Please note that you are using an outdated version of Internet Explorer which is not compatible with some elements of the site. We strongly urge you to update to a newer version for optimal browsing experience.

R1.5bn Yacht Club development raises profile of Cape Town’s Foreshore

26 Apr 2019

Amdec Group’s latest development, The Yacht Club in Cape Town, valued at R1.5 billion, is a prestigious mixed-use property that includes 170 luxury residential apartments, 6 000m2 of premium-grade office space spanning two levels and Africa's first AC Hotel by Marriott.

“Urban precincts such as The Yacht Club and Harbour Arch typify a growing worldwide trend evident in the likes of Canary Wharf in London, Hudson Yards in New York, and Darling Harbour in Sydney,” says James Wilson, CEO of the Amdec Group.

The Cape Town CBD has experienced strong growth over the course of the last decade, stimulated in large part by the 2010 FIFA World Cup™, which saw billions of rands and thousands of people pour into the city, along with substantial private investment. This influx of capital and investment raised the profile of the CBD and positioned it as a sought-after place to live, work and play.

Recognising the need to provide a quality mixed-use development and aligning with the City of Cape Town’s call for “the right developments in the right locations”, the Amdec Group acquired the 11 816m2 strip of vacant land on the Cape Town foreshore in 2015. The scheme was launched in September of that year, sold out in 14 months and construction was completed within in a two-year period.  

Built and designed using the new urban principles for which the Amdec Group is renowned, The Yacht Club comprises two apartment blocks, separated by a corridor of open space, in order to comply with the strict building regulations set by local authorities. The West block comprises 120 apartments and the AC Hotel by Marriott, while the East Block houses 50 apartments set above two floors of premium office space. Residents and visitors enjoy spectacular harbour views to the north and Table Mountain views to the south.

Situated on the banks of the Roggebaai Canal, The Yacht Club’s eminent neighbours include the newly expanded Cape Town International Convention Centre (CTICC), the V&A Waterfront and its award-winning Silo District (home of the Zeitz Museum of Contemporary Art Africa) and the new Cape Town Cruise Liner Terminal.

Africa's first AC Hotel by Marriott - "The Yacht Club helps to elevate the city’s status as a world-class investment destination and a highly sought-after place to visit and live,” says Wilson.

The Amdec Group has a 30-year track record of developing and managing world-class mixed-use precincts, including the iconic Melrose Arch in Johannesburg. Their confidence in the economic future of South Africa, and in particular that of the Cape Town CBD, will see the Group introducing another large-scale precinct to the foreshore area in the form of the R15 billion Harbour Arch precinct, the Group’s most ambitious Cape-based project to date.  

“Urban precincts such as The Yacht Club and Harbour Arch typify a growing worldwide trend evident in the likes of Canary Wharf in London, Hudson Yards in New York, and Darling Harbour in Sydney,” says James Wilson, CEO of the Amdec Group. “We experience a huge contingent of investors, as well as first-time buyers, opting to invest in our prestigious mixed-use developments, where it's possible to live, work and play in the same location.

“One of our main objectives with this transformative project was to deliver a world-class lifestyle that also offered investors an excellent return on their investment. It was therefore extremely rewarding for us to note that apartments that launched at R48 000 per m2 in 2015 had escalated in value to R75 000 per m2 by 2018, representing an impressive 50% return on costs,” says Wilson.  

One of our main objectives with this transformative project was to deliver a world-class lifestyle that also offered investors an excellent return on their investment, says Wilson.

Results such as these bear testament to the Amdec Group’s decision to develop and build on a site that presented a number of physical and design-related challenges. Along with the relatively small footprint of the long narrow site, it had to contend with very strict building guidelines from the City of Cape Town in terms of retaining a view corridor out to sea and building within specific height restrictions, hence two separate buildings of different heights with a view corridor in between. Building directly onto the seawater canal also required innovative solutions.

“It is our ambition to change the face of city life and raise the profile of residential and commercial property in the Cape Town CBD. We believe that a development such as The Yacht Club helps to elevate the city’s status as a world-class investment destination and a highly sought-after place to visit and live,” says Wilson.

Western Cape Provincial Minister of Economic Opportunities, Beverley Schäfer, adds, “Mixed-use developments like these are the future of our cities – allowing people to live, work, and socialise in close proximity to the city. As we build our province's reputation as a global finance and tech hub, the availability of this kind of space acts as a drawcard for businesses and investors alike."

Print Print
Top Articles
The number of bonds granted was up 19.2% in the 12 months to end-September compared to the previous period, with more first-time buyers getting into the market. Read on...

These estate homes in George in the Western Cape offer comfortable family living in serene settings. With prices under R5m, take a peek…

La Lucia Mall has just undergone a major upgrade to modernise and reimagine its retail space, with new shopping options. Take a peek...

Loading

Your browser is out of date!

It looks like you are using an outdated version of Internet Explorer.

If you are using Internet Explorer 8 or higher, please verify that your Internet Explorer compatibility view settings are not enabled.

For the best browsing experience, update to the latest Version of Internet Explorer or try out Google Chrome or Mozilla Firefox.


Please contact our Property24 Support Team for further assistance. Tel. +27 (0)861 111 724