Cape Town - Two prime properties in the Mother City are up for grabs at a price tag which will only be revealed on April 25, when a public auction takes place virtually and at on-site locations, with an offer of a 99-year lease.
This week, the City of Cape Town announced via its Economic Growth Directorate that the iconic Foreshore Tower in the heart of the CBD and a 2.5ha plot on Century Boulevard in Century City was set to be auctioned later this month.
They said Foreshore Tower had infinite possibilities. It is positioned next to the Cape Town International Convention Centre and has breathtaking views of Table Bay Harbour and Table Mountain.
The City said the site has the potential for a bustling hub of commercial opportunities such as multilevel offices and hotels.
They are now inviting potential owners and developers to join hands in this 99-year lease venture.
They added it would ensure not just a return on investment but a legacy for Cape Town.
James Vos, mayco member for Economic Growth, told Weekend Argus the property will be leased via public auction, with the bidding starting amount determined by the auctioneer.
“An opening bid will be announced at the start of the bidding process on the day of the auction should a proactive bid from the floor not be made,” he said.
“The winning bid will be subject to the City's acceptance, in compliance with the applicable legislation.
“The lease aims to optimise the use of prime CBD land, fostering commercial development to stimulate economic growth and generate revenue for Cape Town's service delivery.”
Vos added that the 99-year lease allows for flexible development, provided it aligns with zoning and development regulations, and complements the operations of the CTICC.
Asked if the City had received any interested candidates thus far, he said: “The property will be available to the market for lease via an auction and interested parties have the opportunity to register and participate in-person or on an available online platform.”
The second property, a 2.5ha empty piece of land, is at Century City.
According to the auctioning website, as vacant land, it opens the door for a clean canvas for developers and is close to Century City Mall. It allows space for offices, retail spaces and businesses up to four-storeys high.
Vos said the plot offers itself to become potential call centre offices, company headquarters or a cutting-edge medical facility.
“The development of these properties will have a ripple effect that will boost Cape Town's local economy, creating jobs and contribute significantly to the metro's GDP,” said Vos.
“The City's Economic Growth Directorate invites you to be part of this landmark auction. Let's turn dreams into reality, transforming these prime properties into beacons of progress for Cape Town. These sites form part of the City's property disposal pipeline to unlock private sector-led development opportunities.
“The revenue generated from these transactions will be allocated to support service delivery across the metro and fund infrastructure development.”
Visit HighStreetAuctions.com to register.