Construction for the R350-million Thembokwezi Lifestyle Estate, a pioneering mixed-use development by Old Mutual Investment group property investments, has begun on a 10 ha site on Site C, Khayelitsha, Cape Town, Old Mutual nvestment Group Propertysaid in a statement on Monday.

The development will consist of a shopping centre, affordable housing, and structured public open space.

It has been planned in partnership with the Western Cape Department of Local Government and Housing, the City of Cape Town and Nedbank.

The Old Mutual Investment Group Property investments pipeline of projects has been boosted to more than R2-billion, the company said.

“The key objective of our development is to generate a sustainable attractive mixed-use precinct that is flexible enough to incorporate core social needs of the community as well as a viable sustainable commercial environment,” said Old Mutual Investment group property Investments MD Ben Kodisang.

The main spin offs to the community would be construction-related employment and skills transfer during development, the permanent employment associated with the commercial precinct and the facilities provided to the benefit of Khayelitsha residents, he added.

About 4,4 ha of the site will accommodate the Thembokwezi Lifestyle Centre, the commercial part of the development, with 15 000 m allocated for retail use and 5 000 m for office space.

The target market for the residential estate of affordable housing is young professionals and civil servants.

The units will be spread across two- and three-storey buildings, on a 4,85ha site.

“We hope to have a show unit completed by September this year and will sell most units off plan,” said Old Mutual development originator for the project Vusi Nondo.