Greater de­mand for re­de­vel­op­ment op­por­tu­ni­ties

Weekend Argus (Saturday Edition) - - AUCTIONS -

IN­VESTORS should look for op­por­tu­ni­ties on the CBD edge, ac­cord­ing to Clare­Mart Auc­tion Group.

The rapid de­vel­op­ment of in­fra­struc­ture in Cape Town is sup­port­ing a re­newed boom in ne­glected precincts and trend­set­ters are buy­ing and de­vel­op­ing in pre­vi­ously less-de­sir­able ar­eas. “We are see­ing in­creas­ing de­mand for prop­erty just east from the CBD, with Wood­stock and Salt River see­ing a dra­matic in­crease in ac­tiv­ity with sev­eral new de­vel­op­ments,” said di­rec­tor Mike Baigel.

With land­mark re­ju­ve­nated sites, such as the Old Bis­cuit Mill set­ting the pace, sev­eral new life­style de­vel­op­ments are chang­ing the face of Salt River and Wood­stock.

Along Al­bert Road in Wood­stock, the launch of The Bromwell Bou­tique Mall, sev­eral new eater­ies and restau­rants, in­te­rior and cloth­ing shops are at­tract­ing those in the know.

The sale of the Old Gra­nary, a land­mark build­ing in Wood­stock, last year for R7 mil­lion by Clare­Mart is fur­ther proof that prop­erty in the area is in high de­mand. “We re­ceive reg­u­lar in­quiries for prop­erty of­fer­ing re­de­vel­op­ment op­por­tu­ni­ties. With the in­crease in de­sir­abil­ity the area is also see­ing a greater de­mand for re­tail and com­mer­cial space to rent, thus, also of­fer­ing great op­por­tu­ni­ties for in­vestor buy­ers,” said Baigel.

I n c l u d e d i n C l a r e Mar t ’ s Jan­uary mul­ti­ple com­mer­cial auc­tion port­fo­lio is an ur­gent sale of an in­vest­ment prop­erty in Salt River.

Unit 3, 64 Foundary Road, is a ten­anted build­ing with a qual­ity ten­ant, cur­rently yield­ing an an­nual rental re­turn of R242 800. The prop­erty is on show on Tues­day, Jan­uary 19, be­tween 12pm and 3pm. For de­tails, con­tact An­drew Edel­stein on 021 425 8822.

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