Dozens of businesses are emerging in suburbs here and estate agentssay this has led to a boom in residential property prices.

Even rundown properties have been snapped up by businesses and convertedinto offices.

Estate agents said many businesses choose suburbs over the central businessdistrict because there is less congestion.

"In the CBD there are hawkers who do not clean up after themselves -and too many pedestrians and crime," said estate agent Colin Kemp.

Estate agent Kim Wood said the relocation of businesses has caused aboom even in rental prices, since businesses could afford to offer higherfees.

This has resulted in homeowners in suburbs such as Beacon Bay, Vincent,Berea, Quigney, Southernwood and Cambridge converting their homes intobusiness premises.

"If you drive down Beach Road in Nahoon, Devereux Avenue and WesternAvenue in Vincent and Pearce Street in Berea, many of the houses have beenconverted," said Wood.

Estate agent Mark Lindstrom said the demand could result in prices goingup in areas where businesses are competing with the residential market.

He described the CBD as too busy, saying people prefer a more relaxedenvironment. He said parking was easier in the suburbs. "It's not pleasantto pay a car guard every time you are in town.

"Even in Southernwood, there is a huge demand for property and the demandis pushing up prices of certain properties," said estate agent Andre vanStraaten.

He said in the past houses were not selling in Southernwood but thathad changed and people were now revamping dilapidated properties.

Daily Dispatch
 
Publisher: Business Day
Source: Business Day