooms and service
centres. Although there had been some
relocation of this sector to the Culumborg Motor City, there is vested interest
in retuning to these traffic hubs. Presently MG / Rover are negotiating to
relocate to the south west corner of Buitengracht and Hans Strijdom opposite
the proposed development.
Between the period from 1995 to 2003 these
general market trends occurred:
Ø
Rentals
– peaked in 2000 and the rates were R55/m2
1995 2000 2003
Average Rental Rate
Ø
Escalation
Rates – have experienced a downward trend from 11% to 9%
Ø
Concessions
have increased
Ø
Yields
have dropped from 12,5% to 12%
Ø
Vacancy
– are increasing
%
1995 1999 2003
Vacancy
Rate
Ø However over this period only 26
000m/2 of new office development has been introduced.
Ø 10 000 m/2 is currently under
construction. However this is generally for specific corporate requirement.
What caused these decreasing
rentals:
Ø The
office sector is currently over supplied, following a period of development
primarily in new decentralised office nodes.
Century City introduced 76 000 m2
between 1998 and 2002 to the market and 172 000m2 of office came
available in the Southern Suburbs. The Northern Suburbs has also seen
substantial development.
Ø Vacancies
are high and therefore there are further pressure on rentals.
Ø Due to crime there was negative
perception that Cape Town CBD was going to go the same way as the Johannesburg
CBD.
Ø Landlords
are also facing the threat of “top-slice” renewal adjustments together with
declining escalation rates.
Ø Collapse of the high-tech bubble in
1999 / 2000
Ø Decentralisation fuelled mainly by
IT / Finance companies between 1998 – 2001
Ø The demise of certain companies –
for example Southern Life
Ø Many multi national companies have
moved their head offices overseas. For example Old Mutual, Investec, SAB and
there is also the problem of their subsidiary companies.
Ø Political uncertainty with Zimbabwe
has caused a problem
Positive Outlook for the future
Ø Decentralisation has largely reduced
as rentals are offering better value in the CBD and tenants are getting rent
concessions, rates have dropped compared with other areas and the parking
situation is improving.
Ø Speculative
development has ceased which should facilitate a take up of existing vacant
space provided the local economy continues a GDP growth of currently 2.5% to
3%. It is forecast to reach 3,5% in
2004.
Ø The
industrial market tends to lead the commercial market and the industrial market
has preformed well in the first half of 2003.
Ø Cape Town is attracting IT companies
due to South Africa’s central location in the global context.
Ø Current
vacancies in the greater Cape Town CBD forced landlords to re-look at the uses
of their properties. There has recently
been a move towards converting existing vacant office space into residential
units and hotel accommodation and this has been well received by the market. An international development company is
negotiating to acquire 7 buildings and will commence the conversion of +/-100
000m² shortly. This will have a major impact on vacant space in the CBD which
is currently estimated at 168 000m2.
Ø The
Central Improvement District initiative is achieving excellent results with
security, cleaning, street parking, and waste disposal improving overall
standards.
Ø There is renewed demand in the fast
expanding foreshore area, which includes mostly premium A grade premises
housing the new convention centre, leading hotels, and several financial,
legal, and accounting firms. New
development in the older CBD areas is limited due to the Heritage Act and there
growing desire to link the successful V&A Waterfront to the foreshore.
Ø Dave Russel, from Baker Street,
stated that he predicted rental growth at 9,5% and that rentals will have
corrected by 2005.
Ø The Cape Town rental cycle peaks
every 6/7 years. It is currently in year 3 of decline and should be in upswing
at the time of completion.
Ø
The
industrial sector has shown signs of improving with landlords confirming a drop
in vacancies to single digit figures in the first half of this year. As with the office sector, developments have
only been for specific tenants requests and as a result, there is a shortage of
larger industrial premises.
Ø
This
improvement in the sector bodes well for the office market, which tends to
track changes in the industrial market.
Ø
The
availability of parking in the Cape Town CBD has been in short supply for a
number of years. This was due to town
planning in the past, where parking was not prescribed and the fact that it is
very difficult to develop properties in the old town due to heritage laws.
Ø
As a
subsequence of basic economics, parking rentals are higher than any other major
office node in the country and although some parking garages are planned,
demand will still remain high and justify development of extra parking
facilities.
Ø The residential sector is
experiencing a boom and has been for the last 4 years. Both Gauteng and Cape
Town residential markets are experiencing high demand. The expected reduction in interest rates,
the higher average salaries for the lower and middle income groups, rising middle
class, and South Africa’s globalisation should extend the demand in this
sector.
From discussions
with major players in the Cape Town property market, the table below reflects
current market rentals and vacancies:
|
|
Current market
rentals |
Current vacancies |
|
|
|
|
|
Retail (showrooms) |
R55-R60/m² (Area
500 – 1000m²) |
10% (mostly in
less desirable buildings) |
|
Offices |
R55-R65/m² |
13% |
|
Residential |
N/A |
|
|
Parking |
R650-R744/bay |
|
Based on current
information, market trends and the general economic outlook, the following
rentals are projected for this area. Due to the unique location at one of the
busiest intersections on the Cape Peninsular, unbeatable visibility and the
niche market which has been created, premium rentals have been agreed with the
showroom tenants.
|
|
Expected future
market rentals |
Proposed
escalation rates |
|
Retail (Normal) |
R65 – R70 |
|
|
Retail (showrooms) |
R100-R120/m² |
8% - 10% |
|
Offices |
R65-R75/m² |
9% - 10% |
|
Residential |
R12500 – R15000/m² |
|
|
Parking |
R650 - R750/bay |
10% - 12% |
Ø
Our analysis is supported by the fundamental positive
aspects above and the council’s preference for multi use developments to bring
people back to the CBD and to integrate the CBD with the Waterfront.
Ø The development is unique in the CBD
as a new mixed-use site.
o
The
theme is fresh and effective, “Cape Town in the Fast Lane”.
o
Adding
to the theme of the future and high-tech, the building will be fully networked
with high-speed connections and this will ensure that the occupants are
digitally connected. This will support retail, the commercial and the
residential elements and will add to the uniqueness of the building.
Ø 
It is reinforced by the premier
multiple-vendor motor showroom in Africa, a drawcard for Formula One
enthusiasts and high-end automotive shoppers alike. The excellent visibility on
major thoroughfares guarantees superlative signage and impressions to potential
visitors and shoppers.
Ø The office component profiles
the best of Cape Town and South Africa:
o
Shell
Merchandising Africa
o
Mark
Shuttleworth’s Here Be Dragons
Venture Capital HQ,
o
Ernie
Els’ Golfcourse Developments;
o
Boss
Models; Storm, Fusion and Base Modelling Agencies.
Ø 
The limited retail caters for
impulse and convenience shopping.
o
The
Ferrari and Mercedes-McLaren merchandising stores
o
Newscafe,
Starbucks (first Africa store), Carlton Hair
o
Woolies
Deli, showcasing the best of Woolworth Foods.
Ø An on-going entertainment programme
is planned for the piazza area:
o
The
daily Gold Show (pouring a gold
ingot in public), overseen by the SA Reserve Bank and Rand Refineries
o
Daily fashion ramp modelling
o
The
Madiba Museum with its multiple hologram images of Nelson Mandela
Ø The premier residential
development is at a better location than the successful Darling St Apartments
and is designed ab initio to cater
for the luxury of penthouse living.
o
The
residential units will be offered as ultra-luxury, next-to-the-Waterfront sites
at competitive prices.
Ø
The
automotive showrooms will have the premier signage rights.
Ø Develop a highly advanced website
where prospective tenants can communicate and enter into a relationship with
the development team. The design team will be using Interactive Portal Technology
and potential clients will be able to be part of the experience of their
building being constructed.
Ø There will also be interactive 3D
technology in the website, so members of the public will be able to view their
perspective properties –stimulating the people to buy off plan.
Ø
Retail – Story boards at letting agent’s office
Ø
Offices – The flexibility and Premier Office Space
concept to be emphasized
Ø
Residential –Insert in daily paper and/or residential
specific weekly publications.
Ø
Professional brochure to be designed by Cherry
Marketing Concepts for distribution at V & A, and selected estate agents.
This will include a CD showing the advanced 3D walk-arounds of the building.
Ø Have a virtual 3D modelling centre.
Prospective buyers can come off the street and experience what the building
will be like. Similar technology to that of the website, but this will be more
interactive. There will also be a built model for the public who are not as
technologically advanced.
Ø Selected notables will be invited to
attend and tender for the residential units. This will take the format of a
black tie garla dinner and 2% of the income raised will be allocated forward to
fund the Nelson Mandela Museum, and the surplus to the Nelson Mandela Children
Fund. We estimate R2,3 million, should be realised.
PPP
initiatives aimed at creating an environment for local economic development
(LED) in Cape Town, through direct investment (both local and foreign), are
keys for economic growth, development and social equity. Both the Public and Private sectors bear the responsibility to
invest in LED initiatives based on their distinctive competence and through
partnership projects.
The Cape
Partnership, which set up and manages the City Improvement Districts (CID’s) is
a classic case of PPP initiatives to bring retailing back to the City by
eradicating crime and keeping the City clean.
Both the Public and Private sectors are resourcing this initiative which
has succeeded within two years in reducing crime by over 60% and keeping the
City clean, according to the CEO of the Cape Town Partnership.
The
strategic thrust for the developments PPP is collaborating with key landscape
players to increase the size of the cake through LED and competing for a fair
share of the bigger cake.
A proposed PPP strategy for this development are is
follows:
Ø CID support. In addition to payment of the required top-up
rate to CID, the development would be an active participant of the Cape
Partnership by offering its Human Resource skills and experience free of charge
in the pursuit of the CID initiatives and other Cape Partnership projects.
Ø
Negotiation of a Joint Venture with Cape Municipality
in terms of which a 30 year notarial lease is signed by the developer to
develop and trade for his profit/loss subject to a 5% turnover clause over
gross rental for the duration of the lease and an option to renew. Should the developer not renew the lease,
the property shall revert to its owners.
A bond may be registered on the notarial lease by the developer in
favour of any funder.
Ø
A procurement protocol of 50% on all construction work
will be awarded to service providers from previous disadvantaged communities.
An Environmental Screening Process
was conducted addressing the full scope of issues, both opportunities and
constraints, on, environmental, social and economic sustainability. This was
presented to the council and the result was that no further EIA needed to be
conducted.
The only issue, which was
highlighted, was the presence of the service station. However it was explained
how the garage storage tanks were not to be moved and therefore fell within
what was proposed by the Environmental Screening Process.
Ø
See attached drawing which explains the site accessibility and traffic.
Ø
On the corners of the site there is access for the building.
Ø
There are separate access points for the various users of the building.
Ø
Motor access: The site is accessible only from the East out of Bree
Street (both directions) and from the North out of Hans Strijdom’s Western bound lane
Excess secure available parking is provided in the
form of basement parking and deck parking.
Ø
See
the section on Competitive Advantages.
Ø
To create a true mixed use building(s) – A place to
work, play & live.
Ø
To create a unique ‘ sense of place’
Ø
To compliment the city fiber, scale & textures.
Ø
To establish a sustainable, world class building.
Ø
To enhance exiting vehicle & pedestrian routes.
Ø
City block with the 4 sides corresponding to activities
and impulses on each edge:
o
Buitengracht: Fast moving traffic & minor
pedestrian flow: Showroom & Exhibition space & Gateway
o
Hans Strijdom: Volume traffic & major pedestrian
flow: Showroom & Retail
o
Bree: Major service road & less pedestrian
activities: Service access, service station access & residential entrances
o
Mechau: Quite service road: High street retail &
small scale retail.
Ø
Focus on the 4 corners with strong vertical elements –
each corresponding to the activity of the node & Corporate Image of
Tenants.
Ø
Scale of lower levels to correspond to the city scale.
Ø
Framing of ‘gateway’ between the Mountain & Sea
(Buitengracht)
Ø
Creating quality urban space & ‘building edge’
activities – human scale
Ø
Creating ‘rich & modern’ textures in contrast with
surrounds & between elements.
Ø
The building façade has been broken into portions in
response to the ‘vertical elevation’ tradition of the City.
Ø
Each corner is celebrated with strong ‘Modern Art
Deco’ cylindrical elements to accommodate the following:
o
Entrances and vertical circulation to the Showrooms,
Office space & Residential suites above.
o
To embrace the corporate identity of each of the major
tenants.
o
To create a ‘sense of place’ to each of the corners
Ø
The edge of the building has been set back to create
‘Urban Space’ & to accommodate the historical trees.
Ø
Corners:
o
C/o Buitengracht/H.Strijdom responds to the energy of
the busy intersection – Branded with Ferrari as main tenant.
o
C/o HS/Bree responds to the Investec & Spearhead
entrances across the road – Main entrance to the offices and to Daimler Benz.
o
C/o Buitengracht/Mechau responds to the fast moving
traffic – Entrance to offices & Jaguar.
o
C/o Mechau/Bree is the more tranquil corner –
Residential entrance.
Ø
The base of the building had been used to elevate
offices & residential suites to benefit from the views.
Ø
The edges of the base are human scaled and corresponds
to Spearhead House across the street.
Ø
Columns & canopies provide rhythm & shelter
against the elements, but also assist to break the scale of the base.
Ø
The natural fall of the site allowed ground floor
retail on 2 levels.
Ø
The bulk of the building had been set back from this
baseline to further enhance the human scale.
Ø
A Piazza (Roof Garden) has been created and will
interact with the public, office and residential suites, softening the view on
the harbour from the residential suites. Pebble bedding & plants protect
the waterproofing and buffers Offices & Residential from the street
pollution & noise.
Ø
The Office bulk had been positioned diagonally to act
as a wind break and to maximize views of the harbor & mountain.
Ø
Roof terraces and balconies further enhance the view
experiences and have been limited to the executive suites. These steps back
from the corners to limit the monumental scale of the structure.
Ø
Basement plans
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Upper & Lower Ground Floor plans
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Floor plans
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Section & Detail
Ø
Perspectives
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Concept plan
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Structural steel & stained glass vertical elements
& decorative elements (turret)
Ø
Smooth Sandstone wall cladding in combination with
light aluminium & steel elements (clip-ons)
Ø
Glass curtains & exposed steel structure for the
set-back portions.
Ø
Traditional paving, cobble & exposed concrete
finishes to match existing urban pedestrian areas in the precinct.
Ø
Lightweight aluminium canopies clipped to edges.
Ø
Trees, shrubs & pebble beds on the First Floor
‘piazza’ area.
Ø
High tech finishes to showrooms – to Tenant
specifications (Corporate image)
Ø
Exposed services in all Retail & Service areas
(Industrial)
Ø
Environmentally friendly drywall partitioning,
suspended ceilings & access flooring to all offices, in accordance with
T.I. allowances.
Ø
High quality finishes to residential units to suit
selling price.
Ø
Piling and pad footings to engineers specification and
geo-tech results.
Ø
350mm Concrete tank walls in basement waterproofed to
Engineers details.
Ø
Reinforced concrete structure throughout the building.
Ø
Brick walls with cladding as described on the base
level. Glass curtains for the office blocks and upwards.
Ø
Major allowance for wind pressures as a result of the
orientation of the above structure.
Ø
Structural steel with glass for entrance cylinders.
Ø
The building is positioned on the site in such a way as to prevent the
detrimental effect of the predominant South Easter wind. This orientation of
the building also makes use of the view over the Waterfront. This allows for a
pleasant response to the piazza area created for people using the building.
Embankment Landscaping
