Woodstock’s regeneration shows no signs of slowing with the redevelopment of Buchanan Square and Newmarket Junction by the JSE listed, Madison Property Fund Managers. The refurbishment and development of two commercial properties, due to be completed in the next six months, will add significantly to Woodstock’s growing reputation as the new creative hub of Cape Town.

Situated off Sir Lowry’s Road, the two properties are close to existing locations already adopted by Cape Town’s creative community, including the highly successful Old Biscuit Mill, The Palms and ad agency Ogilvy’s Cape Town office. Buchanan Square and Newmarket Junction combine Woodstock’s unique urban heritage with the flexibility to create atmospheric contemporary work spaces. It is anticipated that the developments will appeal primarily to Cape Town’s entrepreneurial, creative community that has already proved itself as the vanguard of the area’s rejuvenation. Both developments offer excellent access to transport routes and the city centre at an affordable cost of between R7000 per square metre and R8500 per square metre.

Woodstock has phenomenal potential for growth.

“Despite the international economic slowdown of recent months we believe Woodstock and the eastern area of the city still has phenomenal potential for growth. In a climate where many businesses are expanding, but looking to make cautious investments, we believe developments such as Buchanan Square and Newmarket Junction provide the perfect balance between location, atmosphere and affordability,” said Brian Goldberg, Development Executive for Madison Property Fund Managers.

Mirroring overseas trends, limited space and rising costs in Cape Town’s CBD has meant a movement of many SMEs into the eastern city area. The move, which is also being seen in the residential property market, allows expanding businesses to invest in their future in a location close to the city centre at an affordable price.

“We anticipate that Woodstock and the City East area will follow the same global trend seen in London’s East End and New York’s Meatpacking District, where an expanding eco-system of creative and entrepreneurial businesses have driven rapid inner city development,” added Brian Goldberg.

Buchanan Square is a listed heritage building, built in the early 1900s, with over 18 000 square metres of sectional title space available. The development will preserve many of the original features of the square’s building, including the face brick exterior and internal industrial features such as wrought iron fire doors and pillars. Many of the units have stunning views over Table Mountain and the City Bowl as well as an abundance of natural light. The prestigious Michael Stevenson gallery has already confirmed it will be moving from its current location in Green Point to Buchanan Square to join a number of other progressive art spaces in the area.

Situated on the corner of Newmarket Street and Dorset Street, Newmarket Junction retains many of its original industrial design elements whilst offering 10 000 square metre of contemporary and adaptable sectional title business space. The Newmarket Junction buildings are split by a leafy, controlled access roadway, offering views up to Table Mountain and Signal Hill and down to Table Bay Harbour. The property is conveniently situated in the same area as Buchanan Square as well as a number of other new and regenerated business spaces.