Two projects show it’s not all doom and gloom

Weekend Argus (Saturday Edition) - - PROPERTY -

AL­THOUGH the econ­omy may tech­ni­cally be go­ing through a re­ces­sion, the out­look isn’t nec­es­sar­ily all doom and gloom, says Rob Bar­net­tHar­ris, MD of Leisure Group.

“Leisure De­vel­op­ment has been in busi­ness for more than 40 years and has weath­ered sev­eral cy­cles. We be­lieve the prop­erty mar­ket has reached its low point. Peo­ple are still build­ing and, de­spite all the bad news, there is still money to be made and jobs to be cre­ated,” says Bar­nett-Har­ris. “We are hold­ing our own and re­cently com­pleted the first phase of the Grand Cen­tral De­vel­op­ment in Wyn­berg.”

Leisure De­vel­op­ment is com­plet­ing two large-scale de­vel­op­ments at present. Six is a 406-unit de­vel­op­ment in Sir Lowry Road, Cape Town, with prime re­tail space on the ground level and Strand Tower Ho­tel, a 4-star ho­tel in Strand Street, is due for com­ple­tion in May.

Bar­nett-Har­ris says th­ese two de­vel­op­ments cre­ate work for more than 530 peo­ple on site daily, and pro­fes­sion­als such as ar­chi­tects, es­tate agents, sur­vey­ors and en­gi­neers are em­ployed, which means fur­ther jobs are cre­ated in their com­pa­nies.

“Six will pro­vide much-needed res­i­den­tial ac­com­mo­da­tion in a high-de­mand area and en­ters the mar­ket at last year’s prices. Also, it falls within the ur­ban de­vel­op­ment zone, which means there are sig­nif­i­cant tax ad­van­tages for all buy­ers. Th­ese tax ad­van­tages are de­signed to en­cour­age the re­de­vel­op­ment of South Africa’s in­ner cities and were re­cently ex­tended to 2014. De­vel­op­ments like Six have proved to be pos­i­tive in­flu­ences in up­lift­ing ar­eas and bring­ing them back to their for­mer glory. They send out a pos­i­tive mes­sage to the rest of the world that South Africa, and par­tic­u­larly the West­ern Cape, is de­vel­op­ing and grow­ing,” says Bar­nett-Har­ris

POS­I­TIVE IN­FLU­ENCE: Six, the new de­vel­op­ment in Sir Lowry Road, above, and, right, the Strand Ho­tel, a new ho­tel near­ing com­ple­tion in Strand Street.

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