Growthpoint acquires vibrant R260 million Cape Town office development 15 April 2008
Growthpoint has acquired The District, a 17,300m² office development, which features strategically positioned offices, showrooms and restaurant areas, located on the periphery of the Cape Town CBD with exceptional views of Table Mountain, Signal Hill and Table Bay. Growthpoint acquired this prime investment property, which is scheduled for completion and occupation in April 2008, for R260 million
“The superior quality of the offices, the mixed-use elements and its accessible location were key factors in acquiring The District, which will contribute to increased rental income streams,” says Rudolf Pienaar, Growthpoint’s Divisional Director: Office Portfolio.
The District, comprises 14,800m² of A-grade office space and 2,500m² of showroom and restaurant space served by ample open and covered parking comprising of 416 basement bays and 260 open bays adjacent to the buildings. The District also offers easy access to major highways and transport systems from its strategic position bordered by Sir Lowry Road, Russel Street and New Market Street,
One of the largest marketing communications networks in the world, Ogilvy, has been secured as anchor tenant for The District.