Eris Property Group announces R1,5 billion re-development of the Cape Town Station Forecourt.
Eris Property Group announces R1,5 Billion re-development of the Cape Town Station Forecourt.
Eris will develop a R1,5 billion development consisting of a Retail Centre and a 3 085-bed Student Accommodation facility at Cape Town Station, situated on the corners of Strand, Adderley and Old Marine Drive.
Eris Property Group, a leading property investor and developer in Southern Africa, has secured the forecourt of the Cape Town Station on a long-term lease from Passenger Rail Agency of South Africa (PRASA) and completely reimagined this landmark location into a vibrant new precinct spanning 2.4 hectares. The first phase of the development will provide 6,700m2 of modern retail space, a 3,085-bed purpose-built student accommodation facility and a new world-class public square.
Henri de Wet, Development Manager at Eris Property Group, explains that there is a dire shortage of purpose-built student accommodation around the Cape Town City Centre, especially quality accommodation which is affordable and NSFAS (National Student Financial Aid Scheme) accredited. “The City Bowl and immediate surrounds plays host to more than 30,000 students enrolled at various tertiary education institutions, and this site has the unique advantage of not only being close to all of these institutions but also acting as the major public transport interchange in the City Centre for rail, buses and taxis. This development will be the largest single-phase purpose-built student accommodation facility in Africa and will offer students world class accommodation at an affordable price.”
The accommodation, which is located only 1km away from the Cape Peninsula University of Technology‘s District 6 Campus (CPUT), offers self-catering accommodation in the form of 4, 3 and 1 bedroom apartments. Amenities in the building include Fives football, Action basketball/netball, a gym, cinema, games rooms, study rooms, TV lounges, collaboration lounges, laundry facilities, computer rooms and urban gardens. The building forms part of Eris’s RISE Student Living brand which has positioned itself to be the leading student accommodation provider in South Africa.
The retail portion of the precinct, named Cape Station, will be anchored by a 1,600m2 Spar and Tops and a 600m2 Clicks, with various other national tenants secured to ensure that the local community will have their every retail need met under one roof.
The development will also include a new world-class public square to serve as a landscaped urban garden with artwork and seating to encourage tourist engagement and dwell time.
Dacre Hattingh, Development Manager at Eris, comments that “construction of the 28-month development project started in August and is set for completion in November 2023, ready for student intake in January 2024.”
Hattingh comments that Eris is incredibly proud to have been entrusted by PRASA with this landmark site in the Cape Town City Centre and that through successful public-private partnerships value can successfully be unlocked for state-owned entities and South Africans alike.
For any retail leasing enquiries please contact Bianca Abrahams on 011 775 1000.