For many years, Cape Town's East City Precinct was regarded as the less desirable fringe of Cape Town’s CBD, largely overlooked by the developers who have been reshaping the cityscape during the last decade. However, this has begun to change with recent upgrades attracting new businesses and injecting new life into the once run-down area.
“The area has been earmarked by the city as a special design and development district,” says Geffen.Lew Geffen, Chairman of Lew Geffen Sotheby’s International Realty, says until very recently, investment in this area was very slow, especially when compared to the Foreshore and other central sectors, but with R1.6 billion worth of construction under way or planned over the next few years, the east precinct will undergo a dramatic transformation.
“The area has been earmarked by the city as a special design and development district, and many are hailing it as a 'design and innovation district' as well as the latest trendy social hub,” says Geffen.
This 205sqm three bedroom, two bathroom apartment has wooden floors and arched doorways. It is on the market for R5.75 million - click here to view.“Several property owners have also been involved in the transformation and redevelopment of commercial buildings in the previously semi-industrial area, which is now also home to a growing number of upmarket bars and restaurants, as well as a new retail component that synergises well with the new creative element that exists here,” says Chad Shapiro, senior commercial broker for Lew Geffen Sotheby’s International Realty in the CBD, City Bowl and Atlantic Seaboard.
He adds that a number of the larger commercial buildings have already been remodelled and upgraded, including The Harrington, 50 Buitenkant the entire Church Square area and new construction includes the new amazon.com building which is being built where Viglietti Motors was situated.
This one bedroom, one-and-a-half bathroom apartment is close to the Company’s Gardens and is selling for R2.6 million including VAT with no transfer duty payable - click here to view.“Mixed-use has also become a watchword in the area, with several already established, like Roeland Square 50 Buitenkant, the Earthlife building and 62 Roeland, which is one of the most diverse creative locations that includes The East City Studios events on the top floors, and ETV has moved in just a road away in de Villiers Street,” says Shapiro.
“We have found that 62 Roeland has specifically been a strong point of interest for customers who are looking for an introduction into the Cape Town creative and trendy market.”
Shapiro says there has also been substantial city improvement specifically in the Upper Harrington Street location where a number of government-controlled housing complexes are situated and some of the privately-owned houses are now also being renovated.
This 114sqm two bedroom, two bathroom apartment is being sold fully furnished for R6.5 million - click here to view.“The area is increasingly becoming the residential location of choice for young professionals and students as it is so conveniently located, and now includes some of the city’s trendiest eatery and party locations, such as The Harrington Bar, Surfa Rosa, the District, New York Bagel Deli, the old classic Dias Tavern and Kimberly Hotel, Truth Bar,” says Shapiro.
“Cape Town’s strong coffee culture is also staking its claim in the area with major role players such as Haas and Truth now attracting the city’s coffee lovers in droves.”
“The significant attention the CBD has enjoyed from developers and investors in recent years has been a major factor in Cape Town’s status as the most desirable central business district in South Africa, attracting many blue-chip corporates. And with the transformation of the Harrington Precinct into the city’s creative hotspot focusing on lifestyle and convenience, the city’s CBD has truly been rejuvenated,” says Geffen.
