Once-in-a-lifetime opportunity’ as ‘R1 billion property’ is set to go for auction in Cape Town

Cape Town, South Africa - In what has been described as a "once-in-a-lifetime opportunity," the City of Cape Town is gearing up to auction off a 99-year lease for a prime 25,000 square meter development block situated in the coveted Foreshore precinct. This landmark auction, facilitated by High Street Auctions, is poised to attract investors from far and wide, with the city anticipating a staggering R1 billion worth of investment pouring into this sought-after site.

Nestled adjacent to the renowned Cape Town International Convention Centre (CTICC) precinct and conveniently within walking distance of the iconic V&A Waterfront, this property boasts an enviable location that promises boundless potential. Moreover, its proximity to Table Mountain and the city's pristine beaches further enhances its allure, making it a strategic hub for both business and leisure ventures.

Greg Dart, director of High Street Auctions, shed light on the lease terms, stating, “The initial lease duration is set at 60 years, with a 20-year renewal option followed by an additional 19-year optional extension. Cumulatively, the total lease option is 99 years.” This extended lease period underscores the City's commitment to fostering sustainable progress and development within the heart of Cape Town.

The impending auction has generated considerable excitement within the investment community, with stakeholders eagerly awaiting the opportunity to secure a stake in this prime real estate. The City's proactive approach in incentivizing development underscores its dedication to unlocking the full potential of the Foreshore precinct, thereby positioning Cape Town as a premier destination for investment and growth.

As preparations for the auction reach fever pitch, prospective investors are urged to seize this unprecedented opportunity to become part of Cape Town's transformative journey. With its unrivaled location, expansive potential, and the City's unwavering commitment to progress, this auction represents a gateway to unparalleled possibilities in one of South Africa's most vibrant and dynamic cities.

The auction, slated to take place in the coming weeks, is poised to redefine the landscape of Cape Town's commercial and leisure sectors, signaling a new era of prosperity and innovation for the Mother City and its residents.