News

Boosting Economy and Community Services: Green Point Common’s New Tenant

August 26, 2023

1 min read

The City of Cape Town has approved the lease of a prime location within the Green Point Common to Virgin Active South Africa for R3.7 million per month. The Point Gym, located in Bill Peters Drive, will serve as a sports facility for fitness enthusiasts and outdoor lovers in Cape Town.

Elevating Sports and Leisure Offerings

The Green Point Common is a vibrant community that boasts the Green Point Urban Park and the DHL Stadium Precinct, both have garnered multiple awards. The addition of the Point Gym to this community will only serve to elevate its sports and leisure offerings.

Innovating Property Transactions

The lease was auctioned off in June as part of the city’s Economic Growth Directorate strategy to inject innovation into property transactions. Six different gymnasium and fitness center businesses participated in the bidding process, all recognizing the value of this prime location and its potential.

Mayoral Committee Member for Economic Growth, James Vos, praised the transparent process and the resulting lease agreement. “This compliant, innovated process has resulted in a transparent offer to lease the facility to the highest bid being R3.7 million a month for a period of 30 years at a market-related rental,” Vos stated.

Commitment to Inclusive Economic Growth

By leasing this facility, the City of Cape Town demonstrates its commitment to driving accelerated inclusive economic growth and prioritizing the redevelopment of immovable property assets through a competitive auction process. The revenue generated from the lease will be used to fund service delivery throughout the city, benefiting all residents.

Setting a Precedent for Innovative Property Transactions

The success of this auction process speaks to the effectiveness of Cape Town’s smart real estate approach to release city-owned property for the best economic and social value. With the lease of the Point Gym to Virgin Active South Africa, the City of Cape Town has set a precedent for innovative property transactions that benefit both the economy and the community.

As the facility undergoes redevelopment and upgrades, residents of Cape Town can look forward to enjoying an enhanced sports and leisure experience at the Green Point Common.

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