Sale of Destiny Africa land starts
The tender process for the sale of the land that was previously earmarked for the Destiny Africa megadevelopment started in August. Potential buyers have time to submit final offers until the end of September.
The land, 437 hectares in size, is located along the N2 across from the Garden Route Mall. Galetti Corporate Real Estate Western Cape corporate services director Wesley Cowan said he is positive that the land can be sold. The agency was appointed by the liquidator of the previous owner, Monteriva, to launch the sale.
He said George is known as the business centre of the Garden Route and is a soughtafter conference and holiday destination. Other plus points are the city's infrastructure and airport. "It has tremendous potential for large-scale development."
He said the previous proposals for highdensity development with skyscrapers had required huge quantities of bulk services and resultant massive services contributions by the developers. This was what caused the development to not come to fruition. "A different approach could see a successful develop-ment on this extremely valuable piece of property."
A new owner would have to reapply for rights and rezoning, but he said the municipality is supportive of rezoning from agricultural. It could be rezoned for various purposes, from residential to commercial, and could therefore be appropriated for industrial, office, retail, or hospitality use. According to Cowan one of the most significant trends currently witnessed in the South African property market is semigration from the major cities to the Garden Route where the level of activity in the top end of the market is exceptionally high. "There is very little vacant land remaining, especially of this size, and very soon we are going to be experiencing a stock shortage in the area," he said.
There is also a growing need to cater to the business and residential needs of new residents. "This land has the space, location, and qualities for the right investor to capitalise on this demand."