Described as a 'once in a lifetime opportunity', the City of Cape Town and High Street Auctions will be auctioning off a 99-year lease for a 25,000 square metre development block in the Foreshore precinct. The city previously stated that it anticipates R1 billion worth of investment going into the site. According to High Street Auctions, the development block is adjacent to the Cape Town International Convention Centre ( CTICC ).
It is expected to be a hot-ticket item for private investors, given its proximity to areas like the V&A Waterfront and other tourist attractions. Greg Dart, Director of High Street Auctions, said extended commercial leases on strategic city property place the development onus on private investors, while the city council ultimately retains ownership of the land and, eventually, all the site improvements. “The Foreshore Tower Block development rights offering within the CTICC precinct stands as an unquestionably bold move, given the prime site and investment scales,” he said. The auction will be held on 27 March at the DHL Stadium in Green Poin
Cape Town Auction Lease Development Block Foreshore Precinct Private Investors CTICC Tourist Attractions
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