Latest news with #R781
IOL News
18 hours ago
- Business
- IOL News
Golden Acre Shopping Centre sold: A new chapter for Cape Town's historic site
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. Image: Armand Hough / Independent Newspapers History has been made as the iconic Golden Acre Shopping Centre has been sold for an impressive R781 million, setting the stage for significant changes to this long-standing retail destination in Cape Town. The sale was officially approved by the Competition Commission following a complex series of negotiations that underscored the centre's importance not only as a commercial hub but also as a cultural landmark, reported the Cape Argus. For many Capetonians, Golden Acre is synonymous with community events, bustling Christmas shopping, and a vital transit point linking the Grand Parade to the city's public transport networks. The new owners, Putirex (Pty) Ltd, are poised to enact an ambitious redevelopment plan initially envisioned by Sanlam when they constructed the mall in the 1970s. The hustle and bustle of the Golden Acre shopping centre - with high foot traffic. Image: Armand Hough/Independent Newspapers Video Player is loading. Play Video Play Unmute Current Time 0:00 / Duration -:- Loaded : 0% Stream Type LIVE Seek to live, currently behind live LIVE Remaining Time - 0:00 This is a modal window. Beginning of dialog window. Escape will cancel and close the window. Text Color White Black Red Green Blue Yellow Magenta Cyan Transparency Opaque Semi-Transparent Background Color Black White Red Green Blue Yellow Magenta Cyan Transparency Opaque Semi-Transparent Transparent Window Color Black White Red Green Blue Yellow Magenta Cyan Transparency Transparent Semi-Transparent Opaque Font Size 50% 75% 100% 125% 150% 175% 200% 300% 400% Text Edge Style None Raised Depressed Uniform Dropshadow Font Family Proportional Sans-Serif Monospace Sans-Serif Proportional Serif Monospace Serif Casual Script Small Caps Reset restore all settings to the default values Done Close Modal Dialog End of dialog window. Advertisement Next Stay Close ✕ Property mogul Ash Müller, a prominent figure in the local real estate market, confirmed the sale via social media, noting the historic significance of the Golden Acre as a landmark and its extensive 55,730 square metres of retail and office space. The shopping centre houses around 100 retailers, including well-known names such as Ackermans, Markham, and Shoprite, making it a cornerstone for shopping in the CBD. Experts suggest that the redevelopment will see the transformation of the existing 110-metre-high tower into modern residential units, responding to the burgeoning demand for urban living spaces. Surrounding retail areas may also undergo a complete overhaul to create a vibrant urban precinct. This transformation aligns with several ongoing revitalisation efforts in the area, including the already-completed Cape Town Station precinct, which has improved accessibility between Strand Street and the main railway station. The excavation of the Golden Acre Shopping Centre began in 1975, marking the start of its transformation into a key retail destination in Cape Town. Image: Facebook Additionally, the redevelopment of the nearby Mutual Centre promises to introduce a new food retailer and diverse retail experiences. All these projects aim to integrate into a cohesive urban hub, enhancing safety and pedestrian connectivity while preserving the historical character of the area. While details of the Golden Acre redevelopment remain under wraps, there is a palpable excitement about the local impact of these initiatives. The renovations are expected to attract new investments and tenants, breathe fresh life into the centre, and reaffirm its position as a vibrant social and commercial hub. Councillor Ian McMahon expressed enthusiasm about the takeover, stating, "As councillor, I'm excited that there is new ownership, as Golden Acre has needed some TLC for years. It's uniquely situated between two public transport interchanges and has over 700 parking bays, making it a vital component of the CBD's affordable residential sectors." Golden Acre is set for a major glow up. Image: Armand Hough/Independent Newspapers
The South African
6 days ago
- Business
- The South African
New era for Cape Town commuter mall as Golden Acre sels for staggering amount
For decades, the Golden Acre Shopping Centre has been the heartbeat of Cape Town's transport hub, welcoming thousands of commuters daily from the train station, taxi rank and bus terminus. For many, it's the place where they grabbed their first takeaway lunch from KFC, bought school shoes at Ackermans, or browsed CDs at Musica. Now, the city's most famous commuter mall is changing hands, and with that, the promise of a long-awaited facelift. The deal sees Putirex (Pty) Ltd and 11 Adderley Properties buying not only Golden Acre but also the adjoining Grand Parade Shopping Centre and the neighbouring 11 Adderley Street building for R781 million. It's one of the largest retail property transactions in Cape Town's CBD in years. While Golden Acre remains a hive of activity, the building has seen better days. Ageing infrastructure, dated interiors, and visible wear have left it feeling run down in parts: a far cry from the polished landmark it was when it first opened in 1979. For the thousands who pass through daily, the planned upgrades could breathe new life into a space loaded with both history and sentiment. The R781 million sale includes more than 55,000m² of retail and office space across three linked properties. The Golden Acre and Grand Parade are classified as a retail community centre with B-grade office space, while 11 Adderley Street offers A-grade offices alongside ground-floor retail. The Competition Commission approved the transaction in February 2025, concluding that it would not significantly lessen competition in any market. As part of the approval conditions, Putirex has committed to procuring certain services from historically disadvantaged persons (HDPs). Golden Acre was built by Sanlam in the late 1970s on the site of Cape Town's original train station. During construction, workers uncovered remnants of a 17th-century storage dam, a piece of history hidden beneath the CBD for over 300 years. The centre opened in 1979, becoming the first shopping mall built in the heart of a South African city. In 2009, it absorbed the Grand Parade Shopping Centre, adding over 10,000m² of shop space and expanding its office footprint to more than 22,000m². The merger brought in an array of popular stores and takeaways, from McDonald's to Sportscene, cementing its role as a commuter favourite. Putirex is already working on plans to redevelop the 110-metre-high Golden Acre Tower and modernise the retail areas. While exact details are still under wraps, early indications suggest a mix of structural upgrades, improved aesthetics, and possibly new anchor tenants to freshen up the tenant mix. If done right, the redevelopment could restore Golden Acre's reputation as a vibrant city landmark while also addressing current maintenance and safety concerns. Given its location at the intersection of Cape Town's major transport nodes, the ripple effects could be felt well beyond its doors. The sale of Golden Acre aligns with a broader trend of significant infrastructure investment in Cape Town. According to a recent report, the City of Cape Town set a new record by spending R9.5 billion on infrastructure projects in the 2024-2025 financial year, the highest amount ever for any South African metro. This substantial investment, which saw a 92.3% capital budget spend performance, is aimed at boosting the city's long-term resilience and economic growth. Golden Acre isn't just a shopping centre. It's part of Cape Town's collective memory. For generations, it's been the backdrop to careers, first dates, hurried lunch breaks, and everyday errands. Its central location and accessibility have made it an anchor point for working-class commuters and city shoppers alike. Upgrading the centre could revitalise the surrounding CBD, increasing foot traffic, improving safety, and potentially attracting new investment into the area. Ash Müller, a property media professional based in Cape Town, said: 'I also know that the new owners are working with a lot of the neighbouring landlords in the area and the City of Cape Town to upgrade the surrounding area. This would be so welcomed as this part of town could use some TLC.' The challenge will be balancing modernisation with the affordability and convenience that have kept Golden Acre relevant for over four decades. Let us know by leaving a comment below, or send a WhatsApp to 060 011 021 11. Subscribe to The South African website's newsletters and follow us on WhatsApp, Facebook, X and Bluesky for the latest news.
TimesLIVE
29-04-2025
- Automotive
- TimesLIVE
Porsche cuts full-year outlook, warns of further uncertainty on US tariffs
German luxury sports car maker Porsche slashed a series of forecasts for 2025, hit by a toxic mix of weakness in its main market China, rising supply chain costs and US tariffs that are disrupting the global car industry. Porsche late on Monday said US import tariffs, in place since April at 25%, weighed on its business in April and May, and warned its adjusted outlook does not factor in the future effects of tariffs. "It is not yet possible to make a reliable assessment of the effects for the financial year," Porsche said. The US tariffs are expected to raise car prices by thousands of dollars, reducing demand and hurting job growth, rattling an automobile industry struggling with a slowing transition to electric vehicles. In April, Porsche, which has no US production, said it had shipped added inventory to the US to get ahead of tariffs and kept prices constant for orders made in March. Porsche said it expects revenues of between €37bn (R781,101,080,000) and €38bn (R802,519,720,000) in 2025, down from its previous forecast of €39bn (R823,638,660,000) to €40bn (R844,799,600,000). Its profit margin is forecast to plunge to 6.5& to 8.5%, down from a previous forecast of 10% to 12%. According to the average analyst estimate in LSEG, Porsche's operating margin is seen at 9.7% on revenues of €38.8bn (R819,455,612,000). The carmaker, which at its stock market debut in 2022 had a higher valuation than its parent company, Volkswagen AG, has fallen from grace since, struggling in particular with low sales in China, its top market, where first-quarter sales dropped 42%. Bill Russo, CEO of Shanghai-based advisory firm Automobility, said Chinese customers of electric cars had been drawn to their domestic brands because of their improved technological offering. "No foreign company believed the Chinese could somehow build equity that was superior to the foreign brands, specially the Europeans," he said. Porsche also said it would no longer pursue plans to expand high-performance battery production at its Cellforce subsidiary, and cited a decline in demand in China for all-electric luxury cars.
