ABN - Development will commence in April 2017 on a property which will become Cape Town’s tallest building.
Land Equity Group, an emerging South African property developer has recently purchased Old Mutual Centre and Exchange Place from Old Mutual Properties and intends to transform the property into a 44,000-metre tower, with 44 stories.
The redevelopment will incorporate 624 apartments, 760 parking bays, 5,000-metres of retail space and a 360-degree viewing deck from a restaurant at roof level.
“This building is set to transform the Cape Town city skyline, and once complete it will mean that Cape Town finally features in the ‘top 10 tallest buildings in South Africa’,” said Land Equity’s executive chairman Stuart Chait.
60% of the building space has already been bought by investors and tenants, despite the building not set to open for well over two and a half years.
The building is yet to be named, currently referred to as ‘Zero-2-One Tower’.