October 30 2023
Divercity Urban Property Group, a company launched in Gauteng in 2018, has expanded to Cape Town by breaking ground on a mixed-use development that will see just short of 400 affordable rental apartments being constructed in Salt River.
9 Hopkins, which will also include street-level retail and leisure amenities for its tenants, is being focused at working class and middle class people in Cape Town’s southern suburbs.
Beating the rental shortage
South Africa is facing rental housing shortages across much of the country with Cape Town being no different. There is a severe shortage of rental housing at rates of under R8,000 per month, and Jonathan Reader, chief investment officer at Divercity, said 9 Hopkins aimed to fill this gap.
Divercity led by CEO Carel Kleynhans, exists to supply and manage quality rental housing in dense areas in South Africa. Kleynhans has explained in previous interviews and collaborations with Property Flash that Divercity wants to show investors and the the real estate market overall that residential property offers a strong investment case and should command more attention.
Divercity has been recognised with IFC Edge Champion status for its sustainable and inclusive development. It is partnering with Twin City to develop 9 Hopkins.
What’s on offer
Situated just 2km from the Cape Town CBD, the development will be home to 398 apartments, most of which will be studio and one-bedroom units, totalling 168 and 154 respectively. There will also be 76 two-bedroom apartments. Sizes range from 18 square metres for a studio to 50 square metres for a two-bedroom apartment.
In addition to the rental homes, 9 Hopkins, which forms a triangle wrapped by Yew, Hopkins, and Aubrey streets, will offer 930 square metres of retail space, a clubhouse, gym, co-working area and a communal terrace. Residents will be able to enjoy a private courtyard in the centre of the development.
Reader said this development is the start of an “exciting new chapter” for Divercity, as it looks to expand beyond Gauteng, where it “has already established a leading track record developing affordable, yet quality accommodation in mixed-use developments that promote quality urban living”.
A bright future for Divercity
Divercity’s developments include Jewel City in the Johannesburg CBD and the upcoming Barlow Park on the periphery of Sandton CBD, which it is developing with Atterbury, in partnership with Barloworld and the Moolman Group, as well as Twin City.
“The team is working on several other opportunities in Cape Town that should break ground in 2024,” said Reader.
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