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Home » Industry News » Property Development Sector » Prime property on offer in City’s last 2023 auction

Prime property on offer in City’s last 2023 auction

Several prime properties aimed at boosting the economy are on offer as the City of Cape Town prepares to hold its last property auction of 2023. These include over 86 000m2 of industrial and commercial space across 12 sites, sought-after commercial kiosks in the CBD and Simon’s Town, and a prime commercial site in Century City. The upcoming round of public sales via a mandated competitive bidding process comprises land not required for municipal purposes. The online nature of the platform, which will be data-cost free to bidders, will make the auction more accessible to the public.

Interested bidders are encouraged to register and bid online when the platform goes live today (on Tuesday, 31 October 2023). This is a unique opportunity that makes access to auctions simple and safe.

 All of the 37 properties up for auction have been thoroughly assessed and are not required for municipal purposes. In total, 119 417m² will be up for auction. The best economic and social value will be derived from the release of these properties for a range of uses, from industrial to community and private-sector led residential development, depending on the zoning. In this way, the City is supporting our economic recovery as smart real estate transactions create jobs through construction and generate revenue for municipal service delivery.

The auction is a competitive way of disposing of land without fear nor favour, ensuring the best use while being caring, consistent and confident of our processes.

 The release of land and opportunities to lease to the market underpins so many elements of our economic growth. The volumes and value of property disposals and leases handled by the Property Management department speak to our smart real estate approach to get the best economic and social value of our assets. This is the end of the long administrative road, so to speak, and we are taking our assets to market!

 What’s on auction

In the upcoming auction, 12 commercial and industrial sites totalling 86 271m² will be made available across Cape Town. A further 21 land parcels have been made available for residential use as well as four community/ social care sites.

A further exciting addition is the auction of business and retail lease opportunities. There are 10 kiosks located in the sought after St Georges Mall, Waterkant and Strand Street in the Cape Town city centre that entrepreneurs and micro businesses will be able to submit an offer to lease. A 50m² shop is being made available in the prime location of Jubilee Square in Simon’s Town.

At the other end of the property spectrum, a unique commercial development opportunity is on offer for a prime vacant site in Century City. The site is an exciting chance to secure and build call centre offices, company headquarters and/or a medical facility. The revenue derived from the auction is used for municipal service delivery.

Also on the list are an assortment of improved properties. The majority of these residential and business sites were previously acquired by the City for road widening purposes. The de-proclamation of the road widening schemes results in the municipal need falling away. Offering the properties to the market unlocks rare access to properties within the confines of the City Bowl.

 The disposal of public land, albeit vacant or improved, for its designated use does not negate the City’s commitment to scrutinise land holdings that may be suitable for public housing services. All of the intended auction sites have been carefully screened in terms of the zoning and best use and are now ready for private sector uptake.

For further details on the properties, go to HighStreetAuctions.com

To enquire about Cape Business News' digital marketing options please contact sales@cbn.co.za

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