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While office-to-flat conversions all over the world are not a new concept, it is one that has significantly accelerated since the Covid pandemic. The growing trend, welcomed for different reasons by tourism, as well as property developers and investors, seems set to continue.

Supporting this notion is the whopping three million square metres of available, rentable office space in Cape Town and Sandton’s CBD areas, as well as the Department of Tourism’s recent announcement that the Cape Town holiday market is rebounding with an 87% recovery.

According to Rupert Finnemore, CEO of EasyProperties, the timing could not be better for Cape Town’s latest foreshore office conversion, The Duke, which launched to EasyProperties investors at a 3% discount this week.    

“ Not only are office conversions less costly than building from scratch, which lowers the barrier to entry for first-time investors, but projects like the Duke are typical examples of why they are likely to enjoy sustainable investment success in the long term.

In the case of the Duke, developers have catered brilliantly for the lack of short-stay rental accommodation for Cape Town’s tourism market. Not only that, but they have achieved a good balance between lifestyle and living spaces and carefully considered the design and price of the units so that there is high potential for rental income and capital appreciation," says Finnemore.

At approximately 30% below comparable properties in the area, The Duke is arguably the best value proposition in the current Cape Town residential property market making it a compelling case for capital appreciation over the long term.

"The EasyProperties Investment Committee has The Duke pegged an estimated 9.5% yield and 12.6% internal rate of return for its investors which represents a significant 10% discount from the current market pricing," says Finnemore.

Due to its tourism and strong local government and municipal infrastructure, Cape Town continues to be a strongly favoured destination for property investors from all over the world.

The Duke has launched on our platform:

Finished to hotel standards, the Duke is a luxury residential-hotel hybrid that offers top-end, contemporary design, a concierge, rooftop pool and trendy entertainment area.

Invest in The Duke - a collection of hotel-style apartments Constructed in the heart of Cape Town's city centre, The Duke is home to luxurious apartment units. This development has an estimated 9.5% net yield and 12.6% internal rate of return. This represents a significant 10% discount from the current market pricing. Investing in Cape Town at this price point creates strong potential for capital appreciation over the long term.

Situated on the edge of the Foreshore with outstanding mountain views and a north-west orientation, the Duke is well located in an amenity-rich node, opposite the recently upgraded Adderley Street Fountain. The studio, one and two-bedroom apartments which range in size from 37m² to 66m² are ideal for visitors to the city, permanent residents and even as work-home hybrids.

The EasyProperties platform, guided by a panel of property experts, offers hand-picked property investment opportunities in the form of fractional ownership shares to investors regardless of net worth or income.

 

Have you seen the exciting properties currently listed?

To make investing through EasyProperties even more valuable and exciting, we continue to add more excellent properties onto the platform. We are super excited to show you these amazing properties, and we know you will fall in love with them just as much as we do because of the potential income they will provide.