DEVELOPMENT
Cape Town ’ s
Gateway Corridor
Voortrekker Road Development
World-wide , property development and infrastructure investment is a major factor contributing to revitalisation throughout South Africa ’ s CBD ’ s . In addition to this , a specific perception shift of degenerated areas is needed to facilitate regeneration in order to them to be attractive to communities and individuals . Examples of this regeneration range from the redevelopment of the Voortrekker Road Corridor ( VRC ) in Cape Town to Maboneng in Johannesburg .
The built environment , the bulk infrastructure and the transportation networks to and from the VRC are of a high quality , adequate capacity and well utilized , resulting in a location that is ideal for development and investment . Currently in the VRC and specifically Bellville and Parow , there is a huge demand for various types of accommodation – student and rental affordable accommodation , as well as retail and commercial uses that will support the accommodation and other social amenities . There is also an availability of office space in the Bellville CBD . The location and high levels of transport connectivity , substantially lower traffic congestion levels compared to other business precincts in the Metro , large available workforce of all skill levels and the Urban Development Zone ( UDZ ) tax incentive that is applicable to portions of the VRC all make the VRC an attractive area for investment .
The UDZ , a tax incentive implemented by SARS , is a mechanism aimed at attracting investment and development into dilapidated and rundown inner city or urban areas within South Africa . The UDZ incentive happens in the form of “ accelerated deprecation allowance ” ( Allows companies / Investors to deduct the costs of assets faster than their value actually declines .) Therefore , this allowance , if
or when claimed , reduces the taxable income of a taxpayer .
The current perception of the VRC , as was the case in the Cape Town CBD , is that the area is rundown , creating an unsafe and reasonably dirty urban environment . The GTP in the past few years has developed various activations aimed at shifting these above perceptions , such as Open Streets Bellville . The shift has slowly been made and the VRC has become a very attractive space for the communities , the Higher Learning Institutions and potential investors .
Going forward , the Greater Tygerberg Partnership , who are currently developing the area , will be taking a more spatially targeted approach , specifically focusing on Bellville CBD and a precinct in Parow for catalytic interventions . These areas are also priority areas for the City of Cape Town ’ s Spatial Planning and Urban Design department and Transport for Cape Town . These departments of the City have actively been undertaking research on the area and subsequent plans have been drafted to be implemented in the near future .
The focused approach allows the GTP to identify specific stakeholders in the precincts to ensure that everyone fulfils their role / plays their part in revitalizing the area . It allows for greater accountability , greater resource mobilization and if done correctly , for greater change .
The GTP ’ s goal to revitalize the VRC requires input from various parties including both the public and the private sectors therefore we invite all interested stakeholders to engage with the GTP regarding the opportunities present .
RESOURCES
Greater Tygerberg Partnership
40 JULY 2016 SA Real Estate Investor www . reimag . co . za