| R245m deal clinched at the V&A - 2010/07/20 | |
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News Article: 5869 has been read 267 times. |
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| n what seems to be a milestone for residential property transactions in SA, all 30 apartments in the last development in the V&A Marina in Cape Town were sold to a single buyer for approximately R245m. “Where else would both the highest price ever paid and the highest price ever paid by one person occur in South Africa, other than in the V&A Waterfront?" said Ian Slot, managing director of Seeff Atlantic Seaboard, V&A Waterfront, CBD & City Bowl, after the conclusion of the landmark deal which is believed to be the biggest in the history of residential transactions in SA. Seeff is also managing the letting of the 30 apartments in Lawhill as holiday or corporate short lets. Charles Bloem, manager of Seeff Corporate and Holiday Letting Division, says there are 30 luxury apartments consisting of five one-bedroom, 17 two-bedroom and seven three-bedroom apartments and two penthouses in the Lawhill development. “All of the apartments are stylishly furnished by interior designer Marius van der Merwe from M Interiors, and fully fitted and equipped. There is also excellent security and secure basement parking. Some units have their own pools, while others have access to communal pools. “There is internet access and DSTV in all apartments, and they have views of the Marina, the Canal and the adjacent One&Only Cape Town. These apartments, managed by the Seeff V&A Waterfront Branch, are being rented out on a short-term basis as self-catering units.” “The Lawhill apartment block is currently running at 100% occupancy”, says Bloem. Basil Moraitis, Pam Golding Properties’ (PGP) area manager for the Atlantic Seaboard, says whilst there are no longer developer's units left for sale at the V&A Waterfront, there are many units for resale and “we are starting to see competitive pricing in the market”. “It is a good time to buy in the V&A Marina, which is starting to offer excellent opportunities.” “There have only been seven confirmed residential sales, including the Lawhill deal, this year by all agencies. Moraitis says his agency recently sold a 200sqm apartment on the Yacht basin for R10,5m to a cash buyer from upcountry. “This would have been unheard of two years ago. It is a sign that investors are making a comeback in this market.” Slot says that he is seeing a paradigm shift in investment in South Africa, which has become especially apparent around the FIFA World Cup. “Traditionally, when we looked to our foreign markets we looked to Europe, but in the last few weeks around the World Cup, the people who have impressed me in terms of their commitment and belief in South Africa are our neighbours in Africa. There is tremendous wealth in Africa, and they want to invest here. “Over the next five years I believe there is going to be an African Renaissance in terms of investment in South Africa. The sale of Lawhill is a case in point – while we cannot reveal any specific details owing to client confidentiality, we can say that Lawhill speaks to many of the considerations mentioned above.” David Green, CEO of the V&A Waterfront, said he was delighted with the successful conclusion of the sale of the Lawhill building, which essentially completes the Marina development project begun some ten years ago. “This sale is further proof of the popularity of the residential development within the V&A Waterfront and shows the sustained, robust growth in property values here, despite the recent economic downturn.” Eugene Brink |
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| Source: Property24 | Date: 2010/07/20 |
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