A recent R1.3 billion investment by Pegas Nonwovens in Atlantis could be just the start of a new chapter for this town. According to the City of Cape Town’s Council it plans to sell unused land, provide investment incentives, and have the area declared a Special Economic Zone.
Properties to be sold, green focus
The City of Cape Town’s Council last month approved the sale of 29 City-owned properties in Atlantis. Plans are also afoot to have Atlantis declared a Special Economic Zone, with a particular focus on green technology manufacturing. The target date for Atlantis to become a Special Economic Zone is in the last quarter of this year.
Tax break
According to the City’s Mayoral Committee Member for Area North, Councillor Suzette Little, having this status “will further increase the attractiveness of Atlantis as a place to invest in green technology manufacturing as green technology investors will receive even more benefits, such as a 15% tax break.”
Land & labour
According to Little, “There is huge potential in this region due to the large tracts of industrial land, a large labour pool, and its strategic location along transport networks.” One of the City’s strategic priorities over the next five years is to position Cape Town as a forward-looking globally competitive business city.
Reposition Atlantis
According to the results of an industrial survey conducted in February 2016, 174 individual land parcels were identified in the Atlantis industrial area. One quarter of these properties are not economically active as they are either occupied by vacant buildings or the land is vacant.
The City’s Mayoral Committee Member for Assets and Facilities Management, Councillor Stuart Diamond, says that “The sale of the earmarked land that is zoned general industrial will help to fast-track economic growth and open up further economic opportunities in Atlantis. The City may only dispose of land after it has determined that the asset is no longer required for the provision of basic municipal purposes and has considered the fair market value of the asset. In this instance, it is clear that releasing this land to the market presents huge economic and community value in exchange for the asset.”
