New R1,2bn development set to drive jobs, growth in Cape Town’s CBD
A new mixed-use development, valued at approximately R1,2 billion, is set to drive further economic growth in Cape Town’s CBD following the City’s successful public lease auction of a prime site next to the Cape Town International Convention Centre (CTICC). This landmark development will include lifestyle, retail, and office space, as well as a hotel, with Afrirent Holdings submitting the winning bid offer. Read more below:
‘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. 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’re 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. 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,’ said Alderman James Vos, Mayoral Committee Member for Economic Growth.
The property, on portions of Erf 270 and Erf 192 Roggebaai, is zoned for General Business and Transport, supporting the City’s vision for a multi-purpose hub in the CBD.
Following Mayoral Committee approval this week, City Council will now be asked to give final approval to the granting of a potential 99-year lease term to the successful bidder, worth approximately R1,57 million per month for public coffers, which can in turn be reinvested in services and infrastructure across the metro.
Advancing Tourism and Economic Growth in Cape Town
‘Through this project, we’re paving the way for sustainable, long-term growth that keeps Cape Town competitive on the global stage. This project is part of our larger goal to expand Cape Town’s economy and strengthen its tourism appeal. I’m confident that this development will become a landmark addition to our CBD and complement the CTICC’s operations. We expect the development to attract local and international visitors, creating vibrant spaces, and bolstering our economy.
‘Pending final approval by Council next month, planning will begin for this transformative project at the heart of our business district. I look forward to seeing this vision come to life and to witnessing the positive impact it will have on our city and its people,’ said Alderman Vos.
