goodfind Properties, a member of the Communicare family, broke ground this week on the River Quarter, the first phase of its development of the Annandale land. River Quarter will be Cape Town’s premier retail Business Park set to contribute positively towards the growth and development of the area.
“River Quarter strengthens the Cape Town economy through job creation and infrastructure development while also generating revenue streams that will support our future social housing developments. This demonstrates Communicare’s dual commitment to building a more equitable and economically thriving city,” says CEO, Anthea Houston.
Communicare intends to subsequently develop over 1 500 apartments on the site adjacent to the business park, including 250 for the social housing market. The organisation has developed hundreds of houses in Kuils River and notes there is still a great demand for more housing in the area. “The development of the business park unlocks financial resources that will support our sustainable delivery of more social housing,” Houston adds.
The business park will be a thriving business hub, offering state-of-the-art facilities, accessible infrastructure, and an environment conducive to growth and prosperity. The sod turning marks a significant milestone in enhancing the economic and social landscape in Kuils River.
Key highlights of River Quarter Business Park include:
Innovative Business Space: River Quarter will feature retail spaces designed to meet the diverse needs of businesses, from startups to established enterprises.
Community Impact: The business park is set to positively impact the local community by stimulating economic growth, job creation and social development initiatives.
Sustainability: Communicare and VDMV are committed to environmentally sustainable practices so that the business park will incorporate eco-friendly design elements and energy-efficient technologies.
A first in the property space
The business park development is a joint venture between property professional services group VDMV Property Holdings, and goodfind Properties, a subsidiary of Communicare, the independent social enterprise. “We chose VDMV as a joint venture partner for the business park due to their successful track record in their Brakengate developments,” Houston states.
Through this joint venture, Communicare is embarking on a first in the property space, using a joint venture in a commercial development to generate significant financial resources for future social housing development. The groundbreaking event on 16 October was attended by key stakeholders, government officials, and community members, who celebrated the beginning of construction on what promises to be an impactful project for the City of Cape Town.
‘It’s great when the public and private sector comes together – this groundbreaking event shows that Cape Town’s economy is alive with possibilities,” says Alderman James Vos, Mayoral Committee Member for Economic Growth, City of Cape Town.
With a track record spanning over 90 years, Communicare has distinguished itself as an innovative, independent social enterprise in the social and affordable housing sectors. Not just another landlord, Communicare provides rental housing to a wide range of tenants including a large portfolio of social rentals (properties rented at discounted rates). Communicare’s unique social enterprise model ensures that its property development activities contribute to a steady flow of annuity income, allowing discounted rentals to needy families. This social enterprise approach makes Communicare the most sustainable provider of discounted rentals in South Africa.