The Pals building and Cornerstone Institute building
One such project is the redevelopment of 95-97 Durham Avenue, known as the Pals building due to it previously being the home of the clothing manufacturer of the same name. Here, three buildings are undergoing redevelopment by Johannesburg developer Dawie Swart, financed by Construct Capital and designed by Boukuns Architecture and Design.
With a tenant list which includes Nando's, BrandsEye, Red & Yellow Advertising School, Zando and Quirk, it is clear that big brands are seeing the value for money and potential in Salt River.
Facilitating the conversion of the Pals building into a commercial property is a new 5,400m² development including a 6 00m² retail aspect and undercover parking bays. "The parking is catering to the increased parking requirements generated by the change in use of these properties whilst the retail services the significant foot traffic generated by the Salt River train station," says Development Manager Ryan Wintle of Construct Capital. The upgrade to the Pals building forms part of a wider upgrade scheme known as the Salt River Village Upgrade Project, which is an official WDC 2014 project.
Across the road from the Carpark, Swart is also responsible for redeveloping an old industrial property into residential units. Opposite Pals is the Cornerstone Institute building, which was revamped by the same development team last year. This building was purchased in 2011 and converted to a purpose-fitted educational facility.
"It has been a tough project to get financing for the development of this node and has taken significant efforts and negotiations on our part to get the necessary funding to complete this precinct," says Wintle, who believes that the Pals development has kick-started redevelopment in Salt River.
"When Dawie began the redevelopment of the area in 2011, the effects of the financial crisis were still fresh in the minds of everyone. Funders were weary of funding developments in areas like Salt River, preferring to focus on more established nodes. Additionally many could not see the value in investing this kind of money in Salt River. All three of the properties making up this project are now 100% let and with a high calibre of tenant," Wintle said.
Thanks to efforts by the developers, Salt River is now a City Improvement District, which Swart believes will assist in creating a positive identity for the area, something he has witnessed within the proximity of Johannesburg's Maboneng Precinct where he is developing entry-level housing.
"Like Maboneng, Salt River is also very cosmopolitan, but it has had a bad rep. Today there is a mixture of long-time residents and new businesses coming together and hoping to create a village atmosphere," Swart said. "Due to its location and proximity to the CBD, it was only a matter of time until Salt River was revitalised."
"Compared to the rest of South Africa, Cape Town has a shortage of commercial property and we have seen a demand for this node and have had no problem in renting out the newly refurbished spaces," Swart said.
The area around the building will be turned into a paved pedestrian walkway, building up the district for the many people who use Cecil Road as a thoroughfare from the Salt River train station to Victoria Road. A park and public square has been incorporated into the design to make the area more usable for the public and workers.
Architect Etienne Britz used the existing urban fabric and its history to define his design principles for the project. "We realised we could create a really dynamic community within this space and harnessed community support for our work to get residents to buy into the project. We have received excellent feedback from our neighbours and the residents in the area are excited about the redevelopment and the creation of a mixed-use node."
Contradictory to most security-conscious developments, burglar bars on the building have been removed to open up the building to the outside world. Solar panels, funded by the Industrial Development Corporation, ensure that the building complies with green regulations.
Property economist and professional valuer of Rode & Associates, Erwin Rode, said modern buildings in the Salt River area could "potentially start a long process of regeneration, hitching on to the Woodstock area which is slowly being gentrified".
The refurbishment of the three properties and surrounding areas is expected to be completed in August.
