Exciting new project coming
In August 2012 a substantial portion of properties on Edward Street, Tygervalley changed hands and were acquired by Spear Properties which is headed up by Cape Town property players Quintin Rossi, Mike Flax and Abu Varachhia.
Managing Director of Spear Properties Quintin Rossi, was given the task of rejuvenating a commercial and retail node that had started to face some challenges. Quintin notes that “when we acquired these assets 1 made a promise to our tenants that I would do everything in my power to give them the best place I possibly could to operate their businesses from and, through continuous investment into the properties, before long the profile of each building would be lifted and become more and more attractive to both tenants and customers, I do believe I have stuck to this promise”.
When Spear Properties make a promise to invest in the renaissance of an area, they keep their word.This rejuvenation refers of course to the exciting overhaul that has taken place over a large portion of Edward Street in Bellville over the past 3 years.
Quintin, along with a team of like-minded property owners in the greater Tygervalley area, are currently working together with the City of Cape Town to establish a commercial special rated area (SRA), which is likened to a central improvement district. “We have kick-started a process with the City to create what for now is called the Greater Edward Street Special Rated Area (SRA), which will basically operate like an improvement district,” Quintin said. He explains why Spear is so serious about this project. “When we took over, our goal was to restore the area into an attractive and viable commercial node,” he said.
“Through this project, the City basically allows us to set up an NPO to bring better and more secure and clean features to a public space, namely the Greater Edward Street in its entirety, stretching right down to the Santam Head Office precinct,” he said. This is nothing new to Spear, as they have already brought in additional manned security measures as well as IP CCTV cameras that are monitored off site, and have a landscaper dedicated to keeping the current public space neat and tidy along the street, Quintin said.
The SRA project, which is currently still in its infancy phase, is set to come into being within the next 24 months, if all goes according to plan. Quintin would like to make a personal call to all commercial owners in the Greater Edward Street Precinct to support the SRA initiative once they have been given all the necessary information regarding the establishment of a SRA. “With the cleanup of Voortrekker Road a lot of the vagrants moved across the N1. With this SRA, we will taking on a big social responsibility project as well,” he said.
“This proposed SRA is required by the City to have a social responsibility element to it. This will see homeless people trained to become cleaners and such, and make them contributing members of society which in turn will restore to them some dignity” he said. He said the whole idea was to place Edward Street back into the public eye, but for all the right reasons. “This project is for the entire Edward Street, not just for Spear Properties. We believe the real support for the renaissance of this street and area will come with the support and establishment of this SRA.
With the establishment of a SRA in a viable economic node, your vacancies are lower, all tenants enjoy better revenue and there will be multiple knock-on benefits for the Greater Edward Street. To mention just one key benefit would be growth in capital values of properties in the proposed SRA area,” Quintin said. The research is clear on what an improvement district means for an area.
It’s spring, it’s time for that rejuvenation process to continue so come down to Edward Street and enjoy offerings ranging from Vida e Caffe coffee in the morning to a wide variety of food offerings and motor vehicles to name a few”