WOODSTOCK, an up and coming area in Cape Town, is getting another shot in the arm through the R230m redevelopment of Buchanan Square and Newmarket Junction by listed property fund manager Madison Property Fund Managers.
The two commercial properties will offer sectional title units for sale.
Madison development executive Brian Goldberg says Madison is undertaking the “entire refurbishment” on behalf of owner Redefine Income Fund, a listed property loan stock company.
Goldberg says offices will be a large component of the redevelopment.
“We are attracting a lot of interest in the development from the creative industry. This is the east part of the city and the only direction the city can grow. The whole Woodstock area is undergoing a major resurgence.”
It is anticipated that the redevelopments will appeal primarily to Cape Town’s “entrepreneurial, creative community that has already proved itself as the vanguard of the area’s rejuvenation”.
The creative industry includes photographers, advertising agencies, designers and galleries.
The sectional title units will sell for between R7000/m² and R8500/m².
Buchanan Square is a listed heritage building built in the early 1900s with more than 18000m² of sectional title space available.
Newmarket Junction, situated on the corner of Newmarket Street and Dorset Street, offers 10000m² of space.
Goldberg says there has been significant development in the Woodstock area, including The Palms Lifestyle and Decor Centre, the Old Biscuit Mill development and the new Ogilvy headquarters, which has been installed directly between Newmarket Junction and Buchanan Square.
“Our buildings are historically factories and warehouses, which are being renovated to create working spaces with character.”
Goldberg says Madison is convinced that Woodstock and the east city precinct in general is “in fact the new city. It is where activity is happening and where it is going to continue happening.”
Samuel Seeff, chairman of real estate group Seeff Properties, says there is interest in residential property in the Woodstock area, but that it has a been a “little bit muted”.
“I do think it will follow the growth in the commercial developments in Woodstock. We will see the commercial sector coming in with new developments and buildings and new lifestyle opportunities, whereafter residential will follow suit and there will be upgrading for the residential market,” says Seeff.
“It is a key area, because it is literally 10 minutes into town, has good mountain views and is just waiting for growth to happen.”