Renovation of Cape Town's R780 Million Golden Acre Set to Begin in October -

The R781.5 million renovation project aiming to convert Cape Town’s Golden Acre into residential units alongside an 18-hour retail space is scheduled to commence shortly.

The first phase of this transformation will convert the office tower block into 414 rental apartments, which will include a mix of studio, one-bedroom, and two-bedroom units. Construction of the retail space will be executed in stages.

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Putirex, a partnership between Cape Town developers Gary Moore and Roelof Delport, has announced that the plan approval processes are currently underway, with construction expected to begin in early October. The entire redevelopment is projected to be completed by early 2027.

Planning for architecture and engineering began in 2024, aiming to redesign the 24-storey office building into residential units, which will also feature a 6,000 m² communal garden and clubhouse.

The new owners engaged in extensive negotiations to finalize the multi-million-rand deal. In February, the Competition Commission sanctioned the sale, which includes the building located at 11 Adderley Street.

Since 1979, Golden Acre has been a prominent part of Cape Town’s inner-city landscape, positioned at the busy intersection of Adderley and Strand Streets. It was built on the site of the city’s inaugural train station and serves as a connector between the CBD, the primary Cape Town Station, the taxi rank, and the Golden Arrow bus terminus.

The shopping complex encompasses 33,590 m² and accommodates 105 stores, functioning as both a transport hub and a retail space.

The Golden Acre Tower planned for conversion into apartments. Image: Supplied

Rental units

Lesego Majatladi, managing director of Gracht Asset Management, recently informed Moneyweb that the majority of construction will focus on the tower block, converting it into rental apartments.

Putirex has entrusted Gracht with overseeing the redevelopment and ensuring it integrates well into the broader inner-city revitalization initiative.

According to Majatladi, no units will be available for purchase by private investors. The apartments will be offered for both long-term and short-term rentals, catering to those relocating and business travelers seeking extended stays.

Neighbourgood, the designated residential operator, will manage the units and provide weekly maintenance as part of the offering.

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An 18-hour retail environment

The retail segment of Golden Acre plans to evolve from a commuter-centric space to an 18-hour retail environment, catering to both tower residents and the inner-city population.

Putirex has emphasized that the redevelopment of the shopping area will introduce a “more diverse and appealing mix” of retailers.

“In the next two to three years, we will refine the tenant mix to better suit the needs of the expanding residential demographic and the large volume of commuters utilizing the center.”

The current condition of the Golden Acre shopping centre in Cape Town. Image: Facebook

Majatladi also recognizes that safety is crucial for extended trading hours. “When it is safer for employees to move in and out of the city, discussions on longer trading hours become more feasible,” noting ongoing talks to enhance security, including a proposed sky bridge linking Golden Acre with the nearby taxi rank.

Balancing commuters and construction

Majatladi stresses the importance of Golden Acre as a “safe thoroughfare.” Each day, tens of thousands of commuters pass through the center, making careful planning essential to balance redevelopment efforts with commuter needs.

The initial focus of construction will be on the tower to minimize disruptions, with upgrades to the retail space occurring in subsequent phases.

“The retail construction timeline is fluid, and meticulous planning is crucial to lessen the impact on daily routines.”

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