The Northern Suburbs (Parow) on the commercial property rise
Category Commercial Property News
The entire Cape Town area has some of the most highly valued property in the country and many want to invest in the city for various reasons. From world-class beaches, a breathtaking mountain range, various great areas to be outdoors and nodes in which various commercial companies and businesses call home. Cape Town has a lot to offer people looking for a great place to reside and great places in which to work.
Cape Town is the mother city, therefore the history and esteem is often seen to be highly favourable for so many reasons. Many commercial areas are located within the central business district of the city, however, there are so many worthwhile reasons to invest in the Northern Suburbs as well most notably Parow or Bellville. This statement is given even further credibility as formidable news source Business Tech highlights that the price of property in the Northern suburbs are going up. Even despite huge challenges such as the Western Cape water crisis and South Africa’s current economic status of being in a recession.
“The “Bellville-Parow and Surroundings” sub-region saw its price growth accelerate further, from 9.5% year-on-year in the final quarter of 2016 to 13.3% in the fourth quarter of 2017, while more recently the Durbanville-Kraaifontein-Brackenfell sub-region went from 8.9% growth in the second quarter of 2017 to 10% in the fourth quarter.” - Business Tech.
Leading commercial property company OfficePlace have a vested interest in the Parow/Bellville and Northern suburban areas of Cape Town and believe that certain initiatives such as The Voortrekker Road Corridor Improvement District (VRCID) and increasing development and rejuvenation will enable the area to raise its credibility moving forward, thus establishing itself as a popular commercial node throughout the entire Western Cape region.
Safety has been a concern over the past few years for certain locations around the Northern suburbs of Cape Town, but this has drastically changed as new commercial development start to take shape. In an article published off Business Reports website Derek Bock stated that Voortrekker Road has become “safer than Long Street” - ttps://www.iol.co.za/business-report/economy/bellville-set-to-be-new-trading-nexus-1880823.
All these are highly favourable factors for those wishing to invest in the Northern Suburbs and the fact that reputable companies such as The Foschini Group, investing roughly R300 Million for critical upgrades for their offices in the area are testament to this statement.
The entire city of Cape Town has seen various developments in terms of property most notably in the commercial sector. This, in turn, has created a huge interest around the expanse for various businesses and sees the property market growing exponentially yearly. The Western Cape might not be as commercially driven as areas in Gauteng such as Sandton but its picturesque beauty, biodiversity and numerous options when it comes to variety of property have made it highly regarded on many levels.
Parow and the Northern suburban areas of Cape Town, really do have a lot to offer in terms of retail property. Examples and massive brands such as The Foschini Group investing in the space are testament to this statement. As the central business areas become more and more congested, various business people are looking for alternatives whilst still being in one of South Africa’s most beloved and talked of provinces. With so many reasons to invest, why not make the move now? Get in contact with a highly skilled broker from leading company OfficePlace and start your next business operation in Parow.
Author: OfficePlace Commercial Property Brokerage
