New mixed-use development, The Yacht Club, unveiled in Cape Town
Cape Town - A new, swanky residential flats project was unveiled last night.
The Yacht Club, which is a prestigious mixed-use property, includes 170 luxury residential flats, 6 000m2 of premium-grade office space spanning two levels and Africa’s first AC Hotel by Marriott.
“Urban precincts such as The Yacht Club and Harbour Arch typify a growing worldwide trend evident in the likes of Canary Wharf in London, Hudson Yards in New York and Darling Harbour in Sydney,” said James Wilson, chief executive of the Amdec Group.
Valued at R1.5 billion, the group acquired the 11816m2 strip of land on the Cape Town foreshore in 2015.
The scheme was launched in September of that year, sold out in 14 months and construction was completed within an impressive two-year period.
The Yacht Club comprises two apartment blocks.
The west block comprises 120 apartments and the AC Hotel by Marriott, while the east block houses 50 apartments set above two floors of office space.
“We experience a huge contingent of investors, as well as first-time buyers, opting to invest in our prestigious mixed-use developments, where it’s possible to live, work and play in the same location,” Wilson said.
“One of our main objectives with this transformative project was to deliver a world-class lifestyle that also offered investors an excellent return on their investment.
It was therefore extremely rewarding for us to note that apartments that launched at R48000 per m2 in 2015 had escalated to R75000 per m2 by 2018, representing an impressive 50% return on costs.”
Provincial MEC of Economic Opportunities Beverley Schäfer said: “Mixed-use developments like these are the future of our cities - allowing people to live, work and socialise in close proximity to the city.
“As we build our province’s reputation as a global finance and tech hub, the availability of this kind of space acts as a drawcard for businesses and investors alike.”@MarvinCharles17