Date: 22/10/2003
Source: Western Cape Provincial Government
Title: Van Schalkwyk: Opening of Mitchell's Plain Promenade shopping centre
EXTRACT FROM KEYNOTE ADDRESS BY THE WESTERN CAPE PREMIER, MARTHINUS VAN SCHALKWYK, SPEAKING AT THE OFFICIAL OPENING OF THE MITCHELL'S PLAIN PROMENADE BUSINESS AND RETAIL PARK
PROVINCE CELEBRATES MAJOR MITCHELL'S PLAIN DEVELOPMENT: R400M RETAIL PARK TO CREATE 5000 JOBS
With the opening today of the Mitchell's Plain Promenade there is finally a development in Mitchell's Plain which is as big and bold as the hearts of its people. The bricks and mortar of this development are the concrete proof of iKapa eliHlumayo - the growing and developing Cape - in all our communities.
Representing a total investment in excess of R400 million, the Promenade is one of the most important new developments in the province - particularly because it is situated in the heart of a community regarded for decades by investors as a high-risk area. The Promenade has already succeeded even before the first shop opens its doors tomorrow - because it has successfully shattered the myth that investors should avoid communities traditionally avoided by mainstream big business.
The 230 000 m2 of new retail floor-space which the Promenade adds to the existing Mitchell's Plain central business district will inject prosperity into this urban renewal node. The construction phase has already employed more than 2000 local workers - and with the emphasis on job creation and skills transfer these workers will leave the project with large-scale construction experience, and greatly increased employment prospects. Combined with the further 5000 new jobs that the Promenade is expected to create for the local community over the next three years, it is clear that this development will be more than just a shopping complex - it will be a source of pride and growth in the heart of Cape Town.
Ngokuya kwakubusa laa Rhulumente mdala, iMitchell's Plain neKhayelitsha zazingabonwa njengeendawo zeNtshona Koloni. Ngoku kubusa amaNashinali noKhongolose, iMitchell's Plain neKhayelitsha zibekwa phambili eNtshona Koloni. Kaloku lo Rhulumente wethu ngowomntu wonke.
(Under previous governments, Mitchell's Plain and Khayelitsha were not treated as a real part of the Western Cape. Under the NNP and ANC Coalition Government, Mitchell's Plain and Khayelitsha are at the heart of the Western Cape. Our government is for all the people.)
In spite of the fact that the value of annual commercial and retail turnover in Mitchell's Plain has been estimated to be more than R1,6 billion, there have been few organisations or individuals willing to risk substantial investment in this market - until now. The time has passed where up to 65% (almost R60 million every month) of the money spent by the Mitchell's Plain community flowed to shopping complexes in other suburbs. The Promenade aims to capture at least 30% of that revenue - and return its benefits to the Mitchell's Plain community.
Our provincial government believes that the success of the Promenade development needs to be replicated in other communities - like Khayelitsha. The Promenade experience holds a number of valuable lessons for future developments of this nature, amongst which was the need for easier access to financing. One of the biggest challenges that confronted the Mitchell's Plain Development trust was in finding banks willing to assist with the financing of the Promenade. Where developments in areas like Clairmont need a guaranteed yield of about 11% to secure support, development in the so-called red-zones like Mitchell's Plain requires 15%+. Although banks need to cover their risks, it is clear that we need to be engaging more closely with our banking sector to make this kind of major investment more easily realisable.
One of the most positive aspects of the Promenade development has been the financial interventions and support of two key property development partners - Keystone Investments (R150 million) and Mr Richter van Niekerk (R20 million). Their joint venture with the Mitchell's Plain Development Trust sent a very loud and clear message that the perception of white-owned big business avoiding our more economically challenged communities is becoming less valid. The same can be said of the decision by major retailers like Pick 'n Pay, Standard Bank, Edgars, Mr Price, Woolworths, Something Fishy, Foschini, and Spur to take up space in the Promenade. Their investments speak louder than words of the confidence which they have in Mitchell's Plain and the Western Cape - and our provincial government will continue to build stability in the province to create the best possible investment environment for men and women of vision.
Intshona Koloni ifana negumbi lokuvavanya loMzantsi Afrika - ukuqinisekisa ukuba abamnyama, abamhlophe, abebala namaNdiya bangaphumelela ukuba bayasebenzisana. Silwenza olu vavanyo lube yinyani.
(The Western Cape has become the laboratory for South Africa - to test the idea that black, white, coloured and Indian people can be successful together. We are making this experiment a reality.)
The Western Cape continues to grow from strength to strength. With major developments like the new convention centre, the Arabella-Sheraton Grand Hotel, the Canal development and now the Promenade retail park, job creation and economic growth for the province is reaching new heights. The people of the Western Cape can be proud of these major initiatives, which are contributing to building our World Class Province, which cares for all its people.
Enquiries: Riaan Aucamp, 083 778 9923
Issued by: Office of the Premier, Western Cape Provincial Government
22 October 2003
Source: Western Cape Provincial Government
Title: Van Schalkwyk: Opening of Mitchell's Plain Promenade shopping centre
EXTRACT FROM KEYNOTE ADDRESS BY THE WESTERN CAPE PREMIER, MARTHINUS VAN SCHALKWYK, SPEAKING AT THE OFFICIAL OPENING OF THE MITCHELL'S PLAIN PROMENADE BUSINESS AND RETAIL PARK
PROVINCE CELEBRATES MAJOR MITCHELL'S PLAIN DEVELOPMENT: R400M RETAIL PARK TO CREATE 5000 JOBS
With the opening today of the Mitchell's Plain Promenade there is finally a development in Mitchell's Plain which is as big and bold as the hearts of its people. The bricks and mortar of this development are the concrete proof of iKapa eliHlumayo - the growing and developing Cape - in all our communities.
Representing a total investment in excess of R400 million, the Promenade is one of the most important new developments in the province - particularly because it is situated in the heart of a community regarded for decades by investors as a high-risk area. The Promenade has already succeeded even before the first shop opens its doors tomorrow - because it has successfully shattered the myth that investors should avoid communities traditionally avoided by mainstream big business.
The 230 000 m2 of new retail floor-space which the Promenade adds to the existing Mitchell's Plain central business district will inject prosperity into this urban renewal node. The construction phase has already employed more than 2000 local workers - and with the emphasis on job creation and skills transfer these workers will leave the project with large-scale construction experience, and greatly increased employment prospects. Combined with the further 5000 new jobs that the Promenade is expected to create for the local community over the next three years, it is clear that this development will be more than just a shopping complex - it will be a source of pride and growth in the heart of Cape Town.
Ngokuya kwakubusa laa Rhulumente mdala, iMitchell's Plain neKhayelitsha zazingabonwa njengeendawo zeNtshona Koloni. Ngoku kubusa amaNashinali noKhongolose, iMitchell's Plain neKhayelitsha zibekwa phambili eNtshona Koloni. Kaloku lo Rhulumente wethu ngowomntu wonke.
(Under previous governments, Mitchell's Plain and Khayelitsha were not treated as a real part of the Western Cape. Under the NNP and ANC Coalition Government, Mitchell's Plain and Khayelitsha are at the heart of the Western Cape. Our government is for all the people.)
In spite of the fact that the value of annual commercial and retail turnover in Mitchell's Plain has been estimated to be more than R1,6 billion, there have been few organisations or individuals willing to risk substantial investment in this market - until now. The time has passed where up to 65% (almost R60 million every month) of the money spent by the Mitchell's Plain community flowed to shopping complexes in other suburbs. The Promenade aims to capture at least 30% of that revenue - and return its benefits to the Mitchell's Plain community.
Our provincial government believes that the success of the Promenade development needs to be replicated in other communities - like Khayelitsha. The Promenade experience holds a number of valuable lessons for future developments of this nature, amongst which was the need for easier access to financing. One of the biggest challenges that confronted the Mitchell's Plain Development trust was in finding banks willing to assist with the financing of the Promenade. Where developments in areas like Clairmont need a guaranteed yield of about 11% to secure support, development in the so-called red-zones like Mitchell's Plain requires 15%+. Although banks need to cover their risks, it is clear that we need to be engaging more closely with our banking sector to make this kind of major investment more easily realisable.
One of the most positive aspects of the Promenade development has been the financial interventions and support of two key property development partners - Keystone Investments (R150 million) and Mr Richter van Niekerk (R20 million). Their joint venture with the Mitchell's Plain Development Trust sent a very loud and clear message that the perception of white-owned big business avoiding our more economically challenged communities is becoming less valid. The same can be said of the decision by major retailers like Pick 'n Pay, Standard Bank, Edgars, Mr Price, Woolworths, Something Fishy, Foschini, and Spur to take up space in the Promenade. Their investments speak louder than words of the confidence which they have in Mitchell's Plain and the Western Cape - and our provincial government will continue to build stability in the province to create the best possible investment environment for men and women of vision.
Intshona Koloni ifana negumbi lokuvavanya loMzantsi Afrika - ukuqinisekisa ukuba abamnyama, abamhlophe, abebala namaNdiya bangaphumelela ukuba bayasebenzisana. Silwenza olu vavanyo lube yinyani.
(The Western Cape has become the laboratory for South Africa - to test the idea that black, white, coloured and Indian people can be successful together. We are making this experiment a reality.)
The Western Cape continues to grow from strength to strength. With major developments like the new convention centre, the Arabella-Sheraton Grand Hotel, the Canal development and now the Promenade retail park, job creation and economic growth for the province is reaching new heights. The people of the Western Cape can be proud of these major initiatives, which are contributing to building our World Class Province, which cares for all its people.
Enquiries: Riaan Aucamp, 083 778 9923
Issued by: Office of the Premier, Western Cape Provincial Government
22 October 2003
Advertisement
EMAIL THIS ARTICLE SAVE THIS ARTICLE FEEDBACK
To subscribe email subscriptions@creamermedia.co.za or click here
To advertise email advertising@creamermedia.co.za or click here
