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New Cape Town CBD residential property optimises on co-working and co-living

New Cape Town CBD residential property optimises on co-working and co-living

by Sharon Sorour-Morris
1 June 2021

The transformation of the old Townhouse Hotel into a neighbourhood-centric development offering flexibility, convenience and exceptional amenities is an exciting new addition to the Cape Town CBD residential property market offering. 

Neighbourgood is on a mission, says its CEO and founder, Murray Clark, to build “thoughtfully designed, all-inclusive living and working spaces that offer exceptional amenities and a connected community”.

This philosophy is driving the company’s developments, two of which are in the Central City, namely the R80 million Neighbourgood East City (formerly The Townhouse Hotel) and the R65 million Neighbourgood Reserve (formerly African Banking Corporation (ABC) in Adderley St).

The developments are set to change the face of the Cape Town residential property market as they focus on providing flexible, fully furnished living and working spaces that have superior amenities such as on-site community managers and concierge services.

All units are for rent only, with the developments speaking to young professionals who are looking for an integrated inner-city space with flexible lease terms, and that allows for maximum productivity and collaboration – with a sense of community thrown in for good measure.

Not for nothing is the company name a play on the word “neighbourhood”. Clark elaborates: “We are a neighbourhood-centric property development company. A sense of community drives everything that we do. We believe that thriving neighbourhoods are the lifeblood of our society and our mission is to bring them to life by offering opportunities for connected living.”

Not only does each Neighbourgood location have various communal spaces, but there are also regular events and networking opportunities, allowing members to experience a sense of community.


The Reserve on Adderley is one of the properties being developed by Neighbourgood.

A DIFFERENT CONCEPT

With the Townhouse development, Clark believes it’s still important to remain true to the spirit of the former iconic hotel. “In its heyday, the Townhouse Hotel was the place to be. While Neighbourgood East City has a very different vibe, the spirit of the founder of the Townhouse Hotel will live on in the welcoming space we are creating.” Indeed, former hotel owners, the Petousis family, are partners in the Neighbourgood East City development.

“The space is being repositioned, but we are working hand-in-hand with the family,” confirms Neighbourgood brand communications manager Kim Clark. The offering is very different, though.

The hotel is being transformed into a co-living space – which is a fairly new concept in South Africa – offering “members” (they’re not called tenants) various benefits, including fully connected living spaces that “integrate accessibility, community and freedom” and shared dining, kitchen, lounge and work spaces that are designed to meet members’ needs.

Key to the offering is flexible term leases including three-, six- and 12-month terms as well as day/weekly passes for Neighbourgood workspaces. The rooms and workspaces are fully furnished “with all the essentials”. Says Clark, “They’re ready for people to move in: high-speed, commercial-grade WiFi, smart TVs and weekly cleaning by our on-site team are included in the price.”

He calls it “connecting the dots", and there are also “value-adds” such as partner discounts for businesses in the surrounding neighbourhood to help members integrate into the surrounding community.


Neighbourgood East City rooms vary in size but are all fully furnished with flexible leases.

DIGITAL NOMADS

The concept buys into the new remote working and living trend and also capitalises on the global digital nomad movement that sees young upwardly mobile professionals travelling the world while furthering their careers.

This bodes well for the Cape Town CBD, which is one of South Africa’s most successful, vibrant and tech-enabled downtowns with a huge retail and entertainment offering for residents.

Says Clark: “We offer a home away from home for young professionals who move in with only a suitcase in their hand. This is very appealing to upwardly mobile workers who are not tied to any one place but have become the so-called digital nomads capitalising on the remote working trend.”

At least 30 % of Neighbourgood members are foreigners, with the remaining 70 % locals from all over South Africa. “They’re lawyers, auditors, social media marketers … aged between 23 and 40 years but we’re also seeing a huge increase in interest from the 22 to 35 age bracket. The average age is around 28 years.”

With five properties in its stable (the others are in the Cape Quarter, Green Point and Woodstock), Neighbourgood capitalises on the unique offering of each neighbourhood. 


Neighbourgood East City has activated the entrance to the development while it is under construction.

CENTRAL CITY OFFERINGS

The two Neighbourgood offerings in the Cape Town CBD each have their own personality. Neighbourgood East City has 107 co-living suites, priced from R5 950 to R10 950 per month, with fixed monthly costs and flexible lease terms. Neighbourgood Reserve, which is under construction and is set to open in November 2021, will have 35 co-living loft apartments.

“These properties do not operate in isolation, however, as members have access to facilities in any other Neighbourgood property. They have also been developed with sustainability in mind: we have tried to reuse materials as far as possible, in order to pass this value on to our members.”

IMAGES: Neighbourgood, CCID

Tags: Neighbourgood East City Neighbourgood Reserve Cape Town CBD residential property Murray Clark Neighbourgood Townhouse Hotel digital nomad fully furnished accommodation