EMPOWERMENT property group Vunani Properties’ first major mixed-use development in Cape Town’s central business district has almost sold out.

The R125m Greenmarket Square development called The Decks, which consists of offices, retail and residential units, was completed last month. The units are being transferred to owners.

Vunani Properties is 62% black-owned and managed. It also owns just over 50% of Vunani Property Investment Fund, an empowerment property fund established in a joint venture with listed property loan stock company Hyprop Investments.

Vunani Properties director Rob Kane says the company acquired four buildings on a site in Cape Town’s central business district about three years ago. The group demolished three of the buildings but kept their facades.

Vunani Properties has now developed a 25000m² mixed-use complex consisting of 18 levels including a basement. The Decks has two levels of retail space and four levels of offices. The top six levels are apartments.

“We developed on a speculative basis and we have sold out the offices and apartments. There is only 1500m² of retail space still available to be sold,” says Kane.

He says it took 18 months to construct the development.

Vunani Properties is also busy with other developments in Cape Town’s central business district. It has undertaken a major refurbishment of a 4000m² office block adjacent to The Decks.

“We are also busy with quite a few other residential developments in the Cape Town CBD. The CBD has been good to us.”