The City of Cape Town has officially approved the release of a prime piece of property located in Green Point for a mixed-use development project. This initiative includes the creation of affordable housing options alongside commercial opportunities, in a bid to promote both economic and community growth.
Located at 1 Anchor Bay Road, this property holds an estimated market value of R680 million as determined by initial assessments. Strategically positioned, it offers excellent connectivity to various destinations along the Atlantic Seaboard and the central business district (CBD), as well as established public transport routes, thereby enhancing its attractiveness for potential developers and future residents.
The vision for this development is to integrate mixed-use applications while maintaining current community amenities. During the land release process, assessments will identify specific areas that may need to remain under public control to continue serving the community’s needs.
Currently, the site houses several significant facilities, including the Sea Point Library and a civic hall. Alongside these public amenities, the property is used for privately operated sports grounds and clubhouses, provides public parking spaces, hosts an electrical substation, and includes an early childhood development center (ECD). Additionally, there is a portion of vacant land that is occasionally used as an informal market space.
To ensure that development aligns with community needs and preserves historical and cultural values, a comprehensive heritage impact assessment will be conducted. This will be complemented by a socio-economic and market demand analysis to determine the appropriate mix of land uses and residential affordability options.
In its planning, the City is considering the possibility of including existing tenants within the new development framework, where feasible. Four current lease agreements exist on the property, and their inclusion will depend on the outcomes of ongoing specialized studies. Notably, all existing usage rights for the site are set to expire by September 2025, creating a clear timeline for the project’s progression.
For the proposal to advance, the City Council must approve the land release, which is slated for review in early December 2024. Following Council’s approval, the project will enter a public participation phase to gather community input and ensure transparency. Subsequently, development rights will be offered to the market through a transparent and competitive bidding process, allowing various stakeholders to partake in this transformative urban development effort.