NEWS RELEASE                                                                                                     9 May 2002

R200 MILLION VANGUARD PLACE DEVELOPMENT IN ATHLONE WELCOMED

Athlone and surrounds are to become Cape Town’s first previously disadvantaged suburbs to get a major regional shopping centre. Building will start this year on the R200m (two hundred million Rand) Vanguard Place at the intersection of Vanguard Drive and the N2 Highway.

A 30 000m2 shopping centre will be the core of a mixed-use development including recreational facilities and 400 homes.

The City of Cape Town’s Executive Councillor for Economic Development, Tourism and Property Management, Councillor Kent Morkel, has welcomed the development as an important and much-needed upgrading project in Athlone.

“The City of Cape Town has approved the use of a small amount of additional land which will allow the retail and residential components to be separated,” he said. “I believe this development will provide a solid boost to the Athlone economy and create jobs during the construction phase and afterwards. It will also greatly improve shopping convenience for people living in the area.”

He said the City was giving its full support to the project.“Pedestrians are considered to be the primary users of the development. Networks will consist of sidewalks, closed and open malls, public squares, playgrounds, multi-purpose spaces and river walkways. This puts it at the cutting edge of world-wide urban designs that are now trying to counter the anti social effects of motor car driven urban sprawl.”

“Uniquely, Vanguard Place will be designed to allow most visits to be on foot rather than car,” says Mustapha Murudker, chairman of the 65% majority black empowerment syndicate of the development. “There will be parking for 1 200 cars, but residents of Athlone and the surrounding vicinities will be able to shop, go to a cinema or to a cultural event on foot,” says Murudker.

Murudker says the spending power of Athlone and surrounding residents will be supplemented by half a million shoppers within 5km who will come from surrounding suburbs, mainly by car - and by impulse shopping from drivers passing on the N2 highway midway between the city and the airport. National tenants who will take up 70% of the retail space will attract them. Athlone retailers will also be accommodated in the development.

About 400 homes will be built in Vanguard Place. Buyers will have three purchase options: freehold, sectional title or “rent to buy.” Most of the freehold units will be built to the south of the commercial development and leading on to the recreational facilities. Some of the sectional title units will have commercial activities on the ground floor. The units facing onto the public squares, will house community activities.

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