In just three weeks since entering the property industry, new broker in Pam Golding Commercial's leasing and sales division, Michael Meyers, has concluded two transactions for the lease of retail property in Cape Town's Southern Suburbs. The first is for office space in Tokai Village, leased to a company specialising in motivational and sales training, with the second being a prime located, high-profile property in Main Road, Woodstock leased to Cash Converters - who have relocated from Access Park in Kenilworth. The combined capital value of the leases is approximately R900 000.

Previously in retail sales for the past six years, Meyers covers the Cape Town central city and Southern Suburbs areas. He says the premises leased to Cash Converters are ideal for that type of business. "As signage went up and they were moving in - even prior to commencing trading - customers were flocking in. This area of Main Road in Woodstock buzzes with activity and the new premises are extremely visible, with large window space ideal for display purposes," says Meyers.

He adds that there is a great deal of interest in retail and office space in the burgeoning Claremont CBD, and Kenilworth and Newlands areas, for businesses of all sizes. Increasingly, there is a trend toward Johannesburg companies wanting to open businesses in Cape Town.

Says Meyers: "While rates are increasing, rentals for retail accommodation in the Southern Suburbs areas are still affordable, ranging from R50 to R110 per square metre, and up to R150 for AAA Grade retail space. Office rentals in these areas are in the region of R30 to R80 per square metre.

"In Cape Town's central city, in the Adderley and Long Street areas, retail space, while in fairly short supply, is priced from R100 to R150 per square metre. Office space is available, and very affordable from R30 to R90 per square metre, which includes AAA grade office accommodation. With all the redevelopment well under way in the central city, now is definitely a good time to consider space while it is available," he adds.

Ends

Issued by Gaye de Villiers

Tel: 021 6837788 or 083 325 1939

On behalf of Pam Golding Commercial