|Relief is on the way for Pietermaritzburg’s stock starved property market with the council set to release serviced building land to the market during the course of the year.|
Rob Haswell, Pietermaritzburg’s strategic executive manger, economic development, says serviced and zoned residential building land will be made available for new developments in suburbs, which includes Hayfield and Lincoln Meade. The initiative has already been flighted with council awarding development rights for three residential sites to three developers last month.
Haswell says the council was aware of the degree of demand for residential, commercial and industrial development, which had been exacerbated by the city’s economy doubling in the last 18 months. This growth had been stimulated by rising business confidence since its declaration as the provincial capital, the opening of the new casino and Midlands Shopping Mall and other major industrial developments.
The high number of provincial government departments now operating in the city now accounted for all available commercial space.
But, while the city intends flexibility in terms of selling or leasing of the land, Haswell dampened estate agents hopes that residential land might be sold off cheaply to encourage lower priced developments. “In general terms we are restricted to offering land at market value except in exceptional circumstances.” However, he stressed, that council was flexible and open minded in assessing proposals for all property developments.