Inner city progamme manager Santhurie Naidoo highlights capital spending for the current financial year and puts the spotlight on Gatsby Property Brokers, another key private sector investor in this precinct.

INNER city capital projects totalling R42-million are being spent in the current financial term, ending on 30 June 2010 and will add exciting and innovative new developments such as pedestrianisation to the Joburg core.

An artist's impression of the Ernest Oppenheimer Park by Ikemeleng Architects

The City of Joburg is committed to injecting capital into the inner city for regeneration purposes. In the past two financial years - 2007/08 and 2008/09 - the City has respectively spent R230-million and R185-million on public environment upgrades.

Cash injections
The 2009/10 financial year sees a further R42-million spent on upgrades, to be allocated throughout the inner city.

The Fordsburg streetscape will get R10-million; R6-million will be spent on the Moth Building for transitional housing; and R26.3-million will be spent on the core central business district, including the Ernest Oppenheimer Park, the Ntemi Piliso Gateway and the Retail Improvement District. Key streets to be upgraded are Kerk, Joubert, President, Market, Delvers, Mooi, Rissik, Harrison, Bree, Jeppe, Eloff and Sauer Streets.

Urban design principles will look at strengthening the formal retail sector, taking into account the commercial office precincts located on the periphery; residential redevelopment trends; the relation to public transport; creating a walk-able inner city; upgrading precincts that are currently disconnected; increasing visual permeability and safety and security; creating precinct identities; improving navigability and way-finding.

The upgrades will focus on connecting existing upgrade precincts and private sector developments.  Connectivity with BRT Stations and major public transport interchanges will also be improved, and walk-ability of streets will be encouraged by formalising street trading spaces and supporting non-motorised transportation.  New street lighting and signage which will include branding precincts according to low maintenance specifications will further enhance pedestrianisation.  

Family business
Gatsby Property Brokers is a family-owned company with a small portfolio of buildings. The first properties purchased by Gatsby were 19 Henri Street and 33 De Korte Street in Braamfontein.

The two properties are adjacent.

Pierre Simon and Margaret Simon of Gatsby Property Brokers stand in front of The Silos

In 2006, the properties were purchased and some R2-million spent to refurbish it. The project was completed in 2007 and immediately attracted excellent tenants. This was the beginning of Gatsby’s role in the redevelopment of the Braamfontein area, although Simon had been brokering property for the past 40 years – the last 20 of which was in the northern suburbs.

Part of rejuvenation
The reason why Gatsby chose Braamfontein and later on Newtown was to be a “part of the rejuvenation” she says.  She goes on to say:  “The experience so far has been great! We enjoy it hugely and love being a part of what's happening in the inner city. Although we are brokers, we sometimes fall in love with the buildings in the inner city, buy them and have lots of fun renewing them."

Gatsby’s successes includes the purchase of the old Mugg & Bean head office in Juta Street and the lease of the building to the Progressive Primary School – a government subsidised school educating  420 children and still growing. This was followed by the acquisition of the land behind the school to create an inner city playground for the children.

The fully furnished main bedroom in the show unit of The Silos

The current project that Gatsby is brokering is the conversion of the silos in Newtown into affordable residential units. This is the first time that Gatsby is selling residential units and with the success of selling the units, have decided to continue with the residential sector from here on.  The company will however still continue with its core business of selling and leasing industrial, commercial and retail space in the inner city.

The biggest sale that Gatsby has done thus far is the sale of Everite House in Braamfontein to SAMRO (South African Music Rights Organisation), another brilliant upgrade for the area.    

“Some buyers need a lot of education, especially in commercial property. Whilst they may have the funds to purchase commercial property, they are not always experienced in property dealings and as brokers we try our best to assist these purchasers. We recognise that constant maintenance is imperative in inner city regeneration and that safety is critical. Developers must build this into their sustainability models through a levy that is affordable and realistic to ensure proper maintenance" says Simon.  She concludes enthusiastically: "Gatsby has taken risks and still is,” adding that the company enjoys being part of a community that is passionate about the upgrade of the inner city.  Gatsby focuses specifically on Braamfontein and Newtown. 

Thank you, Gatsby for your inner city regeneration contributions!

In the next newsletter
The focus moves to the inner city charter partnership forum and student accommodation.

From Santhurie Naidoo
Inner City Progamme Manager