Plan to put white elephant into black

Posted On Tuesday, 15 November 2016 07:40 Published by
Rate this item
(0 votes)

The City of Cape Town is pulling out all the stops to turn around its loss-making World Cup stadium in Green Point.

 Green_Point_Stadium

The City of Cape Town is pulling out all the stops to turn around its loss-making World Cup stadium in Green Point.

A plan to establish a new city-owned entity to manage the stadium was announced at the weekend, shortly after the city council called for comments on its plan to lease space for offices, shops, storage and parking bays at the stadium.The plan to allow for businesses to operate on non-game days was mooted two years ago when the city council asked for ideas to turn around the stadium's fortunes.

Deputy mayor Ian Neilson said the city council wanted to lease out 1000 parking bays and 5005m² of commercial space.

"The basement parking space has been valued at about R1000 per bay per month and R500 per bay for designated retail parking," Neilson said.

The municipality has already issued a lease for a site near the stadium on Granger Bay Boulevard, which will see construction projects valued at R600-million.

"Such a development will also support the overall commercialisation of the stadium precinct to the benefit of further investment and job creation for the people of Cape Town. The city also wishes to enhance public use of the space," said Neilson.

The new entity, which will have the city council as its sole shareholder, will have an independent board to run its affairs.

"The municipal entity will be tasked with appointing a specialised service provider whose primary function will be the commercialisation of the stadium to increase its use and financial viability," said Neilson.

Capetonians have until December 12 to comment on the proposed entity.

Jenny McQueen, Green Point Ratepayers Association chairman, welcomed any plans aimed at making the stadium profitable.

"We actually don't care what they do with the stadium ... as long as they can make it self-supporting and self-paying," she said.

But she cautioned the city not to sell any more land on Green Point Common under the guise of making the stadium profitable.

source: The Times

 

Last modified on Tuesday, 15 November 2016 07:59
" "

Most Popular

Equites Property Fund to list on A2X

Jun 25, 2019
ANDREA TARVENA
Equites Property Fund Limited has been approved for a secondary listing on A2X Markets…

Accelerate poised for growth with launch of Fourways Mall, Focus on shoppertaintment to differentiate the retail experience

Jun 20, 2019
 MICHAEL GEORGIOU
JSE-listed Accelerate Property Fund today reported financial results for the year ended…

Emira’s Denver property is changing the warehousing game

Jun 20, 2019
 ULAN VAN BIJON
Emira Property Fund’s refurbished warehouse facility superbly located in the popular…

McCormick Property Development Celebrates the Opening of Katale Square

Jun 29, 2019
 JASON MCCORMICK
McCormick Property Development celebrated the launch of its 66th development with the…

Growthpoint’s iconic 144 Oxford office development will be completed in October ‘19

Jun 20, 2019
 144 OXFORD 1
Growthpoint Properties’ multi-million-rand 144 Oxford Road development is set for…

Please publish modules in offcanvas position.