Transforming Cape Town: Neighbourgood SA breathes new life into old buildings

Cape Town's property landscape is changing one neglected building at a time, and entrepreneur Murray Clark is betting that old spaces can have a new life. The Neighbourgood SA CEO and entrepreneur has built a business around transforming underused properties into places where people can live, work, eat and socialise. His latest project is unfolding on Loop Street, where an abandoned former backpackers is being converted into 130 long-term rental units. But before construction could begin, there was a mountain of rubbish to deal with. In 2026, Clark and his partners bought the former Happy Rhino Hotel and Backpackers in Cape Town's CBD after the building had been left empty. The property had been occupied by an illegal tenant who had reportedly been subletting the space. Following an eviction order obtained by liquidators, the tenant left behind rooms filled with rubbish. According to Clark, his team spent six weeks removing truckloads of waste from the building before renovation work could properly get underway. Despite its condition, the building itself was structurally sound. The redevelopment will now see new electrical systems, plumbing and ceilings installed throughout the 130 units. The ground floor is also being redesigned as a neighbourhood hub – a nod to Clark's broader belief that buildings should offer more than simply four walls. Clark has attracted more than 44,000 followers on Instagram by documenting his property projects, giving viewers a behind-the-scenes look at how neglected buildings are brought back into use. And the Loop Street project is far from his only Cape Town venture. In 2021, he says, his company bought the former Townhouse Hotel for R65 million, followed by a R7 million refurbishment. The next chapter is a much larger R200 million Neighbourgood East City development. The planned project includes a rooftop pool and bar overlooking Cape Town and Table Mountain, as well as a ground-floor café, eatery and clubhouse that will double as a co-working space during the day. More than 140 apartments are expected to be available for purchase from September. In Claremont, Clark says Neighbourgood acquired the former Stanhope Shopping Centre in 2025 for R84 million. The focus so far has been on reimagining its ground floor with new cafés and eateries. Clark's property journey has not been without setbacks. In 2019, he and a business partner launched Good Woodstock after moving from Durban to Cape Town. Their ambitious 2,000m² concept brought together a food hall, co-working space, wellness offering, bar and coffee shop. Although the venue was packed when it opened, sustaining that momentum proved difficult. A dispute involving the landlord and investors eventually forced the business to close. Clark says they walked away after just over six months, having lost more than R3 million of their own capital. The lesson, he says, was simplicity. By July 2020, the team started again with a more focused approach. Six years later, Clark says the business has grown into a R1.3 billion portfolio across two continents. Be the first to know – Join our WhatsApp Channel for content worth tapping into! Click here to join! Also read: Picture: Murray Clark / Facebook