The R1.2-billlion project to redevelop Cape Town’s well-known Golden Acre is gathering steam, with construction work in full swing to convert the 110-m-high, 24-storey office tower, located in the central business district (CBD), into rental accommodation.

The more than 400 new units will include studios, as well as one-bedroom and two-bedroom units.

The residential development will also include a 6 000 m2 communal garden and lifestyle clubhouse facility.

The next phase of the revamp programme will include upgrades to the Golden Acre’s retail environment and the surrounding public spaces.

The goal is to create an 18-hour retail space that will serve both residents and the wider city community.

The entire revamp programme is scheduled to wrap up some time next year.

The area surrounding the Golden Acre has seen significant development in recent years, including the construction of a R1.3-billion, 3 000-unit student housing village over the Cape Town Station.

Growthpoint Properties last year sold the Golden Acre, which includes a combined 65 000 m2 of retail and office space, together with some 800 parking bays, at a price tag of R781-million.

The new owners are Putirex, a joint venture special purpose vehicle led by property developers Gary Moore and Roelof Delport.

The Golden Acre also features a pedestrian bridge that links the precinct to the nearby transport interchange, which includes the Cape Town train station, as well as a major taxi rank and bus terminus.

According to Putirex, the rental housing will seek to address what is called the ‘missing-middle’ housing gap, by offering working professionals who currently face long and costly commutes the opportunity for city-based living at a reasonable price point.

During a walkthrough of the precinct last week, Cape Town Mayor Geordin Hill-Lewis said he regarded the development as an important step in strengthening one of Cape Town’s most vital commuter precincts.

“Projects like this play a key role in revitalising the CBD by bringing people closer to work opportunities, improving public spaces and supporting a safer, more accessible urban environment.”