City's first mixed use development doubles in size
Posted on 21 November 2007. Source: Novate
Novate Property Investments, developer of the Buffalo City’s first live-work-play development, Triple Point, has acquired 13 ha of adjoining land, doubling the size of the Beacon Bay project to 25 ha.
The announcement means that the value of Triple Point will escalate from R750 million to close to R2 billion and that the development is of a size comparable to Johannesburg’s Melrose Arch.
Novate Property Investments’ strategic development manager Grant Wheatley says the newly acquired land, which has scenic views of the Quenera River, allows Novate to expand its offering in terms of retail, office and residential space. Currently, the development comprises three apartment complexes of 72 units each, 35 residential executive homes as well as 20,000 sqm of retail and office space and a 100 room four star hotel.
The land means new additions to the Triple Point development such as the development of a cultural node which is likely to include an intimate theatre where audiences will be entertained as well as enjoy a sumptuous meal.
Wheatley is also pursuing opportunities such as the establishment of an educational node where a campus, library and the like can be located. He is also keen to include services such as home affairs, a post office and police station, amongst others.
“While the expansion will bring about further economies of scale, the additional space will allow Triple Point to expand to its full potential as a mixed development,” Wheatley explains.
He says that Triple Point has the potential to become the city’s new CBD and financial hub, similar to Sandton in Johannesburg.
He bases this on partly the expansions of companies into the eastern part of the Eastern Cape and which are looking to base regional headquarters in East London.
“This is also affecting East London’s rental market which is booming and where rental returns continue to be lucrative. Regional head office growth will also spur further residential growth, as it has done in other cities,” he continues.
Currently, construction of the first apartment complex, Moya, is underway with residents likely to be in these apartments by Christmas next year. The development’s bulk infrastructure such as water, electricity and sewerage is also being constructed.
Furthermore, an announcement on the four star hotel is due during December with the construction of the hotel starting as early January 2008.
“A major catalyst for the development of Triple Point and Life Beacon Bay Hospital is the city’s commitment to putting much-needed infrastructure in the area. Hence, we are delighted that the municipality has announced the Quenera Road project is to go ahead.”
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For more information, please contact:
Grant Wheatley
Novate Property Investments
Telephone 043 726 6341
Cellular 082 563 7851
For Novate Property Investments
Antoinette Panton
Telephone 043 726 8833
Cellular 083 419 8939
Email antoinette@smgafrica.com
