Century City is a mixed-use development situated on the N1 Highway, approximately 10km north of Cape Town’s city centre. Comprising retail, leisure, office and residential components, it is one of the most successful developments ever built.
Valued at around R16bn, the well established business, residential and entertainment hub boasts excellent infrastructure and security. Blue chip anchor tenants and little available stock have weighed in to provide investors with outstanding returns.
Century City business property, in particular, has proved to be remarkably resilient during one of the worst recessions in living memory. Continued strong demand for office and retail space in the Century City precinct has witnessed vacancies drop by 8.7%, an indication that property offering value for money in good locations is in short supply.
Peaking at 18.6% in 2008, vacancies plummeted to 9.9% in the third quarter of 2010. With a combination of secure occupancy rates and office rentals reputed to be amongst the highest in the Western Cape, business property in Century City remains one of the most lucrative investment opportunities in South Africa.
According to Greg Deans, a director of the Rabie Property Group which owns the development, “Century City’s popularity as an office destination has grown as the development has matured and as a result of the emergence of a three-tier market with tenants having a much broader choice of products at varying rentals”.
“The success of our residential developments is also having a positive impact on commercial lettings with a growing number of people working in the precinct choosing to live here and vice versa,” he said.
Why buy business property in Century City?
The outlook for business property in Century City for the next 12 months is positive. A drop in supply yet a steady demand for modern, decentralised office and retail space is expected to add even more value to business property.
With manageable vacancy rates, average rentals of around R105 per m2, an anticipated capitalisation rate of 9.5% and the news that South Africa’s commercial real estate market is one of the healthiest in the world all combine to add value to an already priceless product.
Business property for sale in Century City
Specialist property brokers, Mor Property Investments, sells commercial and business property in Century City and Milnerton, as well as residential property in Century City. Based in the Century City business precinct and with vast experience in bringing buyers and sellers together, Mor Property Investments are the discerning choice for potential business property investors. Contact Mor today or view their online portfolio of properties to invest in one of the most successful developments in the country.
