Wits University sells land: Big plans for the community

Wits University announced the sale of the Frankenwald Estate in Gauteng. The land is being transferred from the university to the Bankenveld District City Development Company. All proceeds from the sale of the land and the future sale of residential and commercial sites will be placed into a special endowment fund. A variety of developments are in the pipeline for this area.

How will this benefit students?

Markedly, the process of the sale started in February 2019 already. At that time, the university agreed to sell the land to a property consortium comprising the Eris Property Group and CalgroM3 Property Developers, as reported by bizcommunity.

According to the University of the Witwatersrand (Wits), they will put proceeds from the initial R200 million sale of the estate into an endowment to benefit future generations.

The community will benefit from future proceeds from the endowment fund. One of the benefits is supporting talented students who qualify to study at Wits but may not have the financial means to register.

Additionally, the development plans provide for educational facilities for up to 8 000 learners.

Development aims to bring plenty of benefits to the community

Developers will develop the land as a mixed-use project comprising affordable housing, residential, commercial, light industrial, and also educational opportunities. These developments will provide homes and jobs particularly for people from surrounding areas.

“We have … approved rights for a neighbourhood with up to 20 000 homes for around 80 000 people, together with commercial, industrial and office space, educational facilities and green open spaces.” Wikus Lategan, Chief Executive Officer, Calgro M3

Approximately 66% of the homes will benefit low- and middle-income families. Also, the development includes healthcare facilities, 30 000m2 of retail shopping space, and 240 000m2 of industrial space.

Included in the plans is 95 000m2 of open and recreational space, much of it along the Jukskei River.

The CEO of Eris, Barend de Loor, stated that the goal of this new development is to play an important role in job creation, skills development, and also enterprise growth.

Wits University stated that this mega development intends to uplift the people of Johannesburg, advance Gauteng, and positively impact South Africa and our economy.

Developers are planning to start the development within the next six months.

Do you think this development will benefit the local and broader community?

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