R 50 000 000 | building property for sale in observatory

Observatory is a suburb in Cape Town that Mowbray borders to the South, and Salt River to the Northwest. It is the home of the South African Astronomical Observatory headquarters, Groote Schuur Hospital as well as new developments like the 2U Global Head Office, and My Domain Student Housing, to name a few. The Amazon Headquarters for Africa and Riverlands development is also being developed nearby. This 319 & 321 Main Road site is nestled in an area central to all of these new developments, and is a prime development opportunity, given the following: Erf Size: 2354sqm Zoning: General Business 5 Coverage Allowance: 100% Floor Factor Allowance: 4 Height Restriction: 25 meters with current zoning PERMISSIBLE BULK: 9,416sqm The subject property is located on a prominent and easily accessible corner of Main Road in Observatory. There is a high rate of passing trade along Main Road, being one of the primary arterials leading through Observatory, and connecting to the CBD, and surrounding areas such as Rondebosch and Claremont. The site is situated within close proximity to the Groote Schuur Hospital, along with its various UCT medical school faculty buildings. The suburb’s proximity to the University of Cape Town (UCT) and its Medical School, has always made it popular with students and lecturers. Observatory has long had a vibrant entertainment scene, with most restaurants and retail shops along Lower Main Road. There has also been a significant amount of upgrading and renovation of commercial buildings, and gentrification in the area over the last 5 years.