Property business is booming in Cape Town now more than ever, international brands finds their way into city center changing business forever in the mother city.
CAPE TOWN – Business is booming in the city and key commercial, business and retail nodes are experiencing strong activity according to Guy Friedberg, commercial consultant for Seeff Atlantic Seaboard and city Bowl.
He says that the area from the CBD, Woodstock, De Waterkant, Green Point and Sea Point to the V&A Waterfront and as far as Camps Bay is experiencing healthy demand and activity. The demand for property for sale is at an all-time high with shortage of stock charactering the market, he adds.
Sellers, who are pricing their property at the right level, are achieving their asking prices in most of the cases, especially in new development driven by an increased demand for residential units and retail space. With so much development on the go and on the pipeline, Friedberg says that the area brimming with exciting prospects. Plans to bring more resident and businesses into the CBD and foreshore over the next 2 to 4 years will no doubt open further opportunities for additional businesses and services. We therefore foresee a busy market for the foreseeable future.
Already there is rising demands for hospitality sites to accommodate eateries, bars, coffee shops and the likes, but there is limited stock available in the prime locations. Kloof street Gardens, Bree Street in the CBD and regent Road in Sea Point are the most desired locations with rentals up to R250/sqm being achieved.
Seeff for example recently placed Shifts Espresso Bar in Waterway House, the latest commercial and retail development in the V&A Waterfront where Ferrari is the anchor tenant. Furniture showrooms are also in demand as there is limited space large enough to accommodate theses.
Recent placements by Seeff included most famous Italian furniture showroom, Minotti Cape Town by Limeline, who are opening their first flagship showroom in South Africa, also at Waterway House in the V&A Waterfront precincts. Premises for Spa’s Beauty salons and private gymnasiums are also in demand. Seeff also recently concluded a lease agreement on a 230sqm space in Somerset Road, opposite the Cape Quarter, for a Thai Spa.
Excerpts: Table talk
PHOTO: City of Cape Town building. Credit Peter Okafor/ExpressCapetown.