Construction has formally started on the retail component of the Golden Acre precinct redevelopment in Cape Town.

Following the successful start of the residential conversion late last year, this next phase marks a critical step in transforming one of Cape Town’s vital commuter hubs into a modern, 18-hour mixed-use environment.

The developers have also confirmed that commuter and shopper access will be maintained throughout the construction period, with the entire redevelopment project targeted for completion by early 2027.

The Golden Acre complex, including 11 Adderley street, was acquired by property development company Putirex in July 2025 in one of the largest property deals in the Cape Town central business district (CBD) in recent years.

The 24-storey office tower is being transformed into 414 affordable rental units aimed at the "missing middle”, with long-term rentals expected to be priced about 30% below current market rates.

Improvements include the refurbishment of surrounding infrastructure, improved lighting and enhanced surveillance to ensure a safer experience for the “thousands” of people who move through the precinct daily.

Hospitality-focused property management company and operating partner Neighbourgood will manage the residential tower, offering tenants a lifestyle-focused experience with access to co-working spaces and community events.

The project is being undertaken in close alignment with the City of Cape Town and its aim of supporting broader CBD revitalisation goals.

The retail upgrade is designed to evolve the center from not only a transient thoroughfare, but a curated precinct that serves the everyday needs of both daily commuters and the city’s growing commercial and residential population.

Planned interventions will focus on rationalising the tenant mix, adding new trading areas, refreshing the existing fabric and finishes, as well as significantly improving pedestrian flow and safety.

“The Golden Acre has always been a gateway to Cape Town. By commencing the retail phase, we are moving closer to our vision of a precinct that balances heritage and mobility with modern, dignified urban living for the working professionals who make our CBD thrive,” says investment company Gracht Asset Managers director Lesego Majatladi.

This retail phase also signals a major milestone in building a safer urban environment through strategic precinct management. By rationalising movement flows for commuters, delivery vehicles and taxis, and introducing enhanced lighting and surveillance infrastructure, the project aims to set a new standard for public-private collaboration in the CBD.