As of the first of July, Woodstock formally became one of the City of Cape Town’s improvement districts (CIDs) and already several high-profile companies have set up premises in the suburb – likely to boost both the commercial and residential property markets.
Nate Taylor of Lew Geffen Sotheby’s International Realty, City Bowl explains: “Local companies wishing to make Woodstock a better place in which to do business initiated the CID process in 2003, and under the chairmanship of Vince van der Bijl the ‘Woodstock Upliftment Programme’ was founded.
“Apart from many small enterprises that set up shop here over the last few years due to the value for money in the area, earlier this year Ogilvy Cape Town (Pty) Ltd, Aquacor, ASAP, Indigo Properties and Saffron, together with Broll and Auction Alliance, all moved their offices to the area.”
Taylor continues that Woodstock contains many converted warehouses and Victorian cottages, built at the turn of the century that, with basic renovations, can be transformed into trendy character space.
“Residential conversions within the city centre have resulted in less commercial space being available, thereby creating increased demand in areas along the edge of the central city like Woodstock. At present undercover parking space, essential to businesses operating in the city, sells at around R40,000 – R50,000 per bay, whereas in Woodstock there remains plenty of on-street parking available to businesses – which will become more secure as the CID initiative takes root.
“Although property prices in Woodstock saw 30-40% increases like the rest of the country, the commercial value of this area has yet to be fully recognised, mainly due to the unsavory elements that existed in the area. Local police and the CID steering committee are hoping to eradicate this further over the coming years.”
According to Elad Kirshenbaum, Chairman for the Woodstock CID, the initial challenge will be to create a cleaner business district in Woodstock. Service level agreements in this regard have been established with the City Cleansing Department and the organisation of */The Men at the Side of the Road/* (MSR). The MSR will augment the service provided by City Cleansing and provide work for currently unemployed people in the local community.
A steering committee is currently in the final stages of selecting a security company and working out the contract details. It is envisaged that the successful security company will operate from a control centre within the CID with three monitoring vehicles on patrol. It is emphasised that the security company will not take over the duties of the SAPS. Instead they will be the eyes of the Woodstock CID and liaise with the SAPS and other armed response companies operating within the CID area.