The iconic Golden Acre Shopping Centre, a fixture in Cape Town’s urban landscape since the 1970s, is set to undergo a dramatic transformation after being sold for R781 million.
The new owner, Putirex (Pty) Ltd, has unveiled ambitious redevelopment plans that will convert the 24-storey tower into 414 affordable apartments, significantly addressing the city’s pressing housing challenge, as per report by the property broker Ash Muller.
Located in the heart of the central business district, the Golden Acre has long been a central hub for shopping and commerce.
However, the upcoming renovation promises to shift its function from retail to residential, introducing a much-needed influx of affordable living spaces. According to the plans, 300 of the units will be studios, supplemented by 1- and 2-bedroom apartments, catering to a diverse range of residents.
This redevelopment comes at a time when Cape Town is grappling with a severe housing shortage, particularly within the city centre.
The apartments will be priced around 30% lower than most current rentals in the area, providing a lifeline for those struggling with soaring rental costs.
In addition to residential units, the plans include:
- 800 parking bays to accommodate residents and visitors
- A 6 000m² communal garden designed for relaxation and recreation
- Co-working spaces to foster a sense of community and support remote working
- A clubhouse for social interactions among residents
- Comprehensive renovations and structural upgrades to ensure safety and longevity
The sale was confirmed by the Competition Commission on 17 February 2025, following a complex negotiation process that lasted several months.
With the construction set to begin in October 2025 and completion expected by early 2027, the Golden Acre redevelopment is anticipated to play a vital role in reshaping the city’s housing landscape.
The iconic Golden Acre Shopping Centre, a staple of Cape Town’s business landscape since the 1970s, has officially transitioned ownership for an impressive R781 million.
This confirmed sale was announced by the Competition Commission on 17 February 2025, following a lengthy and complex negotiation process that spanned several months.
Situated at the bustling junction of Adderley and Strand Street within the city’s Central Business District (CBD), Golden Acre has been a key retail hub since its grand opening in 1979.
Over the decades, the centre has continuously evolved, offering a diverse range of shopping experiences across its 55 730 square metres of retail and office space.
Surrounded by a lively taxi rank and bus terminal, the shopping centre serves as a vital nexus for commuters in Cape Town.
Cape {town} Etc Discount Alert!
Unlock Cape Town’s best experiences for half the price! From unforgettable adventures to hidden gems and mouthwatering restaurants, these limited-time deals won’t last long. Snag your discount before they’re gone!
It boasts a repertoire of around 100 retailers, including household names such as Ackermans, Markham, Foschini, and fast-food giants like McDonald’s and KFC, ensuring it meets the various needs of the community.
According to property broker Ash Muller, the new owners, Putirex (Pty) Ltd, have ambitious plans for the future of Golden Acre.
They intend to redevelop the 110-metre-high Golden Acre Tower, originally constructed by Sanlam, with enhancements aimed at revitalising the shopping area as well.
Be the first to know – Join our WhatsApp Channel for content worth tapping into! Click here to join!
Also read:
Picture: Ash Muller / LinkedIn
