Business

KPMG’s name has been stripped from a massive new Cape Town building, now renamed after a piece of rope

Business Insider SA
A render of the KPMG place, and the latest render of The Halyard in the Cape Town Foreshore.
  • The new KPMG Place building in the Cape Town foreshore has been renamed The Halyard.
  • KPMG's logo has also been removed from the latest renders of the building.
  • The accounting firm ran into reputation trouble thanks to its work with the infamous Gupta family and VBS Mutual Bank. 

A huge development in the Cape Town foreshore, once known as KPMG Place, has been renamed The Halyard, a reference to a rope used for raising and lowering the sail on a boat.

It was renamed The Halyard in reference to the building's close proximity to the port, Daniel Greaves, realtor at Knight Frank South Africa, told Business Insider South Africa. 

“Main halyard ropes are also usually blue and white in colour, this references the colour of the facade as well,” Greaves said. 

Construction on the R550m development, also briefly known as Ducat Tower, started in 2015, but was badly delayed after the main contractor NMC Group was placed on business rescue.

In renders of the then KPMG Place, the accounting firm’s logo was prominently displayed on the building’s south and west faces, where it would be very visible.

The logo has, however, been removed from latest renders.

KPMG has suffered reputation trouble because of its work with the infamous Gupta family, and later the failed VBS Mutual Bank, and has lost major clients in South Africa.

READ: KPMG staff are jumping ship amid bonus fears and ‘enormous’ panic

KPMG spokesperson Nqubeko Sibiya said the firm remains committed to Cape Town as a regional business centre. 

“We are in the process of finalising the details to enable our move into the new building as planned,” Sibiya told Business Insider South Africa.  

He did not answer questions on whether KPMG will be occupying less space in the building than previously planned.

READ: These are the buildings KPMG will vacate around the country – including brand new Pretoria digs – as it ‘reshapes’

Developer FWJK did not want to comment.

Greaves said the building is already partially let, and demand for available space is high. 

He said the first tenants are expected to be moving into the building by the end of the year. 

Space goes for R195 per square metre, with tenant options available either for a full floor (1600sqm) or half a floor (800sqm). 

Receive a single email every morning with all our latest news: Sign up here.

Also from Business Insider South Africa:

Rand - Dollar
17.01
-0.8%
Rand - Pound
20.11
+0.1%
Rand - Euro
17.08
-0.4%
Rand - Aus dollar
11.69
-0.2%
Rand - Yen
0.12
-0.1%
Gold
1,746.79
-0.7%
Silver
19.06
-2.5%
Palladium
2,128.63
-1.4%
Platinum
898.50
-1.7%
Brent Crude
96.59
+3.0%
Top 40
62,974
-1.9%
All Share
69,719
-1.9%
Resource 10
62,153
-2.8%
Industrial 25
86,103
-0.9%
Financial 15
15,698
-3.2%
All JSE data delayed by at least 15 minutes Iress logo