Cape Town CBD to be developed to the tune of R12bn

2017-04-20 05:00

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An estimated R12bn worth of developments is expected to be pumped into the CBD over the next few years.

This is according to the annual "State of the Central City Report: 2016 – a year in review", released by the Cape Town Central City Improvement District (CCID) today (20 April).

The report lists developments listed completed in the Central City during 2016, as well as those under construction, undergoing refurbishment or either in planning or proposed as of December 2016.

The investment has more than doubled than that in the 2012 report, the first to be published by the CCID, which estimated development at around R5bn.

Published for the fifth year, the report details that between 2012 and the end of last year, just under R4.5 billion in property investment was completed.

There is also currently R4.3bn under construction, and over R7bn is either in planning or in proposal development phase, says Rob Kane, chairperson of the CCID.

“We base our calculations only on developments for which we have been able to confirm investment values.  Sometimes the costs of developments announced have not yet been revealed by developers, and thus the numbers we publish in the report are only those that have appeared somewhere in the public domain.”

In the 2012 report, the majority of the development was centred on the Foreshore, at an estimated R3.5bn. This figure has rocketed to R11bn in the 2016 report.

The Foreshore remains an attractive area for investors due to the number of “greenfields” sites, says CCID spokesperson and report author Carola Koblitz.

This allows developers to build on vacant sites that have no previous development on them.

In addition, the Foreshore in not subjected to heritage conservation restrictions as in other areas of the CBD.

“(The development is) good news for the CBD because it brings more footfall,” says Koblitz.

“The area was traditionally the financial and legal district, which meant it closed at 17:00. Now there is a mix of (industry types) with the CTICC – which is open until all hours – and residential. We’d love to see a move towards a 24-hour economy like we’re seeing in Bree Street.”

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