Greater demand for redevelopment opportunities
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.