Like everything else, commercial property trends have been strongly influenced by the COVID pandemic and a new vogue for coastal living is emerging as Capetonians place work-life balance even higher on their list of priorities.
In Cape Town, where scenic beauty and coastal living come together so well, there’s a strong business movement in the direction of seaside living that came about during the work from home era ushered in by the pandemic.
Realistically speaking, however, not every job can be done from home. With more companies seeking to reopen and employees missing the routine and social benefits of office life, a balance between coastal living and productivity will need to be struck in the post-COVID era.
With a working harbour and international airport both in close proximity to Cape Town’s CBD, this thriving coastal city is showing better resilience to the pandemic than its inland counterparts. According to FNB’s property broker servers this would appear to the case across the industry in all sectors – retail, industrial and in office space.
Coastal work play lifestyle, just a short walk from the CBD
The Waterfront and Atlantic Seaboard regions have always been popular locations for premium commercial property and this trend is expected to continue as the economy reopens. The Foreshore, which connects these areas to the CBD, is one of the hottest areas on the commercial property radar this decade.
Expansions to the V&A Waterfront’s Canal District will create a seamless link between work in the Foreshore and leisure time at the V&A, attracting both local and international visitors for decades to come.
According to Mayor Dan Plato, the approval of a R3,9 billion expansion to the Canal District indicates a confidence that, “significant and sustained investment by the private sector facilitated by the City of Cape Town, will ensure the long-term sustainability of Cape Town…”.
Transforming a Wasteland into opportunity
The V&A Waterfront revolutionised coastal work play lifestyle property in Cape Town in the 1990s and now Harbour Arch is ready to put a 21st-century spin on this winning formula.
Recently, the Harbour Arch development was granted approval from the city of Cape Town with mayor Dan Plato expressing confidence in the project which will, “transform an uninspiring and under-utilised
industrial site on sterilised land under the elevated freeway”.
Developments like Harbour Arch encourage workers and management to reside in the same area where they work and enjoy everything the Cape Town’s rejuvenated CBD and Atlantic coastline have to offer.
Just a short walk from the central business district, this area is located between town and the trendy Greenpoint area with the bustling diverse community of Sea Point just a few minutes’ drive away.
The ideal work play lifestyle at Harbour Arch
Living and working close to the heart of Cape Town while enjoying the security and exclusivity of a world-class development is a major draw card for tenants and this is reflected in the impressive gross of the area over the past few years.
- The completion of this R16 billion project, which is expected to create more than 10 000 jobs during the construction phase, will see the last of the vacant areas between the waterfront and CBD eliminated for good.
- This will create a continuous stretch of highway lined with sought-after mixed-use and commercial property with a wealth of lifestyle and recreational activities.
- The imposing six tower complex will occupy almost 6 acres of prime commercial property in the CBD’s northeast corner. With close to 200 000 m² of mixed-use space catering to premium buyers and tenants.
- With a tentative opening date in 2029, Harbour Arch’s launch date may be far in the future, but the development’s first tower is already virtually sold out.
As a prospective buyer, this positive response to the development still in the early stages of construction is an excellent sign of the long-term viability of the project and the potential for future gains in value.
This display of confidence and enthusiasm by property investors in the middle of a pandemic is proof of Cape Town’s enduring appeal as a luxury lifestyle and business destination.
Extending Cape Town’s footprint
Commercial property prices are always an important factor when considering a purchase, but for commercial tenants and owners the everyday experience, convenience and prestige associated with a building are all unique selling propositions in themselves. Harbour Arch promises the following world class amenities.
- Two luxury hotels, including one to be operated by the Marriott group
- A range of lifestyle offerings including restaurants, gym facilities and retail spaces
- A fully functional, luxurious space to live, work and play that’s ideal for the blended approach to office life that’s likely to be popular in the post-pandemic era.
Live work and play in Cape Town
There’s no doubt that many of us have been rethinking the way we live and work in the wake of the pandemic – but you don’t need to leave the convenience of Cape Town’s CBD to enjoy a coastal work play lifestyle.
New building projects like Harbor Arch are providing a brand-new way to live and work in the CBD with commanding sea views and the host of lifestyle options that the waterfront area has to offer.
The Commercial Space team is on hand to assist companies that wish to reopen in fresh new premises that emphasise work-life balance. Contact us today to view our portfolio of commercial properties in the greater Cape Town area.
