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WHILST the Somerset Mall has added value to Somerset West, there are many local residents who would love to see the Somerset West city centre revamped. One company that has long been campaigning for such a revamp is Dugmore Properties.

"Having had many conversations with both commercial and residential property owners in Somerset West, it is clear there is strong support for a vibrant, cafe style, city centre," says Colliers Dugmore Properties MD Jenny Dugmore, whose company has been selling units at a centre revamped some time ago.

"We believe that the refurbishment of Fountain Square (old Morkel's Arcade) and sale of sectional title units by GEM Property Group and the release (this week) of sectional title units at Helderberg Village Walk, is an excellent opportunity for us to progress this concept".

GEM Property Group is in the process of creating these opportunities at Helderberg Village Walk and this week offered up the sections for sale. Existing tenants were offered first option on the units last week with the remaining units becoming available next week.

"This is the right time to invest in property," says Dugmore. "Despite the interest rate hikes, SA property is still priced far lower than most other countries.

"Two significant factors defining a predictable increase in commercial property prices, is the significantly reduced number of new developments and secondly the decline in the volume of plans submitted.

Given that the economy continues to go grow, albeit at a slower rate than before, we will shortly have an inadequate supply of commercial and retail property. This will result in an increase in rental rates due to market demand and owning your own premises will control your cost of accommodation."

According to Greg Anderson, the broker responsible for Colliers International Dugmore commercial property sales and who has had many years of interaction with local commercial property owners, it is in the interest of businesses to own their own premises. "By setting up a CID for Somerset West we will ensure the success of these centres and Colliers Dugmore Properties intends driving this process in conjunction with companies like GEM Property Group.

"We believe it is in the interest of all in Somerset West to support this venture and we look forward to making contact with anyone interested".

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