The Galleria Development
At a Council meeting on 28 October 2009, approval was given for the City of Cape Town to award a R3 billion tender to establish retail, business, residential, hotel and conference facilities on an 11.5 ha property in the Bellville Velodrome precinct.
The tender was won by Devmet Property Developments, a consortium of Devmark Property Group (Pty) Limited and Mettle Property Group (Pty) Limited, through a competitive bidding process that lasted more than two years. Mettle Property Group is 49% owned by Metropolitan Capital, an associated company of the Metropolitan Group, and is a level eight contributor in terms of Broad Based Black Economic Empowerment (BBBEE).
The development is based on a spine ‘Galleria’ that will provide the circulation and connection to all the facilities. Parking with entrances at various levels and locations will be provided to connect the hotel, conference and sporting facilities with the retail, business and residential components.
Devmet Property Developments has put together a group of companies and management models that offer a suitable range of skills and experience in property development, property management, financial oversight, facilities management and events management. They incorporate and provide local and international experience, strategic partnerships and networks, and innovative technologies, designs and processes. The group includes Devmet, Big Concerts, the High Performance Sports Centre and several smaller, specialist firms,” Gelderbloem added.
The overally capacity of the venue will be increased to 18,000 with the upgrade to the velodrome and adjoining athletics venue considered as part of Phase 1.
It is envisaged that the development will be completed by 2014.
Read more about this topic: Bellville Velodrome
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