Foreshore Building in Cape Town Sold by Communicare for the Lavish Price of R120 Million
The beautiful suburb, Foreshore, situated in Cape Town, has an incredibly large building, which has been sold by Communicare to a foreign hotel chain.
Although this headline seems to be nothing new for South Africa, the fact that it is accompanied by an R120 million price-tag makes a big difference.
Communicare, a non-profit housing company, also known as NPC, had an easy time making the decision to sell the building at an incredible profit. The new owner of the building is a foreign buyer that is well-acquainted with buying property around the world. With a lot of experience in the market, this time around, the hotel chain was specifically looking for an accommodating 5-star hotel, specifically the Communicare building, which is located on the Walter Sisulu Avenue, which is located opposite from the CTICC (Cape Town International Convention Centre).
Due to being located in the most central part of Cape Town, the property was presented to the foreign market as an ideal location for developments, which are thought to do quite well in the hospitality sector. Given that it is located in Cape Town specifically, a tourist destination that most of the world has fallen in love with, we’re certain that there will be even more sales surrounding the hotel and hospitality industry in the Mother City.
More About the Newly-Sold Building
Being opposite from the Civic Centre, which means it is also very close to the Artscape Theatre, along with the V&A Waterfront and is accompanied with a view of the ocean. It also is easily accessible to and from the N1, along with the N2 highways, and is close to all public transport, including the MyCity bus route, railway stations, and other traveling services.
The building is also very big and has 5 stories, as well as a head office floor and a car park that can accommodate 78 motor vehicles, making it the perfect hotel.
Having a size of 1,294 sqm, the site was first purchased by the Foschini Group during the 1980s, for just R300,000. The building had since undergone construction in 1991, which cost R10-million. It was funded and further developed by the CJPF and Communicare. 50% of the building was, which belonged to CJPF, however, was bought out as a share by Communicare in 2001, which now has been sold to a hotel chain abroad.
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