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City did not sell Site B, Foreshore at the incorrect bulk amount<p>​The claims by Ndifuna Ukwazi with respect to the sale of Site B, Foreshore to Growthpoint Properties are not correct.  The City did not sell the property at the incorrect bulk amount.</p><p>On 22 May 1996, the Provincial Government approved the amendment of the rezoning conditions to increase the maximum floor area of the combined Blocks A and B (Block AB) from 41 000 m² to 69 000 m².</p><p>The current “Icon” Building on Block A has utilised a total of approximately 23 000 m².</p><p>The balance of the floating bulk on Blocks A and B is therefore approximately 46 000 m² and is available in the area described as Block AB, which includes the site of the Icon building.<br><br>When Block B1 was bought by Growthpoint, they only purchased 17 500 m²​ of that bulk.</p><p>Thus, there is a remaining unallocated 28 500 m² floating bulk available over the original Site AB, that is owned by the City.</p><p>If the Icon Building or Growthpoint want to access any of that floating bulk, they would have to purchase it from the City in terms of the Municipal Asset Transfer Regulations (MATR). </p><p>​​It is incorrect to assume that Growthpoint have automatic access to the floating bulk.  They are required to make applications in terms of the Planning By-law and the MATR if they want to develop their property beyond the 17 500 m² bulk which they purchased from the City.</p><p> <strong>End</strong></p>2018-09-15T22:00:00ZGP0|#1d539e44-7c8c-4646-887d-386dc1d95d70;L0|#01d539e44-7c8c-4646-887d-386dc1d95d70|City news;GTSet|#62efe227-07aa-45e7-944c-ceebacca891d;GP0|#904f8ac3-ad18-4896-a9a8-86feb1d4a1b7;L0|#0904f8ac3-ad18-4896-a9a8-86feb1d4a1b7|StatementsGP0|#d5e24fdf-fa32-4fe2-bb55-af7d2f43d90e;L0|#0d5e24fdf-fa32-4fe2-bb55-af7d2f43d90e|foreshore freeway precinct;GTSet|#2e3de6c1-9951-4747-8f53-470629a399bb;GP0|#a0ea2107-4b53-43e7-abbd-03b3fd954eef;L0|#0a0ea2107-4b53-43e7-abbd-03b3fd954eef|planning by-law;GP0|#aca94a54-019f-43e5-a797-9276a7b84c6e;L0|#0aca94a54-019f-43e5-a797-9276a7b84c6e|rezoning1

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