The iconic Golden Acre complex in Cape Town’s Central Business District has officially entered a new era. Following a lengthy three-year negotiation process, Putirex (Pty) Ltd—a joint venture between local property developers Gary Moore and Roelof Delport—secured the site at a price of R781.5 million. The deal, approved earlier this year by the Competition Commission, is one of the largest property transactions in Cape Town in recent years.
Revitalising a City Landmark
Opened in the late 1970s, Golden Acre has long been a central hub for commuters, surrounded by Cape Town Station, the main taxi rank, and the Golden Arrow bus terminus. Now, the 65,000 m² retail and office space, with 800 parking bays, is poised for a major transformation.
The redevelopment will convert the 24-storey office tower into 414 affordable residential rental units—mainly studios, one- and two-bedroom apartments—priced about 30% below current market rates. These units will be aimed at young professionals working in the city. In addition, a 6,000 m² rooftop garden and lifestyle clubhouse will be developed above the parking garage.
Construction Timeline
Architectural and engineering planning began in mid-2024, with construction scheduled to start in October 2025. Completion is expected by early 2027. The redevelopment will be overseen by Gracht Asset Managers, with Neighbourgood, led by Murray Clark, managing the residential tower post-completion. Neighbourgood is known for fostering community-focused, flexible living environments.
Clark emphasised that tenants will enjoy more than just accommodation: “Our tenants will be joining a residential club, with access to co-working spaces, events, and community experiences across the city.”
A Boost for Inner-City Living
The project has drawn praise from city leaders. Executive Mayor Geordin Hill-Lewis called it “a very exciting development” that will significantly contribute to the revitalisation of the CBD.
James Vos, Mayoral Committee Member for Economic Growth, highlighted its alignment with Cape Town’s goal of inclusive urban spaces: “This project brings people closer to work opportunities, enhances public spaces, and celebrates our city’s unique heritage.”
Local Ward Councillor Ian McMahon added that the residential conversion will meet strong demand for affordable urban housing: “The demand for well-located, affordable living continues to outstrip supply.”
Expanding Retail and Public Spaces
Beyond housing, the retail component of Golden Acre will be transformed from a commuter-focused centre into an 18-hour retail environment. A curated mix of retailers will better serve both residents and the broader Cape Town community. Major tenants such as Shoprite, Woolworths, Spar, Checkers, Ackermans, Mr Price, and Clicks will remain central to the offering.
The redevelopment also integrates with the City’s recent upgrades to the Adderley and Strand Street concourse, which now connects Golden Acre with other key sites including the newly redeveloped “Mutual” corner and a 3,000-unit student housing village at Cape Town Station.
A City-Wide Collaboration
The project is being developed in close collaboration with the City of Cape Town and community stakeholders. The Mission for Inner City Cape Town, a non-profit organisation, welcomed the initiative. Executive Creative Director Brad Armitage praised the development as “a flagship example of how reimagining private and public spaces can unlock growth that positively impacts everyone in the inner city.”
