Of ev­ery­thing in

Weekend Argus (Saturday Edition) - - PROPERTY -

Town and Icon Cen­tre in the Fore­shore with over 80 apart­ments, three floors of of­fices, and a shop­ping cen­tre on the ground floor.

“More of these de­vel­op­ments are now be­ing built along the At­lantic seaboard in Green Point, Sea Point and the V&A Water­front as well as in Vre­de­hoek in the City Bowl.”

He says mixed use build­ings are a sig­nif­i­cant el­e­ment of Sea Point’s on­go­ing up­grade, with prom­i­nent projects in­clud­ing the ex­ten­sive re­de­vel­op­ment of the Ritz Ho­tel worth more than R100 mil­lion that in­cludes a new high end re­tail com­po­nent and the old Ned­bank Build­ing at the end of Main Road.

“The prop­erty sec­tor as a whole has ben­e­fited from the balanced com­bi­na­tion of fixed and vari­able ten­ants who are in­creas­ingly less de­pen­dent on lo­ca­tion and tourism.”

Bren­dan Miller, Lew Gef­fen Sotheby’s In­ter­na­tional Realty At­lantic Seaboard and City Bowl chief ex­ec­u­tive, says: “Mixed use de­vel­op­ments of­fer many ben­e­fits to res­i­dents and busi­nesses, not least the con­ve­nience of ev­ery­thing in one place, which is an in­creas­ingly ap­peal­ing fac­tor to buy­ers.

“Cape Town’s swelling pop­u­la­tion has ex­ac­er­bated traf­fic con­ges­tion dur­ing peak hours, sig­nifi- cantly ex­tend­ing com­mut­ing time be­tween the city and the sub­urbs and peo­ple are no longer will­ing to spend hours in a car ev­ery day.

“In­stead, peo­ple can live, work and play in one neigh­bour­hood as they are within walk­ing dis­tance of ameni­ties as well as their places of work.”

Miller says that many of these prop­er­ties also cater to res­i­dents’ es­sen­tial needs by in­cor­po­rat­ing shops, restau­rants, gym fa­cil­i­ties and of­ten also of­fices.

Lew Gef­fen, chair­man of Lew Gef­fen Sotheby’s In­ter­na­tional Realty, says that more Capeto­ni­ans are be­gin­ning to recog­nise the value of ex­chang­ing their sub­ur­ban homes for the con­ve­nience of city liv­ing.

“Cor­rectly priced apart­ments are, al­most with­out ex­cep­tion, snapped up within four to six weeks of be­ing listed,” he says.

“The grow­ing in­vestor con­fi­dence is fur­ther ev­i­denced by the fact that some de­vel­op­ers are now rent­ing out new fur­nished apart­ments in an­tic­i­pa­tion that the value of these prop­er­ties will con­tinue to grow ex­po­nen­tially, un­der­pinned by a strong ren­tal mar­ket.”

Shapiro says: “For many years, the price point for res­i­den­tial prop­erty on the At­lantic seaboard was a lot higher than in the City Bowl and CBD, but this gap has nar­rowed con­sid­er­ably in re­cent years, with city pric­ing now al­most in line with that of Sea Point and Green Point.”

Cape Town Cen­tral City Im­prove­ment District (CCID) sta­tis­tics from a sur­vey con­ducted in the last quar­ter of last year re­vealed that owne­roc­cu­pied res­i­den­tial prop­er­ties in the CBD in­creased from 47 per­cent in 2014 to 52 per­cent last year, and 73 per­cent of the sur­vey re­spon­dents lived within 3km of their work or place of study.

CCID chair­man, Rob Kane, says: “Although city res­i­dents still fall pri­mar­ily within the 25 to 34-yearold age group, there has re­cently been a no­table spike in in­ter­est from in­vestors in the 35 to 44-year age bracket.

“The sur­vey fur­ther es­tab­lished that the top rea­son cited for liv­ing in the CBD is prox­im­ity to work, and the top cat­e­gory of pro­fes­sion among those sur­veyed this year is me­dia, mar­ket­ing and pub­lish­ing.”

Shapiro says: “We are look­ing for stand-alone homes in these ar­eas that have com­mer­cial rights or that of­fer sub­di­vi­sion to meet the ram­pantly grow­ing de­mand for res­i­den­tial and com­mer­cial devel­op­ment.”

Newspapers in English

Newspapers from South Africa

© PressReader. All rights reserved.