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Aug 20, 2007:
A R15 million upgrade of the Plein Park office tower in the eastern precinct of the Cape Town CBD is under way.
The upgrade to the Plein Street building, close to Parliament and the headquarters of Woolworths and Truworths International, covers the ground floor and mezzanine retail and public areas.
The upgrade will also create additional space for a new conference centre for the adjacent 4-star Townhouse Hotel, says Amelia Beattie, regional general manager of Old Mutual Investment Group Property Investments, who is undertaking the upgrade.
The hotel, which has 106 recently renovated rooms, is leasing more than 1 700sq m in the basement and on the ground floors to house the expanded conference centre, she says.
"A plus for the hotel and conference-goers is the high ratio of 6,8 parking bays per 100sq m in Plein Park."
Beattie says the further investment in Plein Park has been prompted by rising rentals and declining vacancies for premier grade offices.
"The desirability of the CBD as an office location has increased due to its relative ease of access."
