The De Waterkant development at 32 Napier Street in Green Point, will be made up of 11 apartments ranging in size from 66 m² to 170 m², excluding balconies. The ground and first floors of the building will consist of 546 m² of commercial space.
The existing 773 m² building on the site will be demolished so that Tower can realise the full value of the property and utilise the full bulk capacity of 2 092 m².
“Residential units will generate the company an estimated 12 percent yield which makes the property class more attractive than commercial offices and retail at this point. We intend selling the penthouse and retaining the smaller apartments for letting,” says Tower chief executive, Marc Edwards.
Posted in Residential Property News
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