Combination schemes and Waterfront properties still drawing buyers and investors
Security and convenience are not the only benefits of mixed-use developments. They can also change the way we live and positively impact lifestyles as they have the potential to become communities in and of themselves, says Nicholas Stopforth, managing director of Amdec Property Developments.
Residents of these developments not only live and work within them, but get to know others who do. This leads to social connectedness which improves quality of life, and is known to boost longevity.
“We believe in the mixed-use concept because our aim is to build communities through property by creating environments where people can live, work and relax – all within close proximity, and with the peace of mind that they are safe and their possessions are secure.”
If such developments are planned and managed well, they have the capability to move with the times, Stopforth says. “Through ongoing evolution, it can renew and reinvent itself, remaining relevant and sought after.”
In Cape Town, mixed-use developments offer “exceptional accommodation” and are in high demand, especially because tourism numbers in the city are expected to climb to 21 million by 2030, says Pam Golding Properties.
PriceWaterhouseCoopers’ Hospitality Outlook for 2015-2019 says business tourism in particular has led to a growing need for flexible corporate accommodation, where travellers can stay in serviced apartments close to the city centre or conference facilities.
With Cape Town named Africa’s best business tourism city, Mariël Burger, Pam Golding Properties area specialist for Mouille Point, the Waterfront and the Foreshore, says it is not surprising that developments such as the Waterfront Marina, Harbour Bridge and Canal Quays are doing so well.
Dogon Group Properties says the property market within the V&A Waterfront remains stable despite the trends seen in other upmarket areas, where prices have seen a marked drop. Although property turnover in the area has slowed, the prices are stable, says Natacha Neuburger, a Dogon Group sales agent in the area.
“Property prices per square metre within the Marina have dipped from R95 000/m² to about R85 000/m², but this is more a case of prices equalising after a period of rapid and unsustainable growth rather than a case of devaluing.”
For many Waterfront property owners, there is the added allure of having a rental property that experiences high demand for short term holiday and business lets from international clientele who book through rental agents and hospitality firms.
“This means a property investment within the Waterfront works for the owner when they are not in residence,” she says. “Many international celebrities, film crews and high net-worth individuals who visit Cape Town choose apartments within the Waterfront as the area offers the best of Cape Town, coupled with privacy and state-of-the-art security.”