Weekend Argus (Saturday Edition)
New development sells well in trendy Woodstock
ONLY 35 of the total 136 units are still available for sale at The Iron Works, a trendy new mixed- use development in Woodstock, according to Seeff agents Bernice Musikanth of the City Bowl branch and Craig Algie of Woodstock.
The development comprises a ground floor retail section, three parking levels, five levels of residential apartments, and 24-hour security that includes CCTV cameras and secure parking.
The one and two-bedroom apartments with city or mountain views range in size from 50m to 106m2. Some of the units have balconies.
Prices range from R1.3 million to R2.8m including VAT and no transfer duty is payable. There are finance packages available from various institutions for qualifying buyers, say the agents.
Finishes include epoxy floors, gas stoves in the kitchens, and fibre optic and wifi internet connection.
“The development is within the urban development zone (UDZ) with tax incentives for investment buyers. The units should yield very attractive rentals given the desirability of accommodation in the area,” say the agents.
Algie says there is strong demand for new units in Woodstock and the development is selling quite well.
“The Iron Works is on the corner of Main and Ravenscraig roads and the complex and location offer an attractive alternative to the city, City Bowl and Atlantic seaboard,” says Algie.
“It is well positioned for access to the N1 and N2 and is on the MyCiti bus route. It is a few minutes’ drive from the University of Cape Town and the Cape Peninsula University of Technology. You are also right on the doorstep of the city centre and Green Point high streets as well as the Waterfront and many attractions of the Atlantic seaboard.”
According to Musikanth and Algie, the Woodstock area is seen as an excellent up and coming investment area. Property values have grown by 40 to 60 percent over the last few years, says Algie.
“Woodstock is one of the oldest neighbourhoods in Cape Town and has some fine examples of Victorian and red brick architecture, both of which have experienced a notable revival of late.
“It has an artistic village atmosphere with trendy work and living spaces, many in converted old buildings and houses.
“There are several small boutique-style and artisan shops and a number of creative industries – Woodstock has become the new hot spot for décor and other artisan crafts,” says Algie.
Construction of The Iron Works is scheduled to be completed in September next year. Call 021 423 9146 or 021 794 5252 or visit http://developments.seeff.com/the-iron-works.