Cape Town earmarks prime Green Point site for mixed-use development

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13-11-2024
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Property Wheel
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The City of Cape Town has earmarked the release of prime property in Green Point for mixed-use development including affordable housing and commercial opportunities.

1 Anchor Bay Road, with an estimated R680 million desktop market valuation, is well connected to destinations along the Atlantic Seaboard and the CBD as well as public transport routes.

The municipality envisages a mixed-use development and to retain existing community amenities on the site with the land release process to identify parts that may need to remain in public ownership.

Besides the Sea Point Library and civic hall, other current uses of the property include privately operated sports grounds and clubhouses, public parking, an electrical substation, an ECD, and vacant undeveloped land that is used periodically as an informal market.

A heritage impact assessment will be undertaken with a socio-economic and market demand analysis to guide the suitable mix of land uses and residential affordability options for the development.

The City says it will consider the inclusion of existing tenants where feasible. There are four leases in place on the site that will be considered based on the outcome of the planned specialist studies. All existing use rights to the site are due to expire by September 2025.

The proposed land release will go to Council for approval in early December 2024 before embarking on the public participation process. Development rights will be offered to the market through an open and competitive process.