File picture: James White
CAPE TOWN -  Tower Property Fund said the 32 Napier Street redevelopment was complete and the first body corporate meeting took place on Tuesday.

Eleven apartments had been sold, while five had been retained for short-term rentals.

Average occupation for the apartments and for the 14 existing apartments at Cape Quarter Square, had been 71 percent over the past 12 months, a statement said.

“Profit on the entire development, being proceeds on the sale of apartments plus the valuation of the retained apartments and retail units less the cost to build,  amounts to R16 million.” 

Further profits could amount to R13m dependent on insurance claims, the company said.

Construction at the Old Cape Quarter redevelopment had started and was expected to be completed by January 2021. 

Tower had sold five apartments, worth R60m, including two penthouses, in a slow residential market, realising the highest selling price for an apartment in the De Waterkant area to date.

In line with a strategy to sell non-core properties, the Meadowbrook Distribution Centre had been sold for R91.6m, generating a profit of R4.3m.