Cape Town’s R780m Golden Acre revamp set for October start

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09-09-2025
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Moneyweb
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Architectural and engineering planning started in 2024 to reconfigure the 24-storey office tower into apartments, including a 6 000 m² communal garden and clubhouse.

The R781.5 million facelift that will convert Cape Town’s Golden Acre into residential units and an 18-hour retail space is expected to kick off in the next few weeks.

The first phase of the refurbishment involves converting the office tower block into 414 rental units, which will consist of a mix of studio, one- and two-bedroom apartments. Construction work on the retail space will follow a phased approach.

Putirex – a joint venture between two Cape Town property developers, Gary Moore and Roelof Delport – said in a statement issued earlier that plan approval processes are underway, with contractors anticipated to commence construction in early October. The redevelopment is expected to be completed by early 2027.

Architectural and engineering planning started in 2024 to reconfigure the 24-storey office tower into apartments, which will include a 6 000 m² communal garden and clubhouse.

The new owners had to follow a lengthy negotiation process to secure the multi-million-rand deal. In February this year, the Competition Commission approved the sale, which includes the 11 Adderley Street building.

Golden Acre, situated at the junction of the traffic-heavy Adderley and Strand Streets, has been part of Cape Town’s inner-city since 1979. It was built on the site of the city’s original train station and links the CBD with the major Cape Town Station, the city’s taxi rank, and the Golden Arrow bus terminus.

The shopping complex covers 33 590m², with 105 stores, playing a dual role as both a transport corridor and retail space.

Rental units

Lesego Majatladi, managing director of Gracht Asset Management, told Moneyweb in an interview that the bulk of the construction work will take place in the tower block for the conversion into residential units, which will exclusively be rental apartments.

Putirex appointed Gracht to oversee the redevelopment and see to its integration into the broader inner-city rejuvenation project.

None of the units will be sold to private investors, Majatladi says. The apartments will include long-term and shorter-term rentals to cater for individuals relocating as well as business travellers who require longer stays.

Neighbourgood, the appointed residential operator, will oversee the management of the units and provide weekly servicing as part of the offering.

An 18-hour retail environment

Plans for the retail section of Golden Acre include changing the centre from a primarily commuter-focused area into an 18-hour retail environment that can serve both residents of the tower and inner-city residents.

Putirex noted that the redevelopment of the shopping space will involve a “more diverse and attractive mix” of retailers.

“Over the next two to three years, the tenant mix will be rationalised to better meet the needs of the growing residential population and the high volume of commuters who pass through the centre.”

Majatladi acknowledges that safety is a crucial part of longer trading hours. “When it is safer for staff to travel in and out of the city, it is easier to have a conversation about longer trading hours,” adding that engagements are underway to improve security, including a sky bridge linking the Golden Acre with the adjacent taxi rank.

Balancing commuters and construction

Majatladi stresses the importance of Golden Acre as a “safe thoroughfare.” Tens of thousands of commuters pass through the centre daily, and construction planning will need to balance redevelopment goals with commuter needs.

Much of the initial work will focus on the tower to limit disruption, with retail upgrades phased in later.

“The timing of the construction on the retail area is a work in progress, and it has to be done carefully so that you limit the impact on people’s daily rhythm.”