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The City of Cape Town will release the landmark Good Hope Centre precinct for redevelopment as part of a municipal land disposal programme aimed at attracting private investment.<\/p>\n
Mayoral Committee Member for Economic Growth James Vos says the inner-city site could be redeveloped into a mixed-use precinct, with heritage elements such as the iconic dome to be preserved under the conditions of sale.<\/p>\n
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The Good Hope Centre is situated in Sir Lowry Road, on the eastern edge of Cape Town\u2019s city centre, between the Foreshore and Woodstock.<\/p>\n
\u201cBy releasing this site for revitalisation and redevelopment, we are giving the private sector the opportunity to develop a vibrant mixed-use precinct.\u201d<\/p>\n
He emphasises that heritage elements, including the dome, will be preserved through the conditions of sale, while the surrounding land can be transformed into multiple uses.<\/p>\n
Diminished use\u00a0<\/strong><\/p>\n The Good Hope Centre was completed in 1976 as an indoor arena and exhibition venue. Its function was to serve as a facility for exhibitions and trade shows, conferences and public gathering and sporting events.<\/p>\n However, its use diminished after the opening of facilities such as the Cape Town International Convention Centre (CTICC) in the early 2000s.<\/p>\n ADVERTISEMENT<\/p>\n CONTINUE READING BELOW<\/p>\n<\/div>\n<\/div>\n Read: Cape Town delivering more state-funded houses than any other metro<\/p>\n The property comprises about 2.48 hectares and is zoned for mixed use and transport-related infrastructure and services.<\/p>\n Approved development rights include 8 038m\u00b2, while the verified gross building area stands at 27 804m\u00b2, according to the city.<\/p>\n More city-wide auctions<\/strong><\/p>\n The Good Hope Centre is one of about 50 municipal properties across Cape Town that will be offered for sale or lease.<\/p>\n In total, roughly 282 000m\u00b2 of land will be released, spanning residential, commercial and industrial sites.<\/p>\n Residential properties are located in areas including Kraaifontein in the northern suburbs, Atlantis on the west coast, Maitland \u2013 east of Cape Town\u2019s city centre \u2013 and Vredehoek, southeast of the city centre.<\/p>\n Commercial sites are situated in nodes such as the Foreshore, City Centre, Century City and Bellville in the northern part of the city.<\/p>\n ADVERTISEMENT:<\/p>\n CONTINUE READING BELOW<\/p>\n<\/div>\n<\/div>\n In addition, industrial land is available in Atlantis, Epping on the northern industrial belt, Khayelitsha on the Cape Flats in the southeastern part of Cape Town, and Kuils River in the northern part of Cape Town.<\/p>\n Public auctions<\/strong><\/p>\n The city says all properties identified for disposal have been assessed and are not required for municipal purposes.<\/p>\n Revenue from sales or leases will be channelled into service delivery.<\/p>\n Vos says the initiative aims to place underutilised municipal assets into productive use and stimulate economic activity across Cape Town.<\/p>\n<\/blockquote>\n The properties will be sold through a public auction process to ensure transparency and competitive bidding, he adds.<\/p>\n ClareMart Group has been appointed to oversee the auction in compliance with legislative and governance requirements.<\/p>\n Read: Cape Town\u2019s Golden Acre housing targets \u2018missing middle\u2019<\/p>\n Follow Moneyweb\u2019s in-depth finance and business news on WhatsApp here.<\/em><\/p>\n<\/p><\/div>\n\n