City of Cape Town’s co-owned property up for leasing opportunity

Cape Town Stadium

The City of Cape Town has presented a property development opportunity to the private sector. Located in Green Point (in Cape Town), the Granger Bay Boulevard site (Erf 2189, Green Point) is located adjacent to the Cape Town Stadium and is bounded by Fritz Sonnenberg Road to the east and, Granger Bay Boulevard to the south.

The City’s Mayoral Committee Member for Economic Opportunities and Asset Management, Alderman James Vos says that the City has received a positive response to the call for tenders which has been extended for closure to the 25th of October 2019:

The City of Cape Town intends to lease the property on a long-term, 99-year leasehold basis with an initial lease period of 40-years, and an option to renew for a further two periods of 30 and 29 years, respectively. The lease period is in keeping with market and property finance norms. Leasing the site will ensure that the property generates a better economic return for the City. I have no doubt that the intended commercialization of the Granger Bay site will contribute significantly to job creation opportunities, both during the development phase and post-development phase of this property”.

In addition, it is envisaged that the proposed development will complement the Green Point Urban Park and the stadium precinct. The City believes that it will present an ideal opportunity to take advantage of the sport and leisure activities on offer in the precinct and specifically, the Cape Town Stadium,

The City identifies properties that are either offered for sale or lease, by way of public tender or auction. This ensures that surplus properties are offered by means of a competitive process, once Council has agreed to the disposal. The possible use of these surplus properties is varied and include residential, business and community uses”.

Approximately 60 properties have been sold and transferred since July 2018 to date. The total value of transactions concluded was over R105 million. I note with interest that more than 40% of the transactions concluded were to individual purchasers, giving real opportunities to the residents of our city to invest in their own property or business venture” he concludes.