THE fast-growing area between Durbanville, Kraaifontein, Brackenfell and Kuilsriver is to be the focus of a new mixed-use urban centre called CapeGate.
The R800 million residential, retail, office and commercial business district will be developed at the Okavango interchange on the N1 freeway between Brackenfell and Durbanville.
The first phase, a R50 million lifestyle centre of 8 500m2, will open in June 2003, 16 months before the planned CapeGate regional shopping centre opens.
The new R300m, 40 000m2 regional shopping centre is expected to achieve a turnover of about R360m a year once it is fully operational.
CapeGate and the services it provides the community will grow along with the rapid increase in population within its primary market radius of
5km to 6km.
So important is the concept that CapeGate has been earmarked by Wesgro, the Western Cape investment and trade promoter, as on of its key projects.
'CapeGate has a key area between Durbanville, Kraaifontein, Brackenfell and Kuilsriver in its sights,' said developer Jaco Odendaal. 'We have researched it thoroughly through Dirk Prinsloo of Urban Studies; it has been a fast-growing area with 2 500 new homes built in the last three years.'
The population around the development is currently growing by 1 200 households a year. 'And they are shifting from middle to upper income households,' Odendaal said. 'These alone should convince any critics that there is a market that needs retail services.'
The surrounding community is slightly younger than the normal Western Cape profile, and Afrikaans, at 77% of households, is the dominant language. Around 70% of households are middle-income and 30% are
affluent.
The shopping centre will eventually form only 20% of the total development. Like any other town centre, it will be a mixed-use residential, office and retail complex. Phase two of the Regional Shopping Centre is already on the drawing board.
The sell-out of nearby mixed-use Tyger Falls to developers of various uses shows how popular mixed-use is becoming, said Odendaal.
'They are 21st century towns that provide security and community with all the infrastructure modern communities need.'
'Woolworths, Checkers, Pick 'n Pay, Mr Price, Clicks and Truworths are all committed to CapeGate,' said Odendaal. 'They surely are the experts; they have carried out their own research before deciding to take space in CapeGate.' Tenants are signing up at rents that will give the centre's investors an initial yield of 12%, another indicator of its success.
Cape of Good Hope Bank and Investec will finance the centre, and WBHO are the builders.
Publisher: Weekend Argus
Source: Weekend Argus
