Varsity
70 celebrating
years
The official student newspaper of the university of cape town
21 August 2012
Volume 71: Edition 9
varsitynewspaper.co.za
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Obz Square retail remains empty Olivia Wainwright & Stephanie Venter
U
Image: Jessica Breakey GLASS HALF EMPTY – Many Obz Square residents remain in the dark about why the retail space on the ground floor of the new development remains empty more than 6 months after the residence opened. [...] the other possibility, [however] is that all interested parties have thought that we are not their ideal target market,” said another student who did not wish to be named.
“there’s a space downstairs that could benefit us, whether it be a gym or shops.” Daniel Nambassi, a third-year BSocSc student, told VARSITY that the empty space does not affect him as he was “not sure of the benefits they [stores] would bring”. The brief from UCT for the retail spaces was “flexible,” said the architects, and UCT set up
a Design Review Committee more than six months before building began. This group was made up of designers, architects and financiers. UCT has been working closely with their estate agent, Broll, to find the right client for the space. Broll revealed that there are currently two businesses – a gym and a photocopying company – interested in becoming tenants. When asked why UCT has thus far failed to fill the retail area at Obz Square, Willis explained that “a commonly held view by the letting agency Broll is that it is a difficult time for retail rental. The current economic climate is a high-risk one for the business sector.”
in this issue
CT’s most recently completed building project, Obz Square, has yet to find tenants for its 811m² of retail space. The residence opened on November 15th last year. The facility cost UCT R415 million to build, with accommodation for 880 students and retail space with a calculated potential monthly income of R97 000 (Broll, the estate agency tasked with letting the space, said that it was asking R120/m², but that that the price also depended on what they were offered). In the months that Obz Square has been open, UCT has thus lost a possible R776 000. UCT had hoped that this retail space would help pay off the cost of building Obz Square. Grant Willis, Director of Student Housing & Residence Life at UCT, confirmed this to VARSITY, saying, “It is anticipated that the revenue gained from rentals will continue the payment plan for Obz Square.” Though many have suggested that a supermarket fill the space, it is thought that the design was unuitable for a such a store, mainly because of the lack of a delivery entrance and on-street parking. However, mlh architects & planners (sic), the firm that designed the building, explained that UCT wanted “about six tenants – from coffee shops, to book shops, to a small SPAR or little deli.” The retail spaces have been designed with two built-in waste pipes and waste oil disposal units to cater for a variety of tenants. While some student residents at Obz Square remain perplexed by the empty space, others are not overly concerned with the situation. Some, however, said that they would like the convenience of stores downstairs. Postgraduate student Khanyisile Masango said, “It is frustrating that there’s a space downstairs that could benefit us, whether it be a gym or shops. [...] Possiblities should be a gym or a tuckshop.” “The idle space could be used for something else – this due to UCT probably charging high rates (sic)
Parliament deluxe?
page 6
Zara comes to CT
page 10
Himalayan summits page 14
Rondebosch Tel: 021-685 4001
Varsity, the official student newspaper since 1942, is committed to the principles of equality and democracy.