Woodstock New Developments - Meet The New Brooklyn of Cape Town
In recent years, the Cape Town City Centre has been recognized by many in the industry as one of the best performing property markets (both residential and commercial) in the country with the help of local government and the Cape Town Central Improvement District (CCID). More recently, the new property developments in Woodstock is showing great strategic future growth potential due to its accessibility to the highway and convenient proximity to the Cape Town City Centre as confirmed by the CCID’s latest report.
Latest new companies and commercial property developments in Woodstock
- Woodstock has shown significant interest from both prospective tenants and investors during 2015, with some substantial property development initiatives in the pipeline for 2016 (read more here).
- This popular commercial node has already seen the establishment of The Boulevard Office Park (which fronts onto Eastern Boulevard) having proven popular among the likes of quality tenants such as Medscheme, Alexander Forbes, Swiss RE, BDO and Zurich.
- Around the corner from from The Boulevard Office Park is another premium commercial property named The District (home to international ad agency Ogilvy and Mather) and The Palms Lifestyle Center (housing a variety of companies such as Eighty20 Consulting, Digital Media Publishers, Silvertree Capital, Louis Karol Architects and JP Inc Communications.)
- The premium Hilton Double Tree Hotel has also been established in the Upper Eastside of Woodstock in 2010, proving popular among leisure and corporate travelers alike.
Over the past 10 years, Woodstock has proven resilient to most of the market’s highs and lows with investors having yielded a steady growth in capital return. The Boulevard Office Park in Woodstock is a great example, where many quality tenants who signed leases back in 2008 are still active and invested in the area.
The Rising Demand for Accommodation in “The Brooklyn” of Cape Town
There is strong evidence to suggest that Woodstock is becoming an increasingly popular residential address:
- The ever increasing congestion on the city’s main highways (now rated as the worst in SA by TomTom) is driving many young professionals to seek accommodation close to work, primarily in the city centre, its mountain side suburbs and neighbouring Woodstock.
- The Iron Works and 10 Searle Street are prime examples of upmarket residential developments, some units selling for up to R4,7 Million. The Iron Works comprises of one level of ground floor retail, 3 levels of parking and 5 levels of residential apartments.
- Similar to urban lifestyle trends found in cities such as San Francisco and Sydney, Cape Town City Bowl is perceived to offer the only true “downtown” lifestyle in the country compared to other major metropolitan areas. The increasing demand for residential property in the city is driving various building conversions, and is spilling over into Woodstock as is evident in the various new development projects taking place in the area.
- Fodor’s Travel describes Woodstock as “Cape Town’s Brooklyn”, making the comparison to New York’s trendiest suburb in look and feel and given it’s strong appeal to trendy young professionals. Some of the most popular places to visit include the Neighbourhood’s Market at the Old Biscuit Mill, the Stevenson and Goodman Galleries and world renowned restaurants The Test Kitchen and The Pot Luck Club.
Author: Shuaib Gierdien / Francois Kriel