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Monday Nov 23, 2009

Cape Town Film Studios to boost surrounding neighbourhoods

Cape Town Film Studios (CTFS) - the 200ha development on Baden Powell Drive 10 minutes' drive from Somerset West on the N2 - will have positive spinoffs for industrial property in the area, says Broll Property Group's area specialist, Andre van den Ordel.

The R430-million project is due to be completed in the first quarter of 2010.

Local filmmaker Anant Singh's Dreamworld consortium won the bid to develop the project in 2004, but the process suffered serious delays and construction only began last year.

Early this year, work started on sound stages one and three. The steel skeletons of these studios are in place and the concrete cladding is set to be finished by the end of the year. The bulk infrastructure for electricity, sewerage and water has also been laid.

The economic impact of the new studios has the potential to be vast, says Van den Ordel.

"A study commissioned by the Cape Town Films Commission and City of Cape Town estimated the economic impact of the Western Cape film industry at R2.65 billion in the 2005/6 financial year. Some R2bn (77 percent) of this was earned in Cape Town.

"But the benefits will not be limited to the film industry. The same study found that the industry contributed an indirect annual turnover of more than R3.5bn to South Africa's gross domestic product.

"Trade and Industry Minister Rob Davies, on a site visit to the studios, said the facility would generate a lot of industrial activity in all the auxiliary services that go with film and stage work.

"I can definitely see a greater need for light factory and storage space in these areas. And with Saxenberg, Blackheath and Somerset West all only 10 minutes from the CTFS, property values in these areas will definitely be influenced," says Van den Ordel.

 
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