R200m overhaul for historical, city centre building. Growthpoint Properties Limited R200 million redevelopment of 11 Adderley Street in central Cape Town has created quality 10,000sqm retail and 22,000sqm office space in one of the city's most historic districts, from the partially mothballed remains of a once significant building.
Growthpoint is the largest JSE-listed property company in South Africa with a market capitalisation of more than R18,1 billion and a diversified portfolio of nearly 440 properties country-wide. It undertakes asset management and property management of its premium portfolio of buildings.
Situated next to the busy retail and transport Golden Acre node, in an area that has undergone significant urban regeneration, the redevelopment involved two separate buildings providing retail and office space respectively. The redevelopment of the retail space was undertaken amidst trading, which strategically limited the impact on tenants, while the office building's interior underwent a large-scale refurbishment.
In order to preserve the historical value that the building lends to the central district, the exterior was restored to its original pristine architectural design. The interior however was transformed dramatically from its aged, mothballed state to an A-grade, contemporary Manhattan-style business address
