10 APRIL
FORMER AECI GROUNDS: MIXED DEVELOPMENT PLANNING
Interest in Paardevlei on the increase DALEEN FOUCHÉ Interest in Paardevlei property, formerly known as the AECI grounds, is picking up with several properties being recently sold. Mark Bezençon, regional manager of Heartland, a wholly-owned subsidiary of AECI, says in the past 12 months interest in property and development activity in Precinct 1 of Paardevlei has picked up. In total 15 properties have been sold, while negotiations on another six properties are ongoing. Construction on one building in Precinct 1 is complete and several others are in the construction phase, including a private hospital that is due for completion at the end of 2014. The De Beers precinct measures 43 hectares in addition to the rehabilitated wetland, also referred to as Paardevlei. The precinct will allow for the development of 590 residential units and approximately 100 000 m² of commercial development on completion. Apart from interest in Precinct 1, says Bezençon, he has also received several inquiries about educational facilities and industrial capacity in the entire Paardevlei land holding, which consists of about 730 hectares. According to Bezençon the reason for the growing interest by investors and developers in Paardevlei property is because they want to take advantage of the lower construction costs before the economy turns. He says as the economy picks up, so will the prices in the construction industry. He explains that the increased construction activity in the De Beers precinct has also ignited more
interest in the area. He describes development in Paardevlei as the “South African version” of mixed development where people can live, work and
play. Benzeçon says in big cities across the world mixed developments usually refer to high-rise buildings that include living space, work space and
entertainment space. He says, however, in the South African version of mixed development, the various functions are not in one building but rather in one area. Benzeçon ex-
plains that the mixed development planning for Paardevlei will allow for single residential units, but will still offer other amenities such a school and shopping areas close by..
This aerial photo shows a big chunk of the Paardevlei land holding.
EXPERT OPINION
Developments continue to offer outstanding value p.14
CORRECTION: In last week’s edition of the Boland SOLD, it was reported that the selling price for this house in Tredonne in Sir Lowry’s Pass is R2,995 mil lion. However, this three bedroomed house, is on the market exclusively through Pam Golding Properties, priced at R3,95 million.