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There's no doubt improvement districts add value
Date published 9 June 2008
The establishment of city improvement districts has added value across the board with, in Epping’s case, both tenants and landlords reaping the benefits says Epping City Improvement District (ECID) chairperson William Wakefield.
‘The demand on Council to provide services has outstripped their ability to deliver in many instances. The additional levy gathered from commercial property owners in Epping One and Two has enabled additional cleansing and security functions to be carried out so the businesses can continue to operate in a clean and safe environment.’
In addition, through effective financial management, a number of capital projects have been undertaken, these include; the establishment of a parking area, alleyway lighting to improve security, improved road-markings, tree-planting and security gates on restricted areas. ‘And one real and quantifiable measure of the positive effect is in land and property values,’ adds Wakefield.
‘The establishment of ECID has coincided with a steady rise in commercial property values in and around Epping. The area had, for a variety of reasons, started to fall into a form of decline with newer areas appearing more attractive. But rapidly increasing new building costs combined with a shortage of properly zoned and serviced land has made the re-development of existing properties a worthy proposition.’
‘Recent electricity supply problems for new developments have also highlighted the value of revamping existing space as the basic power source is already in place. Also, Epping is well served by all forms of public transport and is close to home for many commuters.’ One area that has been a thorn in the side of many Epping property owners has been the informal market.
But City Council, under the leadership of the local councillor, has started to meaningfully address the problem and several high-profile combined police actions have taken place recently. In all instances illegal activities have been stopped, contraband seized and several arrests of wanted persons effected. ‘It’s about taking an interest and being prepared to make a contribution to a project’s success, but the rewards are definitely there,’ concludes Wakefield.
‘The establishment of ECID has made a huge positive impact on property values in Epping while also ensuring the area is safer for workers – it’s a win:win situation.’
For more information on ECID visit www.ecid.org.za
Author: Cullum Johnston, Imbongi Communications
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