Property Reporter
A HUGE R300m mixed-use precinct which will include a shopping mall, residential units and a commercial office component is on the cards for the old Athlone golf course in the Cape Flats.
To be called Vangate City, the development is expected to inject new economic life to an area that has long been neglected .
The 14ha development will be situated midway between Cape Town International Airport and the central business district , and will serve Athlone and Langa .
Property economist Erwin Rode said yesterday the development could rejuvenate the traditionally middle-class residential and commercial area of Athlone , which had seen its commercial business drop since 1994 because of competition.
"The area has been struggling a bit. This may bring new life into the area," said Rode.
Mustapha Murudker , chairman of the Vangate Development Company and consortium , said yesterday the mixed-use development would be anchored by a 28000m² shopping centre with a Moroccan design theme.
It would also include about 400 residential units for people in the middle-income stream, and a commercial component.
"Positioned midway between the Cape Town International Airport and the central business district alongside the N2 highway, Vangate City will lead the charge in the revitalisation of amenities, improved general security and empowerment of individuals in one of the most promising consumer markets in Western Cape," said Murudker.
A traditional market or "souk" would be established in the mall to allow emerging retailers to showcase specialist products like spices, foods and fabrics.
Colin Young, fund manager of Old Mutual's South African-listed property funds, said yesterday he believed the Cape Flats area needed its own established community shopping centre.
"With the emerging black middle class it makes a lot of sense," said Young. "The size sounds about right and the mixed-use component underpins the retail offering ."
Murudker said the company had already begun the earthworks on the project. It planned to complete the shopping centre and 60 of the residential units by the end of September next year.
Publisher: Business Day
Source: Business Day
