The property giant said it had no prior knowledge of building rights for the site, situated in the Foreshore, exceeding the 17500m² advertised by the City, and denied claims that the auction of Site B was botched.
“Growthpoint was a keen investor and prepared to pay more than any of the other bidders, as we believed the site held strategic value to us, given its proximity to three of our existing properties in the Foreshore,” said head of marketing and communication Nadine Kuzmanich.
When valuing the site, the company had taken into account its prime location, current and potential future property rights, and factors such as the shape of the site, and servitudes.
“It was always our intention to apply for additional (building) rights, and only in April 2017, after appointing our town planner, did we discover through public records that there were more bulk (allowed building magnitude) rights already attributed to the site. The City of Cape Town’s zoning records confirm rights of approximately 46000m² available to Site B,” Kuzmanich said.