Pretoria East, (Brooklyn) more affluent than Sandton
Category Commercial Property News
When one thinks of the most affluent suburbs in South Africa, most would immediately draw their attention to areas in central Johannesburg such as Sandton, which has long since been known as the commercial and residential Beverly Hills of South Africa and possibly the entire African continent. Brooklyn in the Eastern suburban region of Pretoria is following suit and according to a recent survey conducted by a prominent property group, they have superseded Sandton in terms of both development and affluence.
"While Sandton's market topped R6.4 billion in 2016, Pretoria East boasted turnover exceeding R8 billion with some 7,500 property transactions" - businesstech.co.za. This is good news for those who decided to invest in the area a few years prior as now the return on investment is deemed to be remarkably beneficial for property owners both in the residential and commercial sectors.
"According to Private Property data, the area has seen consistent price appreciation over the last few years with the average price for a three-bedroom house now standing at around R2.2 million and the average rental at around R16,500/month". - businesstech.co.za
All these factors have led certain prominent experts in the property industry to believe that within the next few years, Johannesburg and Pretoria could merge to create one giant mega-city that connects the ever-shrinking spaces in-between these expansive, residential, commercial and industrial locations.
"The distance between the edges of Johannesburg and Pretoria will continue to shrink as both cities continue to develop outwards at a rapid pace. As a result, many experts are suggesting that the two metros will form a single 'mega-city' with a population exceeding 10 million by 2030". - businesstech.co.za.
Another huge deciding factor in this sentiment of Pretoria and Johannesburg becoming one enormous "mega-city" is the proposed plan for 19 additional Gautrain Train Stations which will include Lanseria International Airport, Cradle of Humankind and Soweto. This will also raise the profile of the above-mentioned areas.
Brooklyn also isn't without its fair share of estates that have increased property interest in the area these include Mooikloof Heights, Waterkloof Golf Estate, Silverlakes Golf Estate and The Hills. The area also has some Gauteng's best schools which include St Alban's College, Pretoria Boys High, Afrikaanse Hoër Seunskool (Affies), Afrikaanse Hoër Meisieskool and Hoërskool Waterkloof and Pretoria High School for Girls.
Leading commercial property brokerage Office Place property group have a host of commercial properties to let in the Brooklyn area in Pretoria East and believe that the areas picturesque residential feel is appealing to commercial office development. Pretoria is well known for being a particularly green city and this is exactly what makes it appealing as commercial investors look to move out of more industrialized areas, this seems to be a growing trend and its proximity to affluent suburban areas is also a huge deciding factor for potential tenants looking for new office premises and as the need grows for employees to live closer to their place of work.
According to businesstech.co.za there is a growth rate of roughly 6.5% in the Brooklyn area whilst landlords are attaining profits of roughly 7% per average, these are just estimates and there is usually a variety of results based on each particular property and area within Eastern Pretoria.
With so many favourable factors that set Brooklyn in the Eastern regions of Pretoria apart from other suburbs or locations nearby, it's no wonder that it's leading the way in terms of residential and commercial development. Why not choose Brooklyn in Pretoria East when deciding on your next premises for offices. Get in contact with a broker at OfficePlace today and make Brooklyn your new commercial home.
Author: OfficePlace Commercial Property Brokerage
