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Woodstock - where old makes cents
Date published 12 November 2008
Skyrocketing building costs, a shortage of zoned and serviced land and increasing commuting costs are impacting on the feasibility of new projects; great news for property owners in Woodstock where there is an abundance of older space suitable for re-development and public transport is first-class says Broll area specialist William Wallace.
‘For many years Woodstock was the forgotten child of the Mother City but this has turned around in recent times with landmark developments like The District and The Boulevard – the latter a massive 38,000m2 AAA-grade building alongside the N2.
But the precinct’s charm is about its mixed-use offering. In addition to these high-rise office developments there is a charming mix of light industrial, retail and residential – providing a unique snapshot of Cape life.’ ‘Another key to the area’s resurgence has been the establishment of an improvement district. Only going into its third year of existence, the Woodstock Improvement District has had a meaningful impact providing top-up cleaning services and roving public safety officers on a watch for crime.’
The WID is funded entirely by commercial property owners within Woodstock yet the entire community benefits from the additional services provided. In addition to normal litter and rubble control and security patrols, the WID also contributes to social upliftment in the area through a grant to the local District Six Street Band – a troupe of more than 800 members who focus on taking kids off the street and away from crime. Of significant importance is the announcement that Woodstock forms part of the City’s R1.32 billion integrated rapid transit system – due to be operational by March 2010.
This system will link the CBD with the International Airport as well as the surrounding communities of Mamre, Atlantis, Doornbach and Du Noon. This is on top of already existing rail, bus and taxi services. Re-development of older space into modern mixed-use buildings is one of the success stories of the Woodstock property market.
The Old Biscuit Mill has in short shrift become a popular gathering point for Capetonians as well as tourists from far and wide. While the call-centre industry has found lower occupation costs and excellent public transport the ideal combination for setting up new contact centres.
‘Old factories – many victims of the dying local clothing industry – have and are being converted into vibrant new centres, home to a variety of businesses like coffee shops, catering enterprises, retail outlets and offices. The tenant mix creates a synergistic effect where the various operators feed off each other as well as attract additional traffic to the complex – Buchanan Square and New Market Junction are perfect examples.
And with sectional-title space selling off at around R7,500/m2 it’s great value.’ ‘Proximity to the CBD and easy access to both the N1 and N2 are features that make a lot of sense for businesses to locate to Woodstock.
Coupled with that, the area offers a look back into early Cape life and highly competitive property prices; all in all a great deal if you’re looking for a value-added transaction,’ concludes Wallace.
For further information on commercial property opportunities within Woodstock and Salt River contact William Wallace on 082 410 8214 or 021 419 7373.
Author: Cullum Johnston, Imbongi Communications
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