Afrirent Holdings has secured the winning bid to develop a prime site located next to the Cape Town International Convention Centre (CTICC).
The right to construct a mixed-use development, valued roughly at R1.2-billion, follows a public lease auction, with Afrirent Holdings submitting the winning bid.
The development in the central business district (CBD) will include lifestyle, retail, and office space, as well as a hotel.
Tshwane-based Afrirent Holdings is a 100% black-owned and managed group specialising in mobility, energy, leisure and gaming. It is the majority shareholder in High Street Auctions, for example.
The property, on portions of Erf 270 and Erf 192 in Roggebaai, is zoned for general business and transport.
Following mayoral committee approval, the Cape Town council will now have to give the final nod of approval for an up to 99-year lease term, set to earn the city about R1.57-million a month.
“The auction is a key part of the Economic Growth Directorate’s strategy to leverage city-owned land in ways that stimulate private-sector investment, create jobs and foster long-term growth,” says City of Cape Town (CoCT) Economic Growth MMC James Vos.
“It’s a project I believe will invigorate our economy, draw in visitors, and contribute significantly to Cape Town’s role as a leading global destination for both business and tourism.
“By maximising public assets, we are creating jobs in construction and hospitality, boosting tourism, and securing revenue that ultimately benefits all Capetonians.
“This is a major step in realising the potential of our underutilised properties, which is of top priority to our team,” adds Vos.
“After a long period of careful preparation, packaging and promotion, together with the Property Transactions team, we are proud to see this vision come to fruition.”
Vos says he is confident the development will become a landmark addition to Cape Town’s CBD and that it will complement the CTICC’s operations.
Edited by: Creamer Media Reporter
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