SUMMARY – GROWTHPOINT PROPERTIES RESUMES CONSTRUCTION OF THE CANOPY BY HILTON CAPE TOWN LONGKLOOF HOTEL IN RESPONSE TO INCREASED TOURISM AND ECONOMIC ACTIVITY IN CAPE TOWN, ENHANCING THE HISTORIC LONGKLOOF PRECINCT.
After a brief pause due to economic uncertainty, Growthpoint Properties is now reviving its ambitious project – the Canopy by Hilton Cape Town Longkloof hotel, situated within the historic Longkloof precinct in Cape Town.
Timing Is Key: Resuming Amidst Economic Resilience
Initially slated for completion in late 2021, the project was temporarily halted. However, with Cape Town experiencing a surge in tourism and a general uptick in economic activity, Growthpoint has decided that now is the opportune moment to reignite the endeavor.
As a whole, Cape Town and the Western Cape have showcased remarkable economic resilience. A steady influx of newcomers from other parts of South Africa has bolstered the city’s appeal for living and working. Growthpoint’s office vacancies in Cape Town have dipped below 10%, surpassing the national average of 15.8% (March 2023), showcasing the city’s attractiveness.
International tourism is bouncing back with an increase in flights to Cape Town. Favorable exchange rates are enhancing Cape Town’s allure for global travelers. This resurgence is a boon for tourist hubs across South Africa, promising a positive impact on Cape Town’s international appeal.
Growthpoint’s Longkloof Precinct rejuvenation plan encompasses renovating several historically significant buildings. And creating an inviting public space linked to the city via four access points. The vision was to blend the old with the new, preserving the heritage while injecting modernity.
The project’s intricate planning spanned several years before commencing in 2019, with most elements completed by 2021. This transformation has given rise to sought-after office spaces primarily occupied by entrepreneurs, tech, and marketing companies.
Canopy by Hilton: A Unique Addition
The crowning jewel of the precinct is the 150-room Canopy by Hilton Cape Town Longkloof Hotel. It seamlessly connects to the public yard, featuring curated ground-level retail. Preserving MLT House’s facade, incorporated into the hotel, pays homage to its historical significance.
Timothy Irvine, Growthpoint Regional Asset Manager for the Western Cape, affirms that market conditions are now favorable to resume construction. The hotel will complement the existing mix of tech-driven entrepreneurial businesses, including the expansion of Workshop 17.
Longkloof offers nearly 17,000 sqm of space, with approximately 16,600 sqm currently occupied by excellent tenants. The public yard, accessible to all, serves as a central space and socialization hub, bolstered by the recent addition of the Vine & Dandy coffee shop.
Irvine anticipates that the completion and operation of the Canopy by Hilton Hotel will further elevate the precinct’s allure. The addition of 150 underground parking bays aligns with the evolving charm of this iconic Cape Town spot.
A Perfect Fit for Cape Town’s Unique Neighborhood
The Longkloof Precinct on Kloof Street epitomizes Cape Town’s character and culture. This historic area, brimming with authenticity and architectural beauty, finds its perfect complement in the unique presence of Canopy by Hilton.
Incorporating Canopy by Hilton into the revitalized Longkloof Precinct marks the culmination of Growthpoint’s transformation, a harmonious addition to this distinctive neighborhood.