Two long-term leases to be auctioned
A 20-year lease for the Virgin Active precinct on the iconic Green Point Common in Cape Town is up for grabs.
The lease for the precinct, which includes 18 000 square metres with pools, tennis courts and 200 parking bays to rent out, is a licence to print money.
The property, nestled alongside the DHL Stadium. is home to the Western Cape’s Stormers Rugby Team, and is also surrounded by the Green Point Track, the Green Point Cricket Club, Hamilton’s Rugby Club and the Metropolitan Golf Club.
Greg Dart, director of High Street Auctions, the company that will conduct the auction on behalf of the City, said the initial lease period of the 17 844m² spread will be for 10 years, with an additional…