Western Province Cricket Association (WPCA) on Friday announced plans to upgrade Newlands in a new office-block development that will cost the union R750 million. The development will see four new office blocks erected on the northern precinct of the stadium which will be leased out for office space, Sport24 reported.
Cape Cobras CEO Nabeal Dien said the Sanlam will cover 51 per cent of the costs, while the WPCA will rise for the remaining 49 per cent. Meanwhile, Varsity College has committed to occupying one of the buildings and will account for around 40 per cent of the area. The first phase is expected to end by December 2020.
"There are still some sensitive agreements that we are busy concluding. This is a journey that started around 10 years ago and the main purpose of this journey was the sustainability of cricket. We only occupy revenue-generating opportunities on certain days of the year ... so here is an opportunity to create a 365-day opportunity,” Dien said. Moreover, the long-term plan and phase two and three will see upgrades to the offices as well as the president’s pavilion, which will take in 2024.
Considering the commitment will take the union into debt, Dien is confident that the research which has been done will help in generating funds. “I don't think we would have gone into this, and neither would Sanlam unless we saw a viable outcome," he said. (ANI)