Residential Property
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20 Aug 2025
Historic Golden Acre set for major overhaul in Cape Town
The next phase in the revitalisation of the Golden Acre complex - in the heart of Cape Town’s Central Business District - is now underway.
Source: Supplied.
This follows its acquisition by Putirex (Pty) Ltd, a joint venture between Cape Town-based property developers, led by Gary Moore and Roelof Delport.
Approval of the sale of this iconic landmark, which includes the 11 Adderley Street building, at a price of R781,500,000, was confirmed by the Competition Commission in February this year. The go-ahead was given in the wake of a complex negotiation process that took in excess of three years to complete, and has allegedly been said to be one of the largest property transactions of its kind in the City of Cape Town in recent years.
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 Golden Acre has always been a key node for businesses and commuters alike since its opening in the late 1970s.
Situated at the busy junction of Adderley and Strand Streets, the Centre, that includes 65,000m² of retail and office space together with some 800 parking bays, is set to undergo a transformative redevelopment that will enhance its role as a vibrant and accessible space for all Capetonians.
Architectural and engineering planning commenced in mid-2024 to transform the 24-storey office tower into reasonably priced inner-city residential rental accommodation, including a 6,000m² 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 it is anticipated that recently appointed contractors will commence construction in early October. Completion is anticipated by early 2027.
Transforming urban life
Commenting on the imminent start of the construction, Lesego Majatladi, director of Gracht Asset Managers (Pty) Ltd, 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, said: “We are thrilled to be part of this transformative project. 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, ensuring the Golden Acre remains a cherished destination for generations to come.”
Welcoming the announcement, Executive Mayor of Cape Town, Geordin Hill-Lewis, said: ”This is a very exciting development, and I look forward to seeing it get underway. 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.
He said: “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. 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.
"At the foot of Table Mountain, one of the seven wonders of the world, our inner city is Cape Town’s jewel, where culture, innovation, and lifestyle converge in the heart of the Mother City."
Source: Supplied.
The major redevelopment will see the office tower converted into 414 affordable semi-serviced, residential rental units, with approximately 300 studios, 1-, and 2-bed units reserved for long-term tenants. This offering, intended to be priced approximately 30% below other residential rental options currently available in the city, will be aimed at young aspirational employees who are currently commuting into the city on a daily basis.
Ian McMahon, local Ward Councillor, said: “Redeveloping the office tower into residential rentals presents an opportunity to revitalise this key city node and unlock much-needed rental opportunities in the area, where the demand for well-located, affordable urban living continues to outstrip supply.”
In terms of day-to-day management upon completion, the development will be run by Neighbourgood, a well-established residential property management business led by Murray Clark. Neighbourgood specialises in creating flexible, community-oriented living spaces in Cape Town that offer comfort, affordability, and a sense of belonging for people looking for a better way to live.
Speaking on the project, Clark said: “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 with a focus on fostering a vibrant, inclusive community in the heart of the city."
He added that “a key distinction is that our tenants, short and long-term, will not just be renting accommodation, they will be joining a residential club, which offers a host of lifestyle benefits such as access to co-working spaces, events and community experiences across the city.”
Plans for the retail redevelopment at the Golden Acre include transforming the current experience from a primarily transient, commuter-based offering into an 18-hour retail environment that serves both residents and the wider Cape Town community.
Connecting key precincts
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.
It is noted that the sub-Strand and Adderley Street concourse, which has been dramatically upgraded by the City over the past few years, creates a substantial CBD retail footprint connecting 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.
Major tenants over the expanded retail Centre include Shoprite, Woolworths, Spar, Checkers, Ackermans, Pepkor, the Foschini Group, Mr Price, Clicks as well as McDonalds, 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, will see the Golden Acre being 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 to 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 that uses the Inner City, welcomes the news.
Brad Armitage, executive creative director of The Mission for Inner City Cape Town said, “We wholeheartedly support developments that bring a healthy mix of residential and retail offerings to the street-level experience for people in the city.”
He continues, “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.”