Ex­cep­tional in­vest­ment op­por­tu­nity

A pent­house suite in one of SA’S ex­clu­sive ho­tels in Cape Town of­fers in­vestors all the finer things in life. Lea Ja­cobs looks at the ben­e­fits of this high-end in­vest­ment

Business Day - Home Front - - HOMEFRONT -

WHY rent when you can buy? This ques­tion is par­tic­u­larly rel­e­vant among those who are opt­ing to ex­tend their prop­erty port­fo­lios and be­come mem­bers of an ex­clu­sive club by ei­ther choos­ing to own suites in lux­ury ho­tels or by buy­ing the en­tire es­tab­lish­ment out­right.

Fran­cis Ford Cop­pola re­cently added a fifth ho­tel, the Palazzo Margherita in Italy, to his prop­erty port­fo­lio while Donatella Ver­sace owns the fa­mous Palazzo Ver­sace on Queens­land’s Main Beach in Aus­tralia. U2’s Bono en­ter­tains guests in the pent­house suite of his Clarence Ho­tel in Dublin. Sir Richard Bran­son is an­other ho­tel col­lec­tor with a pri­vate is­land, add Moroc­can and Swiss moun­tain re­treats and the Ulus­aba Pri­vate Game Re­serve in the Kruger Na­tional Park in his port­fo­lio.

Not ev­ery­one wants the re­spon­si­bil­ity of own­ing and run­ning a ho­tel and an in­creas­ing num­ber of high rollers are tak­ing the sim­pler, less ex­pen­sive route by buy­ing a suite at a high end, lux­u­ri­ous es­tab­lish­ment.

“When it comes to the wealthy, you know you have ar­rived when you can add a five star lux­ury ho­tel pent­house to your prop­erty port­fo­lio,” says Ian Slot, MD of Se­eff At­lantic Se­aboard. The rich and fa­mous not only stay in lux­ury ho- tels around the world, but are in­creas­ingly adding own­er­ship of ho­tel suites to their prop­erty port­fo­lios.

While pri­vacy and se­cu­rity are im­por­tant con­sid­er­a­tions, ex­clu­siv­ity and lux­ury five-star, on-de­mand ser­vice and ameni­ties add to the al­lure of ho­tel suite own­er­ship says agent, Emelia van der Linde. “It of­fers a se­cure place to stay, host friends, guests and busi­ness as­so­ciates and serves as a con­ve­nient base for busi­ness trav­ellers,” she adds.

The con­cept of ho­tel suite own­er­ship was boosted with the ar­rival of top in­ter­na­tional-stan­dard ho­tels such as Sol Kerzner’s One and Only where Se­eff sold a suite for R110m, the high­est price ever paid for a res­i­den­tial prop­erty in the coun­try. Among the ex­clu­sive new ar­rivals is the R400m, 20storey Pep­per­club in Cape Town’s City Bowl, owned by Solomon Broth­ers Prop­erty Hold­ings.

De­signed by MLB Ar­chi­tects and with New York-in­spired in­te­ri­ors com­pleted by Les Har­bot­tle, the ho­tel was voted Best Lux­ury Ho­tel in SA by CNN Trav­eller. Its ex­clu­sive, dou­ble-storey pent­house suite is be­lieved to be the largest and most lav­ish in the Southern Hemi­sphere and is now on the mar­ket for R30m.

“Few apart­ments com­pare with this prop­erty,” says Van der Linde. “It oc­cu­pies the top two floors of the build­ing with al­most 800m² of space, wrap­around ter­races, a sun deck and pri­vate swimming pool, and breath-tak­ing city, moun­tain and sea views.”

She notes that the dou­ble-vol­ume space in­cludes two lounges, a din­ing room, open-plan kitchen, a guest cloak­room, a lux­u­ri­ous master bed­room suite with a dress­ing area and en-suite bath­room and two ad­di­tional bed­rooms, both with en-suite bath­rooms.

The fin­ishes and fur­nish­ings are ul­tra-lux­u­ri­ous and in­clude ex­tra-length king-size beds, tele­vi­sions in all rooms, heat­ing and air­con­di­tion­ing, elec­tronic safes, wire­less in­ter­net and a mini bar in each bed­room.

Lo­cated at the foot of Ta­ble Moun­tain in the heart of cos­mopoli­tan Cape Town, the ho­tel’s fa­cil­i­ties in­clude a 24-hour concierge, board­room and con­fer­ence fa­cil­i­ties, a state-of-the-art gym­na­sium, lux­u­ri­ous spa, pri­vate cin­ema and trendy restau­rants. A palm tree-lined court­yard con- nects the ho­tel to vi­brant Long Street with its bou­tique shops and vi­brant nightlife. A fleet of lux­ury ve­hi­cles, which in­cludes a Roll­sRoyce Phantom, pro­vides chauf­feur ser­vices for guests.

“While the city is the coun­try’s pri­mary coastal hol­i­day des­ti­na­tion with mil­lions vis­it­ing an­nu­ally, it is also a grow­ing busi­ness con­fer­ence des­ti­na­tion,” says Slot.

The con­ven­tion cen­tre al­ready hosts a year-round cal­en­dar of high pro­file lo­cal and in­ter­na­tional events and re­ported more than 1,2m vis­i­tor days last year (35% of which were in­ter­na­tional tourists) and de­vel­op­ment is un­der way to dou­ble this ca­pac­ity over the next three years.

“The grow­ing de­mand for lux­ury leisure and busi­ness ho­tel ac­com­mo­da­tion means that there is al­ways the added rental-pool at­trac­tion that in­vest­ment in a ho­tel suite of­fers,” adds Van der Linde. “At R37 500/m², the Pep­per­club pent­house suite presents an ex­cep­tional in­vest­ment op­por­tu­nity.”

The most ex­pen­sive apart­ments and pent­houses in the coun­try are lo­cated at the V&A Water­front Ma­rina and Front Yacht Basin. The high­est prices achieved here over the past three years range from R64 257/m² to R73 413/m². In addition to R110m for a One and Only pent­house, Se­eff also sold the Lawhill apart­ment build­ing here at R245m. The high­est monthly short-term rental rates achieved by Se­eff on the At­lantic Se­aboard dur­ing the peak sum­mer and con­ven­tion sea­son this year range from R80 000 at the V&A Water­front to R35 000 in the City Bowl. Con­tact: Se­eff Prop­er­ties Emelia van der Linde 083 748 5184 Of­fice 021 438 1055

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