The second phase of the Upper Eastside mixed-used development in Woodstock is to go ahead after Nedbank agreed to provide R265-million to fund the development, a 50:50 joint venture between Redefine Property Holdings and Swish Property Group.
The project offers a mix of commercial and residential space as well as a luxury hotel and conference centre. There are three sections within the development with the West, East and South blocks that will provide 12 000 sqm of office space, 2 200 sqm of retail and showroom space and 183 room hotel and conference centre.
There will also be 250 apartments ranging from a 28 sqm bachelor flat to a 143 sqm two bedroomed penthouse. The apartments have granite tops in the kitchen, stainless steel ovens, laminate flooring and tiled showers.
An 800 sqm art atrium and a 280-seat outdoor amphitheatre will be built and used for events that include musical and theatrical performances, product launches and fashion shows. It will also have gym and an indoor pool for use by residents.
The project will use heat exchange systems and photovoltaic technology, will provide low-energy lighting, have restricted power usage and even use energy from waste to heat water cylinders. According to Giancarlo Lanfranchi, owner of Swish, the project will contribute to Cape Town’s inner-city rejuvenation.
“The development is in an area that has a vibrant and colourful past and will bring about upliftment by encouraging a resurgence of residents back into the inner-city,” he says.
He says there will be ample parking within the development for the A-grade offices, the many restaurants and cafes that are expected there.
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