Heriot REIT has broken ground its nine-storey student accommodation development, The Fibonacci.

Located just 1.5 km from UCT and within close reach of Damelin and CPUT, the development sits along the Jammie Shuttle UCT bus route, and within walking distance of the local Metrorail station.

Once complete, The Fibonacci will provide 574 contemporary student residential units, supported by an integrated lifestyle offering that includes ground-floor retail (anchored by a Checkers store), co-working spaces, parking, a gym, a rooftop terrace, and padel courts.

The development falls within the Urban Development Zone (UDZ), giving qualifying investors access to the Section 13(6) tax incentive.

“Reaching this milestone is the culmination of a decade of planning, commitment and collaboration. It is particularly meaningful to see the impact this project will have — not only in supporting the Cape Town and Western Cape economies, but also in contributing positively to the surrounding community and neighbourhood,” comments Grant Elliot, who is leading the project on behalf of Heriot REIT.

“Our focus has always been on creating well-located, well-integrated developments that add lasting value. The Fibonacci will not only house students — it will support local commerce, revitalise an important node, and help address a critical accommodation shortfall in the region.”

The management of the student rental, operations, and resident-community experience will be overseen by Proper Living with an on-site property manager to be appointed to oversee maintenance, access and security, as well as student support services within the building.

A limited number of apartments for sale launched at R1.95 million which are already sold out. The balance of the units, 400 in total, will remain within the Heriot investment portfolio as rental stock.