JPC releases 97 more properties for mixed-use development
The City of Joburg, through the Joburg Property Company (JPC), has released a prospectus of 97 more properties for mixed-use development.
These properties have a total investment value of between R20 billion and R25 billion and are being released across several regions, including Randburg, Rosebank, Orange Grove, Houghton, and Wynberg. The aim is to establish mixed-use developments, affordable housing and student accommodation.
About 500 properties across the metro have been identified for re-development, these are either hijacked or abandoned. “I am inviting you to put back value in the Inner City,” says Executive Mayor Cllr Herman Mashaba.
Mayor Mashaba says because safety is paramount, the City has recruited 1 500 more JMPD officers, currently in training, to work with the anti-hijacking unit in policing hijacked buildings.
He says inner city regeneration was about creating confidence for investors to plough money into Johannesburg. Plans were afoot to revitalise areas such as Roodepoort and Randburg, which have degenerated because of urban neglect and a flight of capital.
“These areas must be brought back to life through massive investment in infrastructure,” he says.
The new developments will need to incorporate the City’s recently approved inclusionary housing policy, which requires developers to dedicate a percentage of new residential developments for affordable housing. This is an important step as the City seeks to address the spatial inequality associated with apartheid-era development planning.
Among these properties are various filling stations in Soweto and Denver, with expected investment value of approximately R100 million. “I encourage local entrepreneurs to take full advantage of this opportunity to own and manage these businesses,” says Cllr Mashaba.
With the development of 70 properties located predominantly in Orange Grove, an estimated 1 200 jobs will be created during the construction phase, with 1 000 residential units delivered here alone.
Rosebank, which is experiencing a development boom similar to Sandton, is earmarked for a R400 million investment, which will create 2 000 jobs and yield a 12- storey mixed-use development with 250 residential units and a 600m² library.
Through these and other developments, we are slowly, but surely, fulfilling our promise of turning Johannesburg into a construction site that will create thousands of much-needed jobs, notes Mayor Mashaba.
The new prospectus is available on the City of Joburg website and the Joburg Property Company.
Click here https://we.tl/t-xNKPsZPrys to view the full prospectus.
The City of Joburg released 84 buildings to the public for the creation of mixed use development to include affordable housing and commercial spaces. Notably, three of these sites have already been handed over to developers.