THE Mandela Bay Development Agency (MBDA) has been inundated with calls from property players outside Port Elizabeth who are keen to be involved with the development plans for 1039ha of prime state-owned land in the coastal city.
A property investment conference aimed at luring developers and investors to Port Elizabeth was held last month, hosted by the agency. MBDA CEO Pierre Voges says the positive response from property players, including developers and financial institutions, was due to the success of the conference, held on August 25.
The MBDA was established two years ago to revitalise Port Elizabeth’s derelict central business district (CBD) and inner city.
The land earmarked for development includes the southern part of the harbour and the inner city’s Central Hill, Baakens River and Richmond Hill districts.
The southern part of the harbour has become available for nonindustrial development because of the development of the Coega harbour.
The MBDA is driving the initiative because the existing harbour is situated on the doorstep of the CBD.
“We have been inundated with calls from players in other parts of the country. Port Elizabeth certainly disappeared off the radar screen, but the idea of the property conference was to plant the seed that this city offers property value,” says Voges.
About 251 delegates attended the conference, with the MBDA targeting specific developers and other property pundits in the rest of SA. “We had expected 150 to 160 delegates,” says Voges.
He says half the delegates were from other parts of the country, with the remainder being from Port Elizabeth. These included developers, hotel operators and investors.
Since the conference there has been renewed interest in the city. “Now people are flying to Port Elizabeth wanting to see us. Property developers are also looking for opportunities.”
There has also been interest from financial institutions that work with property developers.
But Voges says it will be about six to seven years before any development takes place because the industrial part of the harbour, including an oil-tank farm and manganese-ore facility, will first have to be moved to Coega by the National Ports Authority.