Cape Town’s latest mixed-use development, The Rockefeller, is set to change the face of the CBD’s Foreshore precinct with its offering of glamorous hotelling combined with residential living. If you’ve ever wanted to call a luxury hotel in the edgy Central City home, here’s your chance.
It’s the R500 million mixed-use development on the Foreshore everyone in Cape Town is talking about. The Rockefeller, which developer Ryan Joffe says is “designed to be lived in, designed to be enjoyed”, is about to open its doors to visitors, guests and residents.
Developed by Ryan Joffe Properties and Narrative, and managed by blue-chip hospitality company Newmark, The Rockefeller, which opens on 15 December 2021, has already clinched its first award: the 2021-22 African Property Awards (APA) named it the Best High Rise Development in South Africa.
There are 395 luxury apartments over 18 storeys to be had, including “hotel-style” apartments, selling from R1.515 million, and “long-stay” apartments, selling from R1.815 million.
Located opposite the R14 billion Harbour Arch mixed-use precinct, the development offers beautifully designed facilities across a mix of property options, now available from floors 13 to 17. Units in the first 12 floors are already sold out.
FORESHORE FOCUS
The Foreshore precinct is the seat of the Cape Town CBD’s knowledge, eventing and creative economies as the Cape Town International Convention Centre (CTICC 1 + 2) and the Artscape Theatre Centre are located here.
Many of the CBD’s big hotels are here, too, including The Westin and Tsogo Sun The Cullinan and Hotel Sky. One of the city’s biggest private hospitals, Netcare Christiaan Barnard Memorial Hospital, is a block away.
While Covid-19 struck the very heart of the Foreshore, with the large-scale cancelling of events and conferences, in 2020 the total value of property investments was R3.83 billion, including The Rockefeller, which was under construction at the time.
At present, One Thibault (previously the Standard Bank building) – a commercial building on Thibault Square – is being converted into a mixed-use development by Thibault Investments, with the upper half of the building being redeveloped into 170 bespoke residential units, with the rest of the building earmarked for offices and retail space.
The apartments from floors 21 to 28 can also be rented, with hospitality management company WINK Aparthotels providing on-site administration of all units, guaranteeing investors rental income of 6 % for the first year.
LAUNCH DEAL
The Rockefeller has also pulled out the stops with a launch deal to entice investors: the short-stay 25 m² “hotel-style” apartments units, available from R1.515 million, are being offered with a four-year rental guarantee. This means investors will pay less than R2 000 a month for the next four years for prime real estate on the Foreshore.
For example, bond repayments of a typical 25 m² unit costing R1.625 million (incl. VAT), with an 80 % bond and based on an interest rate of 7 %, would set the monthly costs at R11 569, but with a guaranteed income of R9 733, the monthly shortfall would be R1 836, with a total guarantee commitment over 48 months set at R467 170.
Also included in the launch deal: the first 30 purchasers have been offered a complimentary furniture package from Source Interior Brand Architects valued at between R120 000 – R150 000 (excl. VAT).
After four years, investors can extend the lease agreement, and put the unit back into the hotel pool, managed by Newmark. Any additional admin fees are calculated and included in the updated lease agreement. Owners have the option to use their property for two weeks per year.
There is no parking on-site, but the developers are building a parking lot across the street, with the parking-bay rental set at R1 000 per month for a long lease.
LUXURY AMENITIES
So, what can you expect as a resident living in a luxury hotel? Setting a new benchmark for luxury living, Newmark has integrated luxe hotelling with private residential living, ensuring that the high-end amenities satisfy the needs of both hotel guests and residents for long and short stays. Beautiful and functional design is at the heart of the establishment, thanks to the creative brains behind Source Interior Brand Architecture.
There’s a glamorous double-volume lobby, 24-hour concierge and security, and three day and night dining options, including a fine-dining restaurant. On the mezzanine level, remote working company Ideas Cartel will manage the co-working space. The 18th floor leads on to the rooftop studio bar and dipping pool, designed by Tristan du Plessis. Come winter, it will be undercover, ensuring year-round usage.
With this heady mix, The Rockefeller is set to raise the bar for Foreshore hotels and aparthotels.
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IMAGES: The Rockefeller