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Growthpoint: 'We acquired Site B on the Foreshore honestly and fairly'

11 July 2019 12:02 PM
Tags:
Foreshore Freeway Precinct
Foreshore
Growthpoint
Cape Town Foreshore Precinct Project
Growthpoint Properties
Growthpoint Western Cape regional asset manager Timothy Irvine explains how the acquisition process happened.

Growthpoint Properties is standing by the fact that it acquired Site B on the Foreshore fairly and honestly.

Western Cape at Growthpoint regional asset manager Timothy Irvine says everyone was at the auction when they bought the property.

Last year activist organisation Ndifuna Ukwazi raised the alarm on Growthpoint acquiring building magnitude rights of 46000m² at the site at a price for rights of 17500m², as the latter measurement was stipulated in the city council’s prospectus as the site’s bulk rights.

There is no way that the property is valued at the amount that is talked about at the excess of R200m. There is an assumption that the property was advertised at a certain amount of bulk 17 500 square metres.

Timothy Irvine, Regional Asset Manager - Western Cape at Growthpoint

To say that the property is worth more than R227 million is not feasible. The fortunate thing is that it is a matter of public record that we bought the property at an auction and everybody was present.

Timothy Irvine, Regional Asset Manager - Western Cape at Growthpoint

Going through to the advertising, we only received five objections and the issues of social housing were raised, the issue of shade and views and the objector was the City.

Timothy Irvine, Regional Asset Manager - Western Cape at Growthpoint

Listen to the full interview below...

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11 July 2019 12:02 PM
Tags:
Foreshore Freeway Precinct
Foreshore
Growthpoint
Cape Town Foreshore Precinct Project
Growthpoint Properties

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