They have been on the lookout for an ideal location for a five-star boutique hotel for some time and settled on the Communicare building on Walter Sisulu Avenue, opposite the CTICC.
The five-storey building houses Communicare’s head office on two floors, while the rest of the building is let for office space and a car park accommodating 78 vehicles.
The 1 294m² site was purchased from the Foschini Group in the late 1980s for R300 000 and construction of the current building was completed in 1991 at a cost of about R10 million at the time.
The development was funded by Communicare and the Cape Joint Pension Fund (CJPF) in a joint venture. Communicare, however, bought out CJPF’s 50% share in 2001.