The Foreshore in Cape Town has become a hub of activity in recent years with property developers and city officials alike investing in the restoration of this iconic piece of Cape Town history. 

Now, as the iconic 34-storey high-rise, ‘Foreshore Place’, comes to market, a new chapter begins for this ever-evolving neighbourhood. Foreshore Place (commonly thought of as ‘The Absa Building’ due to its signage) claims the title of the second tallest building in Cape Town and will be sold as a mixed-use building.

“People are placing increased value on lifestyle and convenience by opting for mixed-use developments that combine retail, residential and commercial all under one roof,” says Justine Adriaanzen, Commercial Real Estate Broker at Galetti Corporate Real Estate.

Foreshore Place is taking this trend up a notch by offering 13 floors of dedicated office space, 11 floors of residential apartments, a retail floor, five floors of parking and an on-site multi-floor hotel that will be operated by an international hospitality brand – all under one roof.

“The development brings a whole new meaning to the concept of ‘live, work, play’,” says Adriaanzen. “This revolutionary approach to modern living is only fitting considering the remarkable history of the area that it is located in.”

Foreshore: Cape Town’s upcoming district for the new generation of workers

Today, Foreshore is recognised as the city’s financial district with the offices of Standard Bank, FNB, Luno and many other well-known companies all within walking distance of Foreshore Place. This proximal location makes the Foreshore Place development an attractive prospect to young workers who are increasingly shunning long commutes to work in favour of convenience and flexibility. 

“The design and mixture of offerings within Foreshore Place are very much driven by what millennial and Gen-Z workers consider to be important when choosing where to call home,” says Adriaanzen. “With the influx of people moving to Cape Town from other parts of the country and space in the city at a premium, we knew that we had to be clever and creative about what we would offer to distinguish ourselves.”

Hence the provision of five floors of parking, in a city where safe off-street parking is a luxury. Other priorities for convenience-driven tenants include air-conditioning, on-site laundry facilities, on-site stores, coffee shops and eateries, proximity to public transport as well as 24-hour access control and security. Recognising that many people are now working from home, the building’s residential units also come equipped with free, 500mbps fibre internet access.

Foreshore Place’s 10 residential floors comprise of studios as well as one- and two-bedroom apartments, ranging in price from R1.1 million to R4.2 million.  “The fittings in these residential units include high-end appliances and tastefully appointed design touches to ensure a luxurious feel throughout,” says Itai Ilouze, Galetti’s Western Cape Head of Regional Broking.

Speaking to the commercial office space on offer, Ilouze says that while some tenants have chosen to lease entire floors, occupiers have a range of spaces to choose from. 

Investment key to avoiding urban decay

Foreshore Place will form part of the Foreshore Precinct, a node designed to attract new investment, and win residents and office workers back to the CBD. The Precinct will be the home of the new Cape Station Project: a 3,085-bed student accommodation development featuring a world-class public square.

“Cape Town is currently faced with a student accommodation shortage, and this new development will bring much-needed housing to these students, as well as foot traffic to retail stores in the area,” says Adriaanzen.

Interesting to note is that both Foreshore Place and The Station Project fall under the Urban Development Zone (UDZ). “This means that if you buy, say five apartments in a UDZ zone, you can claim back 55% of the purchase price over 20 years,” explains Adriaanzen.

“While there are obviously stringent requirements to qualify for these tax benefits, they do make investing within the Foreshore Precinct an attractive proposition for investors. We hope that the increased interest in this thriving neighbourhood will grow Cape Town’s residential and business offering and contribute to retaining our status as a World-Class City,” she concludes.