Ricochet News

New development to benefit Walmer Township residents and local self-user businesses

By Tai Chishakwe - Nov 26, 2015
New development to benefit Walmer Township residents and local self-user businesses

A fairly large piece of real estate in Port Elizabeth’s Walmer area has been earmarked for an exciting new mixed-use development that will combine retail, commercial and housing components to boost the local economy.

According to a successful rezoning application that was submitted to the Nelson Mandela Bay Municipality by one of the joint-developers, Spike Spilkin, who is one of Port Elizabeth’s leading attorneys, the property located along Buffelsfontein Road, West of Walmer Township, is to be subdivided into two portions measuring 31.5 hectares and 83.4 hectares.

“The intention is to combine retail, commercial and housing components on the entire 31.5 ha portion, whilst uplifting the community…” reads the approved application.

Besides attracting an anchor tenant, such as Checkers or U-Save, the development “will incorporate various line shops, which will be targeted at the Walmer Township, and the adjacent new residential / social development, Walmer Links, which is situated on the corner of 10th Avenue and Buffelsfontein Road, Walmer, which comprises of more than 750 new households currently being built”.

According to the developers, the balance of the development will include additional components consisting of affordable housing, a small business park and commercial erven sub-divided for private investors.

 “The affordable housing will overlook the Walmer Country Club while the small commercial park will be modelled on the ever successful ‘Jetpark’ commercial development situated in Caravelle Road, Walmer, next to the Airport.

“This will allow smaller business enterprises to purchase affordable land and build their own premises as it will be a sectional title development, as opposed to being forced to rent and enrich a landlord. These units will be affordable to the lower income group, who should also have the right to own their commercial investment.”

According to the developers, the focus of the development is inter-alia to uplift the Walmer Township community by creating both casual and permanent jobs for residents within walking distance for them. This is what contributed to the application being approved by the Municipality.

Leading local commercial property managers, the Warren Jack Property Group, who have successfully developed the William Moffett as well as nearby Builders Warehouse - and are currently involved with the rejuvenation of various developments, have been appointed as agents on this development.

“This is one of the most exciting developments in Port Elizabeth in recent years because the property is affordable for the current market and investors have an opportunity to get in at the entry level,” said Principal, Warren Jack.

“We believe that this development is an ideal opportunity for self-user businesses to move from rentals to ownership.”