DEVELOPMENT OPPORTUNITIES
Tshwane must slash its property rates, says real-estate veteran
Real-estate veteran Marc Wainer says the Tshwane municipality must slash its property rates to attract consistent development to the country’s capital city, Pretoria. Pretoria and its surrounds have lagged nodes in Johannesburg in terms of large-scale commercial development for more than a decade. But commercial opportunities are beginning to arise as the Tshwane municipality under DA mayor Solly Msimanga, who was elected in 2016, begins to team up with businesses more. There was also more and cheaper vacant land available in Pretoria than in Johannesburg and new residential developments are beginning to create demand for offices and retail. Wainer, who is executive chairman at Redefine Properties, spoke on the sidelines of the launch of Loftus Park, a new office and retail development located next to the Loftus Versfeld Stadium. Loftus Park was built by Abland, one of Redefine’s development partners. It was created to reinvigorate the vicinity around the stadium, which has lost pop...
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