Ask any Capetonian what they think of the city’s newly rejuvenated CBD, and you’ll probably get this response:
It’s fantastic – except for the parking!
The CBD’s transformation of Commercial Property in Cape Town over the past decade has been remarkable – and it shows no sign of slowing down.
As new commercial property developments spring up each year, businesses continue to relocate or open new offices in town.
While this is excellent news for the CBD’s economy and prospects, it also means more commuters – and more cars.
Finding parking in the CBD can be challenging, especially at busy times during the week when meetings and events tend to be scheduled. When parking is available, the hourly cost can be steep – and so is the cost of a daily or monthly parking space.
What does R1 million buy you in Cape Town nowadays? A parking space
The scarcity of parking in Cape Town – and the massive demand from CBD residents and daily parkers – have pushed the price of parking bays to new heights.
While prices in the CBD may not push through the R1 million mark seen on the Atlantic Seaboard, a new development is offering parking bays for sale at almost R 600 000 each.
Napier Group recently announced a redevelopment and upscaling plan for the stylish and popular Cape Quarter precinct.
As part of the development, a portion of the development’s parking bays (140 in total) will be available at R 570 000.
Investing in convenience
For daily and monthly parkers who want the convenience of a dedicated parking bay, investing in two to four square meters of Cape Town property may be the solution.
- This trend mirrors those in cities around the world, where an entire commercial property market has developed around parking spaces.
- The cost of a parking bay in New York can often exceed $1 million (almost R15 million) – making the prices on offer in the Mother City look extremely competitive.
- As demand for parking continues to rise, parking bays in the CBD may prove to be an attractive investment with a lower price tag than conventional office space.
Whether you’re in the market for office space or parking space, we’d love to assist you. Contact us today to receive expert advice from one of our area specialists on industrial and commercial property in Cape Town.