Gorgeous George – What Does It Mean for You?
Is it a bird, is a plane? No, it is the Gorgeous George.
The new luxurious boutique hotel, situated slap bang in the hustle and bustle of the Mother City, will turn investors’ heads.
Construction on Gorgeous George which started last year, is due to open in April 2019.
Luxuriously reimagined by merging Art Deco and New Edwardian 1940s heritage buildings into one, it blends 18th-century grandeur with a raw industrial edge. A visual feast at every turn, the interiors and finishes are custom designed by local artists and creators.
But what could this mean for surrounding properties?
The Gorgeous George is the first Cape Town hotel to be a member of Design Hotels, it aims to be a new cultural hub reflecting South Africa’s design scene. Two separate heritage buildings—one that’s Art Deco, and the other in New Edwardian style—are being transformed by Johannesburg-based designer Tristan du Plessis into a 32-room hotel with vibrant public spaces.
Spectacular features will include the rooftop bar and pool, plus the first-floor event and art space, which will, rub shoulders with the neighbouring art galleries, niche museums, and intimate theatres.
What Does the Hotel Mean for Investors
“Firstly, the St George’s Mall already has a positive effect on the market around it as the quality of the apartment units are of high standard and therefore brings in a lot of potential buyers,” says Property Manager at PropertyFox, Keanan Okkers.
“With this in place, it then opens up the surrounding properties to be taken into consideration as well,”
“The hotel itself will also be of high-quality including features such as luxurious accommodation and it’s close proximity to the CBD makes it ideal for all,” says Okkers.
The hotel itself will also be of high-quality including features such as luxurious accommodation and it’s close proximity to the CBD makes it ideal for all,
Okkers describes the market in the St George’s Mall area as, “a good time for property investors but not a good time for property sellers,”
“The market in the Cape Town City Centre area has been on the decline in terms of what sellers have been asking for in comparison to what they have been accepting,” says Okkers.
“This does seem to be shifting slowly but it is clear that properties within this area have not been meeting the sales prices which they have initially put forward.”
“One thing that has remained consistent over this time has been the income for potential investors in the St. George’s Mall area.”
“Owners that have been looking for long term leases have been finding clients within a very short time and the Air BnB market has still been thriving depending on the season,” says Okkers.
“Out of all current markets regarding property in the Cape Town CBD the rental market, long and short term, has remained very strong.”