Cape Town: The Economic Growth Directorate is all ready to auction a lease opportunity of the bulk development rights on the Foreshore Tower site.
Notably, the transaction will see revenue generated from the lease; once successfully auctioned, it will also create employment opportunities and will boost Cape Town’s economy.
The place to be auctioned is a key property with excellent accessibility and provides access to the prime location next to the Cape Town International Convention Centre in the Cape Town Foreshore Precinct of the Central Business Area with spectacular views over Table Bay Harbour.
Before the boost in the economy, there are things that are must know about this development lease opportunity auction for the Tower Block site:
- The auction will take place on March 14, 2024 at both platforms online and in-person.
- The site is vacant and is located at the corner of Heerengracht and FW de Klerk Boulevard, on a portion of Erf 270, zoned General Business.
- The current zoning permissions for the usable bulk rights granted are conservatively estimated at approximately 25,000 meter square.
- Whereas the remaining bulk rights could be explored by the winning bidder through a formal planning process.
- Remainder Erf 192 Roggebaai is earmarked for possible overflow parking.
The major contribution of the City’s Economic Growth Directorate is to relook at the City’s business systems through an ease-of-doing-business lens. The important part of the contribution is to utilise smart real estate services to extract and maximise the economic and social return from City assets.
The city is totally committed to exploring the opportunity to incorporate deployment and utilisation of the City’s immovable property asset portfolio, which is a pillar of the economic recovery.
The Member of the Mayoral Committee for Economic Growth – Alderman James Vos, said that by auctioning the lease opportunity within the mandated competitive process, the city would open the bidding opportunity to attract a wider audience, both locally and internationally, who are eager to consider such a high-value investment journey with Cape Town.
Counsellor James Vos added, “Investment in the development of this property will bolster the city’s economy with massive social-economic spin-offs contributing to the Metro’s GDP, creating employment opportunities and productive assets in perpetuity.”
He mentioned in his statement, “The development will complement the CTICC’s offering, further enhancing attractions to international conferences which in all bolsters the city’s fiscus to provide basic services to the citizens while helping to reduce unemployment.”