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Monday Sep 05, 2011

Cape Town weighs up its properties

The City of Cape Town is sitting with a large number of properties insured at R42 billion and is decidingwhether to keep or dispose of them as part of a project to improve their management.

Deputy mayor Ian Neilson says the city's assets are mainly land and buildings.

The city will not consider disposing of its top five properties, however. These are:

  • The Cape Town Stadium (R4.74bn).

  • The Cape Town Civic Centre (R2.5bn).

  • The Cape Town Market in Epping (R897 million)

  • City Hall (R320m)

  • Bellville Velodrome & Athletics Stadium (R248m).

  • Mayor Patricia de Lille told a recent Accelerate Cape Town annual meeting that the city was drawing up a business improvement plan for the management of its fixed assets.

    The city owned a number of parcels of land, many of which included buildings, she said.

    "There has, however, been a certain complexity in managing those assets," De Lille said.

    "The Cape Town unicity was formed only at the beginning of the last decade. It brought together several smaller authorities. Each of them had their own bureaucracies. They also had their own assets and their own systems of tabulating, monitoring and planning for them."

    De Lille said it took several years to bring departments together and several more to work out a standard system of service delivery across the board.

    "Those things have all been largely achieved some time ago," De Lille said.

    "However, having largely rationalised systems of service, we now face the task of maximising those assets.

    "For instance, we need a full register of those assets, what they are used for, by whom, how often, what could they be used for, opportunity costs, reorganising spaces, redesigns, standardising use and more.

    "Indeed, even further, for those parcels where there are no fixed assets, what are they zoned for?

    "Do those categories meet development needs? Should we retain them, develop them, or sell them?

    "If we sold them, do we need to rezone to leverage an advantage in certain areas and encourage development?"

    De Lille said the city was "faced with a large and complex project".

    "We are faced with hallenges."

    "To complete this business improvement project will take some time."

    Neilson said the project was in its early stages and so he was unable to give any details about a lot of the properties on the register.

    "The city does have an assets register, but it requires significant enhancement to enable it to be a better management tool - hence the need for the project," Neilson said.

    Cape Times

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