Devmet Property Developments, which acquired the prime property, has been in a dispute with the City after they were required to pay R25million to the City 18 months prior to the commencement of trading.
“Devmet subsequently on December 2, 2013 appealed this condition. The appeal was dismissed on February 9, 2015. Devmet subsequently took the matter on administrative review,” said Hein Ehlers, Devmark Property Group chief executive.
He said that at a meeting on December 14, 2014, chaired by deputy mayor Ian Neilson, the City of Cape Town and Devmet had met representatives of the cycling and athletics fraternities to discuss both the Velodrome and athletics facilities.
“The City of Cape Town, on March 23, 2015, issued the final notice of approval in respect of the subdivision, rezoning and consent use of erf 21750 Bellville into four portions, being the freehold portion to be sold to Devmet, the leasehold portions being the Velodrome, the athletics stadium and track and the remainder being the freehold portion to be retained by the City,” he said.