Cape Town’s CBD has a lot going for it, with world-class restaurants, beautiful architecture and spectacular views in every direction. But one thing in short supply these days, owing to the large number of businesses operating in the densely populated area, is space.
This is where mixed-use developments come into their own ‒ squeezing as much functionality as possible out of a relatively small portion of land.
Initial investors at the new Yacht Club development on the Foreshore’s Roggebaai Canal Precinct have already seen exceptional capital growth during the development’s two-year construction period. And that’s just on residential properties.
The 170-apartment mixed-use development ‒ which includes an AC Hotel by Marriott and commercial space ‒ launched at R48 000/m2 in September 2015, with the last units selling for R75 000/m2 just over a year later. And with residents now starting to move in, demand for property in this exclusive location is only likely to increase.
“Scarcity of undeveloped land in the vicinity means that residential and commercial opportunities like this are limited”, says Nicholas Stopforth, Managing Director for Amdec Property Developments, developers of the Yacht Club, the iconic Melrose Arch in Johannesburg, and the new Harbour Arch in Cape Town.
He adds that, as always, the mantra “location, location, location” applies. The Foreshore is very popular right now ‒ not quite as pricey per square meter as the Waterfront, but still on the water’s edge and close to the CBD. The area enjoys incredible accessibility, with roads, water taxis and pedestrian walkways linking you directly with the V&A Waterfront, the Cape Town International Convention Centre (CTICC), and the CBD.
“With many blue chip businesses moving to the Waterfront area in recent years, opting for office space at the Yacht Club means you’d be locating your business within the heart of the corporate community,” explains Stopforth.
He believes that this particular location would be an ideal fit for a broad spectrum of businesses including architects, marketing firms, e-commerce companies, lawyers, accountants and the like.
“The space is ideal for any up-and-coming business looking to establish itself in central Cape Town. The Yacht Club is a great place to get started and, with the flexibility of the floor space, there is room for expansion as you grow your business,” he adds.
Often hard to come by in city centres is ample parking and excellent security. Luckily, the Yacht Club offers both. There is more than enough secure undercover parking for tenants as well as their visitors. And when it comes to security, the Yacht Club is secured using the same systems, procedures and technology that the Amdec Group employs at its award-winning Melrose Arch mixed-use precinct, which is considered to be the safest public precinct in Johannesburg.
“Our security systems are preventative rather than reactive. We have 24-hour monitored security cameras, which are connected to a centralised state-of-the-art security control centre that monitors the site around the clock”, says Stopforth.
The very nature of
mixed-use developments adds to the safety of the environment since residents
are generally home at night, while office tenants are around during the day.
There is always movement in the area, which significantly limits security risk.
For these reasons, Stopforth predicts that commercial space at the Yacht Club will be snapped up quickly: “Businesses have a wide scope of customisation available to them in the office space, which is located in a prime up-and-coming location at a good price. And it’s a very prestigious address too.”