The Amdec Group has recently unveiled its latest development, The Yacht Club. This R1.5 billion, mixed-use property includes 170 luxury residential apartments, 6 000 square meters of premium grade office space spanning two levels and, Africa’s first AC Hotel by Marriott.
The group acquired the 11 816 square meter strip of vacant land on the Cape Town foreshore in 2015. The scheme was launched in September of that year, selling out in fourteen months and constructions was completed within an impressive two-year period.
Built and designed using new urban principles, The Yacht Club comprises of 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 of 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 will enjoy 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, the V&A Waterfront and its award-wining Silo District and, the new Cape Town Cruise Liner Terminal.
“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,” said Wilson.
Results such as these bear testament to the Amdec Group’s decision to develop and build on a site that presented a few 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,” Wilson concludes.
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.”