Golden Acre, Cape Town Station, The Mutual: How this CBD precinct got its groove back

With the R781-million sale of Cape Town’s Golden Acre Shopping Centre finally a done deal - what can Capetonians expect in this bustling heart of the CBD?

Well, a completely new world, say property experts.

Three major redevelopments in this vicinity - two already completed - are all interconnected and will function as one single integrated urban hub or precinct providing a big glow up for the CBD.

These revamps include:

1. The already redeveloped Cape Town Station precinct which has opened a direct corridor between Strand street and the Cape Town railway station,

2. The 13,000m2 retail redeveloped The Mutual, on the corner of Strand and Adderley streets, which includes a major food retailer opening up into 2000m2 retail unit, plus fashion stores, a roof garden, food court and informal trader pods, amongst others; and

3. The Golden Acre revamp about to happen.

Experts believe these multi-billion rand refurbishments and upgrades will:

• Improve safety and pedestrian connectivity within the central business district,

• Draw new tenants and investment into the area, and

• Preserve key historical elements while promoting a contemporary, transit-oriented city centre

Golden Acre serves as a major commuter node, with thousands of people passing through daily on their way to and from the station.

The Cape Town Station development, The Mutual redevelopment and the Golden Acre planned revamp, are seen as part of the City of Cape Town’s long-term push toward transit-oriented development, where dense, mixed-use zones are built around public transport hubs.

These three serve the busiest public transport interchange in the Cape Metropole and The Mutual for instance is just steps away from Cape Town Station Deck - a hub for approximately 200,000 daily commuters

The vast area of these three developments is set to serve a diverse cross-section of the public including commuters, shoppers, office workers and tourists.

Golden Acre sale

The Golden Acre sale deal, approved by the Competition Commission in February 2025, will almost certainly signal an even bigger shift in the precinct. The Golden Acre sale occupies a central position at the intersection of Adderley and Strand streets in the heart of the Central Business District (CBD).

The new owners, Putirex (Pty) Ltd and 11 Adderley Properties, have acquired not only the Golden Acre but also the adjoining Grand Parade Shopping Centre and the neighbouring 11 Adderley Street building. Together, these properties cover more than 55,000 square metres of retail and office space, making this one of the largest retail property transactions in Cape Town’s CBD in recent years.

The new owners have previously spoken about ambitious plans to redevelop the precinct, including modernising the Tower and upgrading the surrounding retail spaces.

According to a developer, for starters, the 110-metre-high Golden Acre Tower is likely to be turned into mixed-use residential units, feeding the strong demand for inner-city accommodation.

Other developers say the new owners may also completely revamp adjacent retail space - or hand the job over to another company to do while they create a modern residential hub. Already, they say, most of the tenants on the ground floor of the Old Post Office  - which forms part of the sale - have moved.

While the exact details of the redevelopment have yet to be disclosed, it is expected to breathe new life into the centre, attracting more visitors and businesses, and reinforcing its role as a central hub in Cape Town’s CBD.

The State of Cape Town Central City Report 2023 – A Year in Review (SCCR), published annually by the Cape Town Central City Improvement District (CCID) showed high confidence in the investment potential of the Cape Town CBD with the total value of property development in 2023 exceeding R7.285 billion – an increase of over R3.730 bn compared with 2022. The city recently also recorded a R9.5 billion spend on infrastructure projects in the 2024–2025 financial year, reflecting ongoing efforts to boost economic growth and urban resilience.

This seems to only be picking up steam as Cape Town continues its upward trajectory as the country's property darling.

Some history

Golden Acre Shopping Centre has been a fixture of the city’s retail landscape since 1979 with Golden Acre long being a vital hub for commuters, thanks to its direct links to the central railway station, bus terminus and taxi ranks.

By the 2010s, Golden Acre was showing signs of wear. Though still a key commuter and retail hub, visitors increasingly noted outdated interiors, frequent escalator issues, and a need for refurbishment. A refresh and redevelopment could breathe new life into that vital part of the city which already has major foot traffic daily. 

The centre is home to approximately 100 retailers, including major brands such as Ackermans, Markham and Foschini, alongside well-known eateries including McDonald’s and KFC.

Its combination of shopping convenience and transport accessibility has made it a key part of the city’s urban fabric.

The sale also highlights broader investment trends in Cape Town’s infrastructure.

Historically, the Golden Acre site carries additional significance. The original Cape Town train station once stood here, and remnants of a 17th-century reservoir built by Governor Zacharias Wagenaer to supply water to settlers and visiting ships were uncovered during construction in the 1970s.

These historical elements remain an intriguing link between the city’s colonial past and its modern commercial present.

For now, it continues to maintain its place at the heart of the Mother City.

Meanwhile, the recent 77 000m2 redevelopment of Cape Station into a mixed-use residential and retail space completed last year sees a 20-storey, 3 000-bed purpose-built student accommodation facility, 6 700 m2 of retail space and a new world-class public square.

WIth the Golden Acre revamp about to happen and The Mutual's recent glow up, this part of town if finally getting the love it has needed.

* Vivian Warby can be contacted on vivian.warby@inl.co.za