It’s a well-known fact, in the property world, that over time usage and people flow change within a town, area, industrial/commercial, node. Cape Town is no exception and has recently seen some very interesting changes in this regard:
Internationally in many port cities, what once was a grimy old working harbour is now a cosmopolitan hub of retail/commercial/residential and entertainment. San Francisco, Sydney, Baltimore, London Thames, Shanghai, and Cape Town’s very own Waterfront, have shown that with smart development, careful planning and top management, these redevelopments cannot just spin big money, kick start 100’s of related businesses and industries, but can actually transform a city!
The Waterfront has proven to be one of the most successful such ventures, not just in South Africa, but internationally, especially given our size and diverse population. It has also had a knock-on effect of regentrification of areas bordering the harbour and adjacent areas like Woodstock, Salt River and the CBD. It is currently spilling over with rapid changes happening in Paarden Eiland.
Very recently, a newly listed REIT announced plans for a large development in Paarden Eiland which will encompass retail, commercial, hospitality and residential spaces. The views from the 4th floor and above, on the Marine Drive properties, are spectacular. One would have to agree that this forward thinking is exactly where it’s at. I have long thought that Paarden Eiland is ripe for change, and this first project is only the start! Others will be sure to follow.
As the winds of change gather speed, we will see many “old” areas of Cape Town changing fast; even as far afield as Simons Town and Kalk Bay. I’m guessing that once the winds of change get going, we’ll see many changes yet to come in the “Fairest Cape”