Cape Town’s new tallest building is set to start taking shape as construction group Murray and Roberts have been awarded the R1,6 billion contract to build the Portside Project. It’s set to stand at 130 metres tall, comprising of 32 floors, and will house 52 000 square metres of office space for 3 000 people.

The site is at the corner of Bree, Mechau, and Buitengracht Street’s in the City Bowl, and the new building will squeeze out the previous tallest building titleholder, One Thibault Square, for the new privilege.

Thibault was the old BP Centre, and had held the title for more than 40 years.

Old Mutual and FirstRand will jointly fund the project, and the building will house the Western Cape headquarters of FNB, Rand Merchant Bank and vehicle financier WesBank.

DHK and Louis Karol Architects have designed the project to symbolise a “city in the sky”, and the building will capture grand views of Table Mountain and the Atlantic Ocean.

At 130 metres tall, the building will be the first noteworthy high-rise since Safmarine House in 1993.

Western Cape Premier, Helen Zille, said of the project last year:

The obvious commitment by both Old Mutual and FirstRand to support the Province’s sustainable economic development standards has been commendable, and the City is confident that the presence of the architecturally appealing Portside building in Cape Town will enhance the beauty of the city, and will serve as a catalyst to create the critical mass of related buildings and commercial activities needed to further revitalise the fast-growing Cape Town CBD.

In addition to the office space, 1 200 metres squared of banking and retail area will be located on the lower levels. This will be easily accessed from all sides of the ground level.

The Portside Project should be completed by March 2014 and will no doubt become a landmark building in the growing financial district along the foreshore area of the City Bowl.

Interestingly, this project has formed part of two separate transactions that took place nearly 20 years apart, Old Mutual Property MD Peter Levett said. He also explained the building would provide Old Mutual and FirstRand with two distinct business addresses in the city.

[Sources: BusinessDay, SAPropertyNews]