The concept of Philippi Village is the development of a sustainable enterprise that will attract a broad range of tenants that have the proven ability to pay the rental rates (that are subsidized compared to neighbouring areas) and in their product or service offering is in support of the social impact principles that are key to the values that harness this development.
Social anchor tenants are NGO’s or public partners that, through their offering, are accommodating or trafficking huge numbers of the community. Our partners in this regard are the City of Cape Town Library, the Desmond Tutu HIV Foundation, UCT Graduate School of Business, Columba Leadership and Business Activator.
A development like Philippi Village could not discard the importance of the smaller and medium sized enterprises which are often overlooked to bring financial stability to an area. Nevertheless, these partners have created the bulk of the jobs that was contractually required in the partnership with Treasury through the JobsFund initiative.
In the context of Philippi, having anchor tenants that fit the description of the real estate domain, are hard to find. Nevertheless, there are social impact partners that are partnering with Philippi Village to support and encourage the development vision. This vision has been made possible through partnerships with The Jobsfund, the Industrial Development Corporation (IDC) and the City of Cape Town.
Having gone through the first two-year cycle of tenanting trends are emerging – both for new spatial needs and solutions – and the financial modelling has become more accurate. In the next phase the focus with tenants and strategic partners will be a strong outreach programme to the community to ensure that the facility and its offering is kept on their radar.
Increasing visitor numbers show that more and more people from the community are discovering the offering at Philippi Village, but the true success of the Village will be when there is a vibrant and inclusive offering that is valued for its quality by the community, local visitors from Cape Town and international visitors alike