Golden Acre reborn: Affordable Homes & an 18-Hour City Hub

• 24-storey tower converts to 414 rentals, plus a 6,000m² rooftop garden, clubhouse and upgraded retail for residents, commuters and visitors.
• R781.5m deal clears Competition Commission; plan approvals underway; construction targeted for early October, completion anticipated by early 2027.
• Retail shifts from transient concourse to curated 18 - hour mix; safer public spaces link Station, Grand Parade, City Hall and the Castle.

Background: Site, history & new ownership

Opened in the late 1970s at Adderley, Strand Streets, Golden Acre anchors Cape Town’s transport nexus - rail, taxis and Golden Arrow buses with around 65,000m² of retail, office and around 800 parking bays.

In February 2025, the Competition Commission approved the R781.5 million sale to Putirex (Pty) Ltd, a JV led by developers Gary Moore and Roelof Delport. Putirex’s plan: reboot Golden Acre as a mixed-use, people-first precinct.

Transformation & Design Highlights

• Residential conversion: 24 - storey office tower > 414 affordable, semi-serviced rentals (+-300 studios, 1- and 2-beds), aimed ~30% below prevailing inner-city rentals.
• Rooftop green heart: 6,000m² communal garden and lifestyle clubhouse created atop the existing parking structure.
• Retail re-curation: Tenant mix rationalised over 2 - 3 years to serve residents and high commuter volumes; toward a vibrant 18-hour environment.
• Concourse integration: Upgraded sub-Strand/Adderley concourse links Golden Acre, 11 Adderley, Woolworths, Mutual corner and the 3,000-bed student village over Cape Town Station.
• Brands on site: Shoprite, Woolworths, Spar, Checkers, Ackermans, TFG, Mr Price, Clicks, McDonald’s, Wimpy, KFC + local traders.
• Public realm & safety: Better lighting, sightlines and pedestrian routes; alignment with City initiatives for walkability and public-transport access.

Timeline

Architectural and engineering planning began mid-2024. Plan approvals are in process; contractors are expected to start early October 2025. Completion is anticipated by early 2027.

Voices from the City & Operations

“This is a very exciting development… It adds significantly to the revitalisation of the Inner City.” Geordin Hill-Lewis, Executive Mayor of Cape Town

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“This project brings people closer to work, improves public spaces and celebrates our heritage, the inner city is Cape Town’s crown jewel.” James Vos, Mayoral Committee Member: Economic Growth

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“Residents won’t just rent flats, they’ll join a citywide Neighbourgood club with access to co-working, events and community experiences.” Murray Clark, Founder & CEO, Neighbourgood

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Operations & Management

Upon completion, Neighbourgood will operate the residential tower, prioritising long-term rentals with some medium-term options, and a membership-style offering that unlocks shared amenities across the city.

The Way Forward

• Deliver approvals & break ground: Finalise plans; commence works October 2025.
• Phase the upgrade: Sequence residential, rooftop amenities and retail re-letting to minimise disruption and accelerate value-add.
• Curate the mix: Attract daily-needs retail, food, health, services and evening economy to sustain 18-hour footfall.
• Activate the precinct: Partner with the City and stakeholders on safety, cleaning, events and last-mile transport.
• Measure impact: Track occupancy, rental affordability, spend, dwell times and public-realm perceptions to guide continuous improvements.

Bottom line

Golden Acre’s reboot blends affordable urban living, commuter convenience and a curated all-day retail experience re-stitching a strategic CBD node into a safer, more inclusive Cape Town.

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