Property

New shopping mall coming to R780 million Cape Town landmark

Kirsten Minnaar • 31 March 2026

Construction of the retail phase of Cape Town’s Golden Acre redevelopment has begun, advancing plans to transform the commuter hub into a safer, modern mixed-use precinct.

In February 2025, the Competition Commission confirmed that, following a complex negotiation process that took more than 3 years, the sale of Golden Acre was approved for R781.5 million.

Now, construction has formally commenced on the retail component of the landmark Golden Acre Precinct redevelopment.

Following the successful start of the residential conversion in late 2025, this next phase marks a critical step in transforming one of Cape Town’s most vital commuter hubs into a modern, 18-hour mixed-use environment.

The retail upgrade is designed to evolve the centre into 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, and significantly improving pedestrian flow and safety.

Located in the heart of Cape Town’s Central Business District, Golden Acre has always been a key node for both businesses and commuters since its opening in the late 1970s.

It is surrounded by major traffic arterials, as well as Cape Town Station, the major city taxi rank, and the Golden Arrow central city bus terminus.

The landmark is situated at the busy junction of Adderley and Strand Streets, and includes 65,000 m² of retail and office space together with some 800 parking bays.

“The Golden Acre has always been a gateway to Cape Town,” said Gracht Asset Managers Director, Lesego Majatladi.

“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”.

Retail redevelopment at the Golden Acre

The Golden Acre complex, including 11 Adderley Street, was acquired by Putirex in July 2025 and will be one of the largest property deals in the CBD in recent years.

Now, 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 approximately 30% below current market rates.

Improvements include refurbishing surrounding infrastructure, improving lighting, and enhancing surveillance to ensure a safer experience for the thousands of people who move through the precinct daily.

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 the Mission for the Inner City to support broader CBD revitalisation goals.

Over the next few years, the tenant mix will be rationalised to better meet the needs of the growing residential population and the high volume of commuters passing through the centre.

Notably, the sub-Strand and Adderley Street concourse, which the city has dramatically upgraded over the past few years, creates a substantial CBD retail footprint.

It connects Golden Acre, 11 Adderley Street, Woolworths, the newly redeveloped “Mutual” corner and the retail component of the 3,000-unit Student Housing village over the Cape Town Station.

The expanded retail centre’s major tenants include Shoprite, Woolworths, Spar, Checkers, Ackermans, Pepkor, The Foschini Group, Mr Price, Clicks, McDonald’s, Wimpy, KFC, and a number of local traders.

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.

These improvements are specifically designed to accommodate the commuters who rely on the Golden Acre for movement and connection every day.

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