Investment boost for CBD in next 5 years

2016-04-12 06:00
 Over R8bn investment is exected to take place in the CBD over the next five years.  PHOTO: LisaBurnel/ Cape Town Central Improvement District

Over R8bn investment is exected to take place in the CBD over the next five years. PHOTO: LisaBurnel/ Cape Town Central Improvement District

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Despite the state of the general economy investment confidence in the CBD is sky-rocketing.

This as an expected R8bn worth of development is underway, as reported in the Cape Town Central City Improvement District (CCID)’s, ‘The State of Cape Town Central City Report’.

Published annually for the last four years, the report details the more than R8bn of new investment to be made within the next five years – and provides analysis on the major sectors that are influencing growth in the CBD – from the rollout of accessible and affordable broadband in a pilot project being championed by the City of Cape Town, to the CBD’s ever-increasing night-time economy and residential desirability.

Says Rob Kane, chairperson of the CCID: “The public and private sectors play a huge collaborative role in driving this economy to succeed, evidenced in the billions of rands that have come into the area in both buildings and infrastructure. As a result, we’ve seen the value of property here rise from R6.127bn around 2005 to well over R24bn in just over a decade, and conservatively this is expected to be well over R32bn within five years.”

Kane explains that this is “conservative” as the costs of some developments announced have not yet been revealed by the developers.

Another primary factor that is now positioning the CBD as a frontrunner for those looking for new business premises is the City’s pilot project in the CBD that leverages the rollout of its fibre-optic broadband network for use by the private sector. With R1.7bn being spent by the City throughout the metro to connect its own buildings and facilities, as well as those of the Western Cape Government, the network is now robust and extensive enough for the City to install cables to buildings that enable commercial operators to use the infrastructure to provide competitive, high-speed fibre-based services to tenants of commercial buildings. As a result of the pilot project being run in the CBD, 35 buildings had already been connected as at June 2015 and it is estimated that over 1000 will be connected by June 2021.

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