An exclusive new address will soon rise in Cape Town’s fast growing East City District, and units are fast being snapped up by investors in the buy-to-let market.
Centrally situated at the start of Harrington Street, across from the Parade and within easy walking distance of Parliament and all major businesses and higher education institutions in the area, the building is currently the home of NICRO (The National Institute for Crime Prevention and the Reintegration of Offenders), South Africa’s oldest NGO.
Construction is set to start mid-2017, and upon completion, 1 Harrington will boast 60 upmarket and spacious 1- and 2-bedroom apartments, all with spectacular mountain, city or harbour views. The first two floors will house offices and quality retail tenants, which will further contribute to the ongoing reinvigoration of the area.
Architecturally designed, 1 Harrington will be equipped with green, energy-saving technology, high-end fittings and finishes, landscaped outdoor spaces, secure parking, 24/7 security and Wi-Fi throughout.
“We are extremely excited about this development, which has not yet been officially launched but has already received tremendous interest from investors,” says Patrick Parring, head of Exel Project Management Services, which is in charge of the project.
Cape Town’s East City, known as its craft, design and innovation centre, is seeing unprecedented growth and is increasingly becoming the location of choice for professionals and students. Its cultural pedigree is unquestionable, and its mushrooming businesses are regularly winning global industry awards and accolades.
“There is a tremendous demand for quality rental stock in the CBD, and while 1 Harrington will provide welcome additional supply in one of the City’s most exciting districts, the development is also good news for communities who rely on the important work of NICRO,” he says.
NICRO is the only NGO providing comprehensive social crime prevention and offender reintegration services in South Africa. It is globally acknowledged for its programmes and impact, which provide lasting solutions to combating crime and creating peaceful, safe communities.
Reliant on donor-funding during most of its 100-year existence, NICRO in recent years sought to develop a more sustainable model to be able to continue its ground-breaking work. It has since made remarkable headway in implementing a world-class strategy to develop alternative revenue streams.
As a result, NICRO’s business division, NICRO Enterprises, determined that developing the site of its current head office could make a substantial contribution to ensuring long-term sustainability for the organisation, which will continue to occupy office space upon the completion of 1 Harrington.
Parring says that the current supply of rental stock in Cape Town’s CBD does not meet the high demand from prospective tenants, with most available stock being snapped up within hours of listing.
“As a result, we have had a great response from investor buyers looking for good returns,” he says.
Apartments at 1 Harrington are priced from R2.3 million, with transfer set to take place in 2018.