This has raised the concern of the Western Cape Property Development Forum that developments within the Citys’ CBD are being stalled by social justice lobby groups. Property Investment group Growthpoint’s planned development on the foreshore has been marred by delays and appeals by social housing group Ndifuna Ukwazi.
The chief executive of Growthpoint in South Africa, Estienne de Klerk, said: “What we are struggling to confirm is the rights of the development. At the moment we are waiting for the Municipal Planning Tribunal (MPT) to decide on the matter. Currently it means we don’t have any development rights and can’t develop. Our hands are tied.”
Growthpoint Properties’ asset manager for the Western Cape, Timothy Irvine, said the company was between a rock and a hard place because of the stalled development. “We have lost a huge amount of money because of the delays. When you have these sorts of delays you start losing momentum on the development. We hope to have some progress made next year, but it still takes some time because you would have to plan all over again,” he said.
The Site B land on the foreshore was acquired by Growthpoint at an auction in 2017. The company received a copy of a publicly available prospectus from auctioneering firm Aucor, giving notice that the property was to be placed on auction and giving details about it.