Cape Town's Golden Acre set for a comeback with R781m redevelopment and new housing
Key topics:
R781m acquisition unlocks bold inner-city redevelopment project.
Office tower converted into 414 affordable rental units.
Retail hub redesigned into vibrant 18-hour urban precinct.
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By Kerry Lanaghan
Cape Town’s iconic Golden Acre complex is set for a bold revival, with developers confirming that construction on a multi-billion-rand redevelopment will begin in October.
The project follows Putirex (Pty) Ltd’s R781.5 million acquisition of the site earlier this year, one of Cape Town’s most significant property transactions in recent memory. The joint venture, led by local developers Gary Moore and Roelof Delport, aims to restore the Golden Acre to its former status as a bustling hub for residents, commuters, and visitors.
Opened in the late 1970s at the intersection of Adderley and Strand Streets, the Golden Acre has long been a gateway to the city, connecting retail, transport, and business. With its proximity to Cape Town Station, the central taxi rank, and the Golden Arrow bus terminus, the precinct remains one of the city’s busiest commuter nodes.
The redevelopment plan centres on converting the 24-storey office tower into 414 affordable residential rental units, ranging from studios to two-bedroom apartments. Targeted at young professionals, the units will be priced about 30% below current market rates, addressing the shortage of affordable inner-city housing. A 6,000 m² communal garden and lifestyle clubhouse will be built above the parking garage, offering residents shared spaces for relaxation and community life.
Retail areas will also be upgraded, shifting from a transient commuter hub to an “18-hour retail environment” with a more diverse tenant mix designed to serve locals and visitors. Major brands, including Shoprite, Woolworths, Spar, Ackermans, Clicks, and McDonald’s will remain key anchors.
Neighbourgood, a Cape Town-based property management company, will oversee the residential component. CEO Murray Clark said the vision is to create a “residential club” that blends affordability with lifestyle benefits such as co-working spaces, community events, and networking opportunities.
The City of Cape Town has welcomed the development, seeing it as part of a broader inner-city revitalisation. Mayor Geordin Hill-Lewis said the project “joins many other large-scale developments soon to be underway in the same precinct.” Mayoral Committee Member for Economic Growth James Vos added that it aligns with the city’s strategy of creating an inclusive, accessible urban environment that celebrates Cape Town’s heritage.
Construction is scheduled for completion in early 2027, with developers promising a renewed Golden Acre that reconnects historic sites while offering safe, affordable, and vibrant spaces in the heart of the Mother City.