Office prices are 'boxing' up

With neighbours such as Ogilvy Cape Town, the Old Biscuit Mill and the Palms Décor and Lifestyle Centre, Buchanan Square is located in an area that is fast becoming a major creative hub in Cape Town. The Buchanan precinct is made up of three distinctive buildings – The Buchanan building, The Armoury building and The Hills building – which were renovated by Redefine Properties as part of the area’s urban rejuvenation efforts.

Armoury Boxing Club co-owner, Steve Burke, says Woodstock is the perfect setting for the boxing club. “The area is edgy and interesting and reflects our business and what we are trying to achieve with it , which is to introduce boxing as a sport or physical outlet for professionals and business people as opposed to it being mostly a township sport.”

“Armouries are steeped in boxing history, particularly United States armories of early 20th century where there was a long tradition of them hosting Friday night fight nights. This made the Armoury building at Buchanan Square an obvious choice for our club,” says Burke.

The building itself has a face-brick façade and care has been taken to renovate it without disturbing its historical character. The interior includes features such as wooden staircases and high ceilings, which give it a spacious and minimalist feel.

Burke says the boxing club has an upmarket, urban vibe – in addition to the workout space, there’s a lounge area with antique furniture, a library and Victorian boxing prints. “I think this area (Woodstock) lends itself to being really creative. It’s full of soul and reminiscent of London’s Hoxton area, which is also undergoing a regeneration process,” he says.

Redefine Properties Ivo Nestel says several businesses have become co-owners of the Buchanan Square precinct. “Orange Films, IG production, Box Living, Stockhome Kitchens, Chameleon Casting, Inscape Design College and meyer+foster Architects have all claimed a piece of this prime Woodstock property,” says Nestel.

The Armoury and The Hills buildings have nearly reached full occupancy (400m2 and 1000m2 remaining space available respectively), but the Buchanan building with its London Underground feel and spectacular views of Cape Town’s CBD still has about 5 000m2 of space left. The Buchanan building is ideally suited to medium and large firms. They will share the space with the Michael Stevenson Gallery, which was one of the first to take up 1181m2 in the building,” says Nestel.

Initially the property was going for R7,500/m2, but Nestel says the demand for the area has resulted in prices increasing to R8,000/m2.

Article by: