Property prices in the Voortrekker Road Corridor Improvement District, including certain areas of both Bellville and Parow CBDs, have risen by about 15% over the past year.
Derek Bock, CEO of the improvement district, believes that like all other city improvement districts in greater Cape Town – there are currently 35 – the the Voortrekker Road district is proving to be successful by providing services over and above those offered by the City of Cape Town.
“Another important factor for investors is the area lies within the urban development zone and is also part of the mayoral urban renewal programme.”
The district is close to several important transport networks connecting the Bellville and Parow CBDs to the rest of the city.
These include Bellville and Parow stations and taxi ranks, the N1 freeway, the R300 arterial and Robert Sobukwe Avenue, which leads to the Cape Town International Airport. It is also surrounded by other commercial and industrial nodes such as Stikland, Parow Industria and Tyger Valley.
There has been renewed interest in businesses wanting to relocate to this area from other business nodes, partly because of traffic congestion, especially along the N1 and N2 leading to the city.
Property within the improvement district area is also still relatively affordable, although there has been a sharp increase in prices since it was established in 2012.
Established corporate businesses such as Sanlam head office, the Foschini Group and Vodacom have all showed confidence in the area by not relocating to other business nodes.
Although crime is a concern, the improvement district is doing its best to address this issue by working in partnership with the police and the city’s law enforcement agencies, says Bock.
The area has long been neglected by the authorities but as the second CBD of Cape Town, the city has realised the potential in terms of investment and job creation.
And while Bellville and Parow will never be a Claremont or a Waterfront shopping destination, the retail shops in the area have been there for years and cater for a certain target market, adds Bock.
Originally Published on 24 April 2017 by Independent Property.
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