Transforming Golden Acre: 415 affordable apartments to revitalise Cape Town's CBD
Pictured from left, are Gracht Asset Management director Roelof Delport, mayor Geordin Hill Lewis, mayoral committee member James Vos, and Gracht Asset Management director Lesego Majatladi during a walk through the Golden Acre Precinct Development on Thursday, January 22.
Image: Fouzia van der Fort
A R1.2 billion redevelopment of the iconic Golden Acre precinct in Cape Town’s CBD is set to bring 415 affordable rental housing units into the heart of the city, targeting young professionals who spend hours commuting each day.
Directors of Gracht Asset Management, Roelof Delport, and Lesego Majatladi, and developers joined Mayor Geordin Hill-Lewis and mayoral committee member James Vos on Thursday, January 22, for a walk-through of the Golden Acre precinct development.
Cape Town mayor Geordin Hill-Lewis said the investment was a major boost for the inner city and a key step in revitalising one of the CBD’s busiest commuter hubs.
He said the development would offer 415 affordable rental opportunities for Capetonians to "live and work in the city."
“This is a significant investment in Cape Town’s inner city and an important step in strengthening one of our most vital commuter precincts,” he said.
Mr Hill-Lewis said this was a benefit for those currently spending a large percentage of their income - estimated at 30 to 40 percent - on transport, who can now live directly in the CBD.
The iconic Golden Acre, once mainly a commuter thoroughfare and retail space, will now also include accommodation for people to live in apartments. The office tower is being converted for inner-city residential rental accommodation.
Image: Armand Hough / Independent Newspapers
Mr Hill-Lewis said that projects like this played 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.
Mr Majatladi said the project aimed to keep rental prices below market rate, although final figures may change as construction progresses.
As a guide, he said studio apartments are expected to start at around R10 000 a month.
The target market, he explained, is young professionals who currently spend one to two hours a day commuting into the city.
He said when the monthly cost of owning a car is added up — including vehicle finance (R5 000 to R6 000), insurance and fuel (about R2 000), as well as rent elsewhere — living closer to work in the CBD becomes both a financial and lifestyle benefit.
“Living in the CBD would contribute to a better quality of life,” he said.
The Golden Acre precinct occupies a strategic position next to the city’s main taxi rank, railway station, and central bus terminus, serving thousands of commuters every day since it opened in the late 1970s.
Mr Delport shared an anticipated date for residents, noting that they are looking forward to tenants taking occupancy on Tuesday, December 1.
Mr Vos said the redevelopment was an "important economic catalyst for Cape Town’s inner city."
"By revitalising a key commuter and retail precinct, this project supports local businesses, strengthens footfall in the CBD, and brings people closer to work opportunities," he said.
"Investment of this nature plays a critical role in sustaining economic activity, creating jobs, and ensuring that the inner city remains a vibrant, accessible place to live, work, and trade," said Mr Vos.