South Africa’s largest real estate investment trust (REIT) is expanding its portfolio of premier properties in Cape Town, with particular emphasis on the retail and logistics sectors.
It said that its Western Cape portfolio represents 27% of Growthpoint’s South African assets by value and 11% by gross lettable area.
Growthpoint’s portfolio includes office, industrial, retail, healthcare, and student accommodation properties and its well-known mixed-use assets include the V&A Waterfront and the Longkloof precinct in Cape Town.
“Growthpoint’s strategy is centred on enhancing the quality of our portfolio to meet market demands while aligning with our sustainability goals,” said Estienne de Klerk, SA CEO of Growthpoint Properties.
“By investing in innovative developments across all three commercial property sectors, particularly in growth regions like the Western Cape, we are creating spaces that meet client needs and contribute to our long-term vision of carbon neutrality by 2050.”
“Cape Town offers exceptional market fundamentals across office, retail, logistics and industrial sectors, added Wouter de Vos, Growthpoint’s Western Cape regional head.
“Our new developments and the value-adding enhancements to our properties in this region respond to strong demand. These projects show Growthpoint’s commitment to providing quality spaces that enhance client satisfaction.”
Among key property developments that highlight Growthpoint’s approach and exemplify its dedication to innovation, sustainability, and the delivery of high-performing assets tailored to the needs of the Cape Town market, are:
Situated in Cape Town’s vibrant Kloof Street area, and spanning 21,164sqm, theLongkloof precinct multi-use property has become a sought-after address, with major office tenants including Travelstart, Mushroom Media and Workshop17, alongside the 154-room Canopy by Hilton Hotel set to open in late January 2025.
With its location adjacent to a MyCiTi bus stop, a retail hub, and several dining options, Longkloof offers exceptional convenience. Its low vacancy rate, below 2%, reflects its desirability in Cape Town’s thriving real estate market.
Longkloof is also the fifth Cape Town location of WorkAgility, Growthpoint’s agile office concept offering flexible ready-to-occupy offices that can be secured for periods as short as a year.
Growthpoint said its 36 Hans Strijdom has been the home of the South African-born global investment manager Ninety One Limited for over two decades and will remain so following its recommitment to the building and to Cape Town’s CBD with its signing of a new 15-year lease for the entire building.
Located in Cape Town’s bustling Foreshore precinct, 36 Hans Strijdom is undergoing a R365 million green refurbishment that will see it upgraded to a state-of-the-art head office.
This P-grade office building spans 12,800sqm and is expected to achieve a 5-Star Green Star SA certification upon completion.
A notable aspect of the project is the participation in Cape Town’s electricity wheeling pilot project. It is the first building in the CBD to receive clean, green energy wheeled through the city’s grid, underscoring Growthpoint’s commitment to pioneering sustainability initiatives.
Arterial Industrial Estate in Blackheath, Cape Town, is currently expanding to 41,444sqm across two phases comprising 12 A-grade units tailored to meet modern logistics and industrial needs. Phase 1, completed in April 2024, is fully let.
The popular suburb of Table View in Cape Town is now home to a transformed Bayside Mall following the completion of its major R352 million redevelopment.
This 39,122sqm small regional shopping centre, situated at the corner of Blaauwberg and West Coast Roads, features 107 tenants, including major anchors such as Checkers, Shoprite, Dis-Chem and Ster-Kinekor, alongside popular brands like Home Tech and Value Co.
The redevelopment introduced new retail options, a redesigned food court, and optimised layouts to improve accessibility and shopper flow. With an average annual turnover of R657 million and footfalls amounting to 4.6 million visits, the centre is well placed to meet the needs of its shopper market and its retailers.
“By aligning our investments with market needs and demonstrating our focus on sustainability, innovation, and quality, Growthpoint is reinforcing its commitment to long-term investment in Cape Town’s property market,” said De Vos.
