Owner occupiers and investors continue to find value in prime located commercial property in the fashionable Bright Street/Main Road precinct of Somerset West, an area typified by leafy sidewalks, easy access and a village atmosphere, says Carl Nagel, investment consultant for Pam Golding Commercial. This has become the area for trendy coffee shops, upmarket showrooms and offices for professionals.
Nagel, who over the past two years has sold 14 such properties in this area, including 740sqm of office space which was sold for R4.75 million - the highest value achieved for commercial property in this node, says the trend towards upgrading buildings for commercial use is on the increase due to the extremely high cost of construction.
"Buyers realise there is considerable medium to long term value in investing in properties in this sought-after part of town. Currently we have available for purchase a number of properties converted from residential to business use, ideal for owner occupiers and investors, which are priced between R1.5 million and R3 million," says Nagel.
Issued by Gaye de Villiers