The latest property in the City’s sights is a prime piece of land in Granger Bay, located adjacent to the Cape Town Stadium,
The City’s mayco member for Economic Opportunities and Asset Management, James Vos, said: “The City of Cape Town intends to lease the property on a long-term, 99-year leasehold basis, with an initial lease period of 40 years, and an option to renew for a further two periods of 30 and 29 years, respectively. The lease period is in keeping with market and property finance norms.
"Leasing the site will ensure that the property generates a better economic return for the City. The City identifies properties that are either offered for sale or lease, by way of public tender or auction. This ensures that surplus properties are offered by means of a competitive process, once Council has agreed to the disposal. The possible uses of these surplus properties are varied and include residential, business and community uses,” Vos said.
“Approximately 60 properties have been sold and transferred, from July 2018 to date. The total value of transactions concluded was over R105million.”