We all know that parking in Cape Town is the pits.

And, if you do manage to find a spot, your elation is quickly snuffed out by the ridiculously high price that you’ll have to pay for parking in it.

You could always buy a parking bay, but these days, they’re prime real estate, and they don’t come cheap.

Last year we covered a Clifton parking bay that was flogged for R1,2 million. This year, the CBD is welcoming its latest development, the Zero-2-One Tower – set to become the tallest building in Cape Town, complete with parking bays that could set you back up R250 000, and up to R265 000.

BusinessTech spoke to property developer FWJK, who have just announced early-bird sales for apartments (and parking bays) in Zero-2-One.

In an emailed statement, the developer said that sales officially launched on 21 January 2020, with prices for an entry-level 20 square metre studio apartment starting at R899,000 including VAT (excluding transfer fees), extending to R1.57 million for a 41 square metre apartment.

According to FWJK, the development will be sold in phases, with the first phase representing the Pick n Pay and general retail component together with eight floors of parking and 557 apartments over 10 floors.

About that parking, though…

FWJK said that its apartments are sold without a parking bay – which are limited, and come at an extra cost.

Normal parking bays (2.5 metres wide) will set buyers back R250,000 per bay, with even more limited ‘oversized’ bays (2.8 metres wide) available for R265,000 per bay.

There are also joint Tandem bays which can be purchased for an additional R125,000 per bay, while motorbike parking bays come at a cost of R40,000 per bay.

To put that into perspective, if you take the cheapest options available to you, you could be looking at dropping over R1,1 million on a parking bay (R250 000), and an apartment (20 square metre studio, at R899 000) that looks like this:

I guess location is everything.

If you still want a piece of that action, here’s what you need to know, along with some artist’s renderings of what the building is supposed to look like when complete.

According to FWJK, the development will be sold in phases, with the first phase representing the Pick n Pay and general retail component together with eight floors of parking and 557 apartments over 10 floors.

“Only once the entire Phase 1 apartments have been sold, will we then commence with the sales of Phase 2 comprising of 635 apartments over a further 14 residential levels and then the final Phase 3 on the same basis which comprises 121 apartments over 10 levels topping out at 44 storeys which will be the tallest building in Cape Town once all phases are complete,” it said.

Following the early-bird sales, general public sales are expected to be opened up and handled by Sotheby’s.

You’ll soon find the Zero-2-One Tower on the corner of Adderley Street and Strand Street.

Good luck finding parking.

[source:businesstech]