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Broll Cape Town has been instructed to sell or lease 14 Kloof Street in Cape Town as a redevelopment opportunity or as a new home for retailers looking for representation in this up and coming area.
Giles Balmer, Commercial Property Broker for Broll Cape Town says: “Kloof Street has experienced a decade long period of gentrification and improvement that has seen older and more traditional users being replaced with new higher profile operators. “These include among others, Eurocasa, Roche Bobois, Thali Restaurant, Wellness Warehouse, Knead Bakery and numerous high end fashion boutiques.”
He explains that the emergence of a residential sector wanting to benefit from the proximity to the city centre, the recent upliftment of Bree and Loop Streets as Cape Town’s new upmarket entertainment hub, have all provided a seamless link through to Kloof Street and a continuance of the pedestrian experience within the city.
Constructed in 1971, 14 Kloof Street offers 1,974 square metres of gross lettable area over three floors and is situated on a site size of 846 square metres. With a Mixed Use 2 Zoning, prospective developers are able to explore a multitude of future uses such as office premises, retail, apartments and places of entertainment.
Balmer says the Mixed Use Zoning 2 permits a maximum height of 25m and a permissible floor area of 3,589 square metres.
The property is currently tenanted by Gibb Engineering and will be vacant at the end of May 2018. The current lease to Gibb will be extended until this date providing prospective developers with an immediate income stream prior to refurbishment or redevelopment.
Balmer points out that Kloof Street extends to approximately 1.4km from the top of Long Street to the upmarket residential suburb of Higgovale which rests at the foot of Table Mountain.
Existing and future schemes in the immediate area include the Lifestyle on Kloof shopping precinct and the current refurbishment of Longkloof Studios as well as future development plans by Growthpoint Properties.
“Broll will offer the property to the market by way of a tender process, commencing with a marketing and advertising period from 2 May 2017 closing on 2 June 2017. “All offers and/or expressions of interest are to be submitted by 16 June 2017.”