"Here in Cape Town, Johannesburg and Durban," said Rawson, "we have come to accept that any precinct on the edge of the CBD in which the majority of buildings are zoned for residential use and are served by some retail outlets are now good places for investment, but it is quite evident to me now that this applies to most other cities worldwide."
Such CBD peripheral properties, said Rawson, are traditionally still significantly lower priced than those in the CBD itself and in the established suburbs. Furthermore, they have buildings which are usually old and ripe for redevelopment, either by sub-division, expansion or demolition and replacement by multi-unit residential blocks.
"Such buildings," said Rawson, "are often subject to heritage and conservation rulings, but worldwide enlightened town councils are now making it possible for developers to proceed along certain prescribed lines, the general trend being to preserve the atmosphere of the area while enhancing a precinct's ability to accommodate large numbers of people."
The common factor in high demand CBD peripheral areas, said Rawson, is that whether one travels by car, train or bus, it will usually take less than 30 to 40 minutes to reach a destination in the city - even in peak traffic hours.
"A great many recent surveys worldwide," said Rawson, "have shown that whether one is talking about London, Paris, Berlin, Copenhagen, Stockholm, Oslo, Toronto, New York, Sydney, Perth or Melbourne - not to mention any major South African city - today's upwardly mobile hard-working younger set are not prepared to waste time in commuting to their workplaces. This fact, above all, will ensure that there is a revival in CBD peripheral properties such as the Berea in Durban, Bez Valley and Braamfontein in Johannesburg, and Salt River and Woodstock in Cape Town."
In Sydney, which as mentioned he has recently visited, the revival trend is particularly evident, said Rawson, and it is pleasing to be able to record that where this revival takes place, in general the quality of life in the area is greatly improved.
