Cape Town Market gets a multi-million rand upgrade

The City of Cape Town’s Mayoral Committee has endorsed the recommendation to enter into a long-term lease with Cape Town Market (Pty) Ltd. In partnership for a multi-million Rand refurbishment.

At the start of 2020, the City of Cape Town launched a process to ensure the continued sustainability of the market and the essential economic and social roles it plays within the Cape Metro area.

City of Cape Town’s Executive Mayor Dan Plato said, “It gives me great pleasure to announce that we have taken another substantial step forward by recommending the approval of a long-term lease with the market operator”.

He added: “With the public participation process being concluded before the national lockdown, we have been busy during the lockdown period, utilising this time to negotiate the finer details of the proposed lease agreement. This includes provision for the inclusion of the Buitemark traders within the expanded market footprint. Lastly, I would like to thank everyone involved who have approached this opportunity with open minds and warm hearts.”

Mayoral Committee Member for Economic Opportunities and Asset Management Alderman James Vos voiced his excitement at the developments thus far.

“It was not a surprise to see that the public response has only been positive. Through even the toughest of times during the national lockdown, the market continued to trade. As the majority of the fresh produce, there is purchased by small-to-medium traders who sell it to the greater community of Cape Town, the Market’s co-operation and resilience was and remains vital to our agri-economy,” said James Vos.

“This is a significant step in upgrading and modernising this strategic economic asset so that it can continue providing jobs and food security to our communities.

“I similarly am very positive that this item will enjoy the full support of Council when tabled at the end of this month. After all, it makes business sense as this transaction allows us to secure a significant strategic economic asset in the form of a modernised, well-functioning fresh produce market; to re-capitalise an ageing capital asset at no direct cost to the City and, to resolve a long-standing social and environmental challenge through the relocation of the irregular Buitemark informal traders from their current location.”

Alderman Vos added: “The proposed long-term lease agreement is in keeping with the City’s Business Facilitation, Retention and Expansion focus, which speaks to the specific needs of businesses supported by a dedicated Real Estate Services Unit which unlocks the opportunity to meld economics and the optimisation of municipal assets.”

“The key lesson learnt from the COVID-19 disaster is the need for enhanced preparedness towards a future state of business. This has resulted in the re-purposing of the Property Management Department to provide an integrated specialist Real Estate Service. The dedicated Real Estate Service will provide the expertise to fully explore the opportunity to incorporate the deployment and utilisation of the City’s immovable property asset portfolio as a pillar of our economic recovery,’ concluded Alderman Vos.

Originally Written in Property Wheel

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