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

10 SA REITs are among South Africa’s top listed companies

Nov 15, 2019
Estienne de Klerk SA REIT Chairman
South African REITs (real estate investment trusts) have once again excelled among the…

African Union for Housing Finance (AUHF) Cape Town declaration provides 5 point plan for african governments to address housing finance shortage

Nov 14, 2019
African Union of Housing Finance
Following the successful completion of their 35th Annual Conference, the members of the…

SA REIT publishes the second edition of its best practice recommendations for financial reporting

Nov 13, 2019
Bram Goossens
The SA REIT (Real Estate Investment Trust) sector has published the Second Edition of its…

Indluplace Properties boosts team to drive letting in 2020

Nov 13, 2019
Carel de_ Wit CEO Indluplace
Indluplace Properties, the first residential-focused REIT to list on the JSE, has…

Three frail care centres and a mix of residential and commercial properties on BidX1’s 4 December online property auction

Nov 14, 2019
Fontainebleau Welgelegen
Three frail care centres and a mix of residential and commercial properties on BidX1’s 4…

Please publish modules in offcanvas position.