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28 Joburg buildings listed for redevelopment

Posted On Monday, 01 March 2004 02:00 Published by eProp Commercial Property News
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City of Joburg Property Company (JPC) has released a list of 28 buildings identified in its Better Buildings Programme (BBP) for reinvestment and redevelopment by the private sector.

Joburg Property Company JPCThe programme is geared to assist in the regeneration of the Johannesburg inner city. JPC has been mandated by the City of Joburg to manage its vast property portfolio.

The 28 buildings, which are in the final stages of various legal processes, comprise eight already vacant buildings and a further 20 occupied buildings, which have been made available to potential investors and developers.

In their current run-down state the buildings have a market value of R6-million, but once restored will be worth in excess of R30-million.

The eight already vacant but guarded buildings are Chelsea Hotel, Kingsfold Mansions, Lebannon House, McKay Mansions, Rissik Streets, Muti, the Old Perm Building, Hillbrow and Polly Lodge.

Once the BBP team has approved a prospective new owner for the building, the legal processes will then be finalised to ensure transfer of ownership to the new owner.

The BBP is also busy with a precinct approach and are in the process of identifying potential city blocks as part of its long-term inner city regeneration.

A multidisciplinary inner city task force, of which JPC is part, has been formed to identify city blocks.

 

Last modified on Saturday, 17 May 2014 16:09

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