M&R clinches R1.6bn Portside Project

Construction group Murray & Roberts has clinched the primary contract for the building of the R1.6 billion Portside co-development project by listed financial services groups First Rand Bank and Old Mutual, in Cape Town's central business district (CBD).

FirstRand CEO Sizwe Nxasana, said the project is an extension of the group's commitment to investing in the development of Cape Town and the region, providing sustainable economic stimulus and creating much-needed jobs.

In terms of the co-development and ownership agreement, half the landmark tower, with 32 floors, will house the provincial headquarters for the three divisions of FirstRand Bank - FNB, RMB and Wesbank.

The remaining 25 000m2 of office space will be available for leasing through Old Mutual Property from the first quarter of 2014.

Portside will also have 200mᦙ3; of banking and retail area.

Peter Levett, Managing Director of Old Mutual Property, says Portside illustrates the long term nature of property investment.

"The site assembly by Old Mutual Property took place in two transactions nearly 20 years apart.

"First the Brian Porter property in Bree Street was bought on a sale and leaseback basis in the mid-80s and then the balance of the block from the City of Cape Town in 2007."

Levett says the visual, environmental and social impact of Portside was key to the design process.

"The design had to provide Old Mutual and FirstRand with two distinct business addresses in the city.

"Moreover, the location in a central city urban conservation area meant the design needed to be highly sensitive to the historical and environmental character of its surroundings."

Designed jointly by DHK and Louis Karol Architects, Portside will capitalise on views of Table Mountain and the bay.

All floors have spectacular all round views as the tower sits on top of a parking podium for 1,450 cars.

The project team plans to submit the building for formal green star rating to the Green Building Council of South Africa.