“The city is legally bound in terms of current contractual arrangements for the future development of this facility and adjacent areas. The facility is subject to a 30-year lease agreement, together with an associated sale agreement for the land adjacent to the facility.
“The development to include the upgrade and future management of the Velodrome and the stadium, albeit that the facility will remain a city asset,” said Zahid Badroodien, mayoral committee member for community services and health.
At a full council meeting in October 2010, approval was given that the city award a R3 billion tender to establish retail, business, residential, hotel and conference facilities in the Bellville velodrome precinct.
The 11.5-hectare property is located on a portion of Erf 21750, Bellville, in Tyger Valley. It includes the velodrome, athletic stadium and the adjacent public parking area. The decision to award the tender was taken after a two-stage public tender process which started in September 2007.