Cape Town’s historic suburb Woodstock has been a designated area for urban development since 2007 with many new apartment complexes and mixed-use buildings rising since then.
Recently named by the UK Guardian as Cape Town’s coolest neighbourhood, the area is especially popular with younger buyers looking for accommodation close to the city that doesn’t cost the earth. Chad Belcher, an intern agent for Seeff Southern Suburbs says about 42% of recent sectional title buyers are under 35 years old. Although sectional title property only makes up 32% of all property stock, it accounted for 44% of all sales in 2022 and 60% in 2021 based on Propstats data.
Belcher says Woodstock offers the ideal investment mix for residential apartment buyers. He ascribes this to lower price points and a choice of trendy new options. “Apartment developments are meeting the demand for an international on-the-go lifestyle with minimal maintenance and management,” he says.
Along with landmarks such as the Old Biscuit Mill and the Neighbourgoods Market, many creative industries, art galleries, restaurants, breweries and co-working spaces are also calling Woodstock home. Proximity also counts in its favour with UCT, the CBD, Waterfront and Atlantic Seaboard less than 10 minutes away.
Belcher says new, modern apartments are attracting a mix of homeowners and rental investment buyers. Due to the significantly lower price points compared to the neighbouring CBD the apartments offer higher investment yields. An example is The Hub – a trendy new complex in Woodstock that offers all the mod cons, such as secure parking and high-speed fibre connectivity.
The units are also pet and bicycle friendly and have access to a rooftop gym and a running track with beautiful panoramic views of the Mother City. A MyCiti bus stop is on the doorstep. Here, studios, one- and two-bedroomed apartments are priced from R915,000 to R1.15m.
Apartments at The Hub require no deposit and 100% approved home loans are available to qualifying buyers. All costs are included and there is no transfer duty or bond costs payable. The apartments are ready to transfer in under three months and bond repayments only start once the property is transferred. The units offer an existing rental revenue stream with pre-vetted tenants, lease agreements and a net yield of around 7%.
