Bellville Investment Incentives
Through numerous development incentives, the South African National Government, the Western Cape Government and the City of Cape Town actively support Bellville’s growth and development, not only as an important business node, but also as a solution to the spatial planning challenges of the Cape Town CBD.
A mature, affordable, accessible centre, Bellville has a well-established services infrastructure. Existing buildings with ‘good bones’, and aggressive investment incentives are ripe for the development of affordable accommodation.
Stretching 17km west to east from Salt River Circle to Stikland Bridge, the Voortrekker Road Corridor forms a bridge between Bellville and the Cape Town CBD. The corridor is now the subject of a number of strategic interventions by public and private interests, designed to stimulate investments along the corridor. The National Government has identified the Voortrekker Road Corridor as a focus area to intensify development and deliver affordable housing for a large workforce. The City of Cape Town has prioritised investment in affordable accommodation through various national and City planning frameworks which consider Bellville’s location, transport matrix, community amenities, education, health and retail profile. This investment equates to R1.4bn, allocated towards infrastructure upgrades and developments along the Voortrekker Road Corridor, spread over the 2016/17 and 2018/19 financial years.
These public sector commitments points to a city in transition; a city in the process of remaking.
URBAN DEVELOPMENT ZONE
The Urban Development Zone (UDZ) is a tax incentive designed to stimulate development and uplift and regenerate the urban environment. Under the UDZ, developers and investors who refurbish buildings or build within the boundary are rewarded with attractive tax incentives. The GTP is working with the City of Cape Town to extend the boundary, both in time and geography.
CITY OF CAPE TOWN LAND RELEASE FOR AFFORDABLE ACCOMMODATION
The City of Cape Town is seeking to regenerate four precincts across the Voortrekker Road Corridor using City-owned land holdings and older buildings for the development of social and affordable housing on brownfield and greenfield sites. These sites are part of a phased release of public land and buildings for the development of affordable accommodation, and social housing, on a precinct scale. The City and partners will also develop a masterplan for the entire area to grow investor confidence over the coming two decades.