CT hotel site to be auctioned 20/5

The city block on Strand Street which housed the famous 81-year old Phoenix Hotel is set to be auctioned on Wednesday 20 May 2009. The bankrupt developer, Goalpost Investments 1 (Pty) Ltd, had plans for a R320m mixed-use development which included a 400-room hotel, 140 residential units and ground floor retail facing onto Chiappini and Hudson Streets. According to the auctioneers this is the first time that a sizeable development has hit the wall in the heart of Cape Town's City Centre.

The area, which borders the historic Bo-Kaap, has seen a multitude of residential and commercial property developments and is now an avant garde address for apartments, shops, restaurants, offices and entertainment.

Spanning an entire block, the new extension will preserve the facades of the original buildings. The entrance into the new shopping centre will boast an atrium on entering the complex from Somerset Road, four volumes of shopping including a Gourmet Spar, and an exciting new 800sq m open-air piazza off Jarvis Street.

The Phoenix Hotel site is spectacularly positioned with a strategic footprint as it borders three key roads, namely Strand, Hudson and Chiappini Streets. The various partially demolished buildings comprise a footprint of 1,626sq m. Plans were in place for a multi-storey contemporary building comprising an 11,500sq m lettable area and 255 parking bays.

The property will be auctioned at 12:00 at the Table Bay Hotel, Cape Town.

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