Newlands Rugby Stadium will be demolished in 2021 with a deal struck to convert the historic venue into residential and retail properties, according to reports.
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Talk of the future of one of the game’s most iconic venues has been quiet in recent months but RugbyRocks.com has reported of a deal between Western Province Rugby Football Union and Investec worth R110-million.
The rugby body will also bank a 5% share in profits from the development and 3.5% of resales of the units. However, that money will only start flowing some six years after it’s demolition.
The stadium, which can seat some 51 900, was built in 1888 but has fallen behinds by modern standards.
The deal will also see Remgro’s R52-million loan being repaid.
No confirmation of WP Rugby’s expected move to become the main tenant of the Cape Town Stadium from 2021 has been forthcoming.
WP Rugby is expected to become an anchor tenant at Cape Town Stadium in Green Point from 2021, although the move has yet to be confirmed.
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