InvestmentOverseasRetailers are being sought for Mandela Rhodes Place, a €125 million mixed-use development in the heart of Cape Town, South Africa. The site's promoters are looking for people interested in leases in the 3,500sq m (37,673sq ft)) prime retail accommodation in the city's old town.
The huge inner city redevelopment programme will be one of Cape Town's largest mixed-use developments since the 1970s. Scheduled for completion in the second half of 2006, Mandela Rhodes Place includes 180 apartments, secure on-site parking, a luxury hotel, swimming pool, gymnasium and a health and wellness centre.
The plan now is to hand-pick companies wishing to occupy the large retail space going in as an integral part of this development. Developers Eurocape want the "gastronomic retail component and vibe-y city living atmosphere" planned for the project to serve as a magnet for people moving into the residential element of Mandela Rhodes Place.
The company hired Irishman David Murphy to head the retail agency set up to sell the commercial accommodation. He is a chartered surveyor who previously worked at Hamilton Osborne King but now operates out of Eurocape's Cape Town offices.
"We want to secure a tenant mix that reflects the vision and diversity of this unique destination," says Murphy.
"We are planning a range of offerings that will encourage visitors to return again and again. This includes distinctive food and beverage offerings all within a relaxed modern environment." He is now going after gym and wellness centres, top-end jewellers and luxury-brand gift shops along with bistro-style venues and retailers who can provide a cocktail/tapas-type bar, whiskey/cigar bar and a gourmet food hall.
The company wants variety and distinctive retailers, given its announcement last July that it had signed up flamboyant wine maker, Jean-Vincent Ridon of Signal Hill Wines, for Mandela Rhodes Place.
He will establish the city's first fully fledged inner-city winery, relocating to Old Town from its current premises in time for the 2006 harvest.
The retail mix lies on three floors, says Murphy. "All the retail space, including the lower ground level, will be bathed in natural light pouring through a high glass-topped atrium. From eight floors below, people will be able to see the cantilevered floor of the residential tower that floats above the retail space and pedestrian link."
The goal is to produce a "well-managed lifestyle experience in central Cape Town", Murphy says.
"The retail offering at Mandela Rhodes Place is aimed at the local market and will encourage Capetonians to come back into the central business district," says Murphy.
Developer Eurocape Holdings Ltd is a South African investment and development company.
It was established in 2003 by Howard Holdings plc, a major development group in Ireland and the UK. Howard Holdings has more than €622 million (5 billion rand) worth of property under development on the British and Irish property markets involving a mix of residential and commercial projects.
