September 4 2024 08:30
SOUTH AFRICA
Guest piece for Forge Homes and Only Realty
As one of Cape Town’s earliest suburbs, Woodstock has reinvented itself more than once. Research shows that historically it was originally inhabited by the Khoikhoi. Years later the Dutch arrived and added a railway line, and Woodstock became a popular suburb, complete with a beach, lost during the 1950s Table Bay land reclamation. Its ease of access to the harbour and transport kept Woodstock in demand during the Cape’s industrialisation years. As the working class rapidly grew, so did demand for factories and housing.
Fast forward to modern day, the property market in Woodstock has seen a dynamic evolution especially over the past 30 years. Once earmarked for urban development, Woodstock’s proximity to the city centre, major transport nodes that link the southern and northern suburbs, the V&A Waterfront, and the University of Cape Town has made it a prime location for both residential and commercial projects. Woodstock has undergone various phases of rejuvenation over the years. In the 1990s, the suburb was primarily residential with a mix of Victorian-era homes and small businesses. However, the turn of the century brought a wave of gentrification, driven by its strategic location and flourishing cultural scene. Major developments, such as The Old Castle Brewery and the Woodstock Exchange (WEX), have been pivotal in transforming the area into a vibrant hub for creatives and entrepreneurs.
Over the past three decades, property prices in Woodstock have fluctuated significantly. In the early 1990s, the average property price was relatively low compared to other Cape Town suburbs. However, the past 15 years have seen a marked increase, with average prices climbing from approximately R300,000 in the early 2000s to around R2.5m in recent years. The area remains an attractive option for buyers and investors due to its competitive pricing and potential for growth.
The development boom has not been without its challenges. Numerous developers have faced criticism for disregarding the historical and cultural significance of Woodstock, which is a designated Heritage Area. There have been concerns about the displacement of long-term residents and the erasure of the suburb’s unique character. The local district improvement association, Woodstock Community Improvement District (WCID), has been vocal about preserving the neighbourhood’s heritage while encouraging sustainable development. Recently, the City of Cape Town approved a 9000 square metre social housing property project which will provide 375 housing units and over 350 open-market residential units.
Development in the area is on the rise again as potential is realised. The most recent announcement is a 32-unit apartment building, The Woodstock, located on Albert Street. Developers have learned from the original trailblazers and are now more mindful of the area’s charm and the elements with which cannot be tampered. They have adapted their plans to retain the iconic Art It Is gallery, which is located on the current site, and will be rewarded with new premises. They have also undertaken to rejuvenate the adjacent park, Sussex Street Park, as a promise to improve public open spaces.
In a recent interview, Nadine Pretorius, CEO of Forge Homes, the development arm of The Only Realty Group, who will be marketing the units, said: “The Woodstock is a mixed-use development that seeks to harmonise progress with preservation. Woodstock is a Cape treasure that needs to be handled with care and consideration. As property professionals, we have a responsibility to engage with the community on the common ground of progress rather than redevelopment. The goal is to uplift and improve the neighbourhood and its facilities.”
Grant Smee, CEO of Only Realty, said: “Developers, must always find a balance between preserving heritage, mitigating the impact of gentrification, and embracing the advent of progress. Woodstock is a suburb where this balance is not just important, but essential for maintaining its unique identity.”
As Woodstock continues to evolve, the balance between development and heritage preservation will be crucial.
247@propertyflash.co.za
