Spear Reit plans big investment in Paarden Eiland
The property fund wants to develop a R1.6bn mixed-use site in a well-established Western Cape industrial node
One of the last pieces of industrial land available for development in Cape Town could be turned into a new mixed-use site by Spear Reit, the only Western Cape-focused property company listed on the JSE. Spear intends to develop Marine Place, a 51,000m2 project in Paarden Eiland, a prominent sea-facing stretch of historical industrial land that has, over the years, been transformed to include retail, offices and hi-tech industrial properties. Marine Place will consist of 200 residential apartments, 10,000m2 of A-grade office space, 10,000m2 of retail, motor showrooms, and a 12,000m2 limited service hotel. Listed landlords such as Equites Property Fund and Fortress already own industrial properties in the fast-growing node and now other property funds are investing in it. Paarden Eiland’s proximity to the Cape Town CBD makes it a highly attractive shop, live and work location. Many Capetonians who live and work in the CBD have had to look for housing outside of it due to strong resid...
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