The purchasers of the Golden Acre Complex in Cape Town’s CBD have revealed the next phase in the revitalisation of the iconic landmark – 414 affordable, semi-serviced, residential rental units with approximately 300 studios, 1-bed and 2-bed units reserved for long-term tenants set for completion by early 2027.
Situated at the busy junction of Adderley and Strand Streets, the centre includes 65 000m2 of retail and office space with some 800 parking bays. The property is surrounded by major traffic arterials including the Cape Town Station, a major city taxi rank, and the Golden Arrow central city bus terminal.
One of the largest real estate transactions of its kind in Cape Town in recent years, the investors, Putirex Pty Ltd. – a JV between local property developers Gary Moore and Roelof Delport, purchased the Golden Acre Complex, which includes the 11 Adderley Street building, for R781 million following a complex negotiation process that took over 3 years.
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.
The developers say that plan approval processes are underway, with the recently appointed contractors to commence construction in early October 2025.
Plans for the retail development include transforming the current experience from a primary transient, commuter-based offering into an 18-hour retail environment to serve residents and the wider Cape Town community. The redevelopment will focus on curating a diverse and attractive mix of retailers over the next two to three years.
The offering, intended to be priced approximately 30% below other residential rental options available in the city, is aimed at young aspirational professionals who commute into the city.
Upon completion, Neighbourgood will oversee the daily management.
“We wholeheartedly support developments that bring a healthy mix of residential and retail offerings to the street-level experience for people in the city. 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,” comments Brad Armitage, Executive Creative Director of The Mission for Inner City Cape Town.
Golden Acre’s redevelopment is being undertaken in close collaboration with the City of Cape Town as well as key development and community stakeholders.
