Property Flash


April 17 2024 07:42

This piece is for Abland Property Development

A stellar mixed-use building called The Rubik is about to launch in the heart of Cape Town’s CBD.

Developed by Abland Property Development and designed by dhk Architects, the city’s skyline is changing yet again as this dynamic building enters the fray. If you look at this unique skyscraper you see it is made up of stacked glass box volumes which pivot around a central axis. These create colourful optical prisms of light for people who get to admire the building. It genuinely is one of the most unusual structures to rise in the Western Cape.

Not only does it look magnificent, but The Rubik is also set to excel when it opens in a thriving section of the Mother City at the end of April because of its attractive mixed offering. The tower comprises an eleven-storey base including retail on the ground and first floors, seven storeys of office space and nine residential levels. The residential space will house 87 high-end apartments, of which around 82 have already been sold. These include a range of apartment sizes with one and two bedrooms as well as penthouses. The nine penthouses have private terraces, and the building also has an alluring rooftop pool deck. There are expansive parking facilities. Residents are set to take occupancy from the end of April 2024.

There are high-security concierge facilities and supporting technology.

This welcome addition to the city is located on 17 Loop Street, cornering Riebeek Street, giving future residents views of Cape Town’s stunning mountains and gorgeous seas.

Grant Silverman, director at Abland explains that the project was years in the making and was slowed down by a couple of years as work began on it just prior to the Covid-19 pandemic. Abland spearheaded the project in conjunction with Nedbank CIB, Giflo Group and WBHO.

“As developers we are always on the hunt for deals. We were looking for an opportunity. This is our third development in Cape Town CBD, and we needed a prime caller. We had already built 22 Bree Street with Bowmans as our anchor tenant and had done 35 Lower Long Street for ENS. We needed something special to continue to make a strong name in the CBD as a national developer,” he says.

Both 22 Bree and 35 Lower Long bear the prestigious 4-Star Green Star rating from the Green Building Council of South Africa (GBCSA).

Silverman said he and his team then approached dhk to come up with something which would stick out in Cape Town.

“There are various impressive buildings in Cape Town from a design point of view. We really wanted our architects to draft something iconic. It needed to stick out on the skyline, and I believe this does,” says Silverman.

Following the success of The Rubik, Abland aims to develop another project in Cape Town’s thriving CBD.

“We love the Cape Town CBD. It clearly is the best run in the country. If you look at The Rubik it has all the amenities that you could need around it. It’s close to things like Bree Street, one of the coolest streets in the country. Bree hosts First Thursdays each month for example where people get to enjoy art galleries and entertainment,” Silverman says.

The Rubik, valued at around R500m, also lies across the road from The Pullman hotel which is on Riebeek Street. It is on a MyCiti Bus route and is near the Cape Town International Convention Centre (CTICC) and the V&A Waterfront.

Silverman says Abland has enjoyed working with the City of Cape Town which will encourage it to do more work in the CBD and surrounds.

“The City has been excellent. We have had a great experience. The people there have helped us whenever we needed anything to keep our development on track, be it planning related or the actual rollout of The Rubik,” he says.

Once the residents have moved into the Rubik’s apartments Abland will look to get the offices occupied. Silverman says he and his team have been in talks with potential rental tenants and owner occupiers.

“We ideally would like to have owner occupiers. We have been approached by a couple of groups who are interested in occupying the entire 4800 square metre office component. I believe it shows the strength of The Rubik,” Silverman says.

The premium grade office space includes seven floors of 700 square metres each, and its retail space can be broken up into two opportunities spanning 130 square metres and 273 square metres.

Silverman says people like to work in the CBD because there is so much to do, and it functions well in most areas. Groups like the Cape Town Central City Improvement District (CCID) do a lot of work to help keep the city safe and clean. Residents and tenants are also educated about how move around and operate in the city and about where challenging spots are. The mayor and the premier’s offices are also accessible. Abland itself has offices in the Cape CBD.

The 400m2 retail component of the Rubik will include coffee shops and other convenience retail. Abland wants to trial some new brands and concepts, if possible, to make Rubik not just a place of work and to live but also a place to visit.

Silverman is confident that the rest of the apartments, which include a mix of penthouses and apartments, will be sold soon. The apartments are priced from R2.3m upwards with the penthouses costing around R8m each. One luxurious apartment was sold R17m.

“We are very proud of the Rubik which is a flagship development for us. We feel people will be drawn to this excellent, premium grade building located in a well-run city. It presents unparalleled offerings for both business and luxury lifestyle within one iconic edifice. It offers high quality urban living within this evolving urban quarter of Cape Town,” says Silverman.

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