Small but ex­clu­sive cor­ner

Michelle Funke looks at an ex­clu­sive new de­vel­op­ment launched in Johannesburg’s sub­urb of Craighall Park

Business Day - Home Front - - HOMEFRONT -

THE up­mar­ket sub­urb of Craighall Park in Johannesburg’s north­ern sub­urbs was es­tab­lished over 100 years ago and is well known for its con­ve­nient lo­ca­tion, ameni­ties and qual­ity of res­i­den­tial life. Craighall Park lies slightly to the west of Sand­ton, a col­lec­tion of leafy neigh­bour­hoods that form a belt on the western side of the city be­tween Parkhurst and Sand­ton’s Cen­tral Busi­ness Dis­trict.

Prop­erty here is mostly made up of free­hold homes, which make up about 61% of prop­erty in the sub­urb, ac­cord­ing to in­for­ma­tion sourced from Light­stone, a prop­erty sta­tis­tics and data provider. Light­stone data also re­flects that 37% of prop­er­ties in Craighall Park are sec­tional ti­tle, with 42% of re­cent buy­ers in the area be­tween the ages of 18 and 35.

The in­for­ma­tion also re­flects that 38% of ex­ist­ing own­ers have been in the area for 11 years or more. It is within this well-es­tab­lished sub­urb that a new, ex­clu­sive sec­tional-ti­tle de­vel­op­ment is un­der­way. Sit­u­ated in Grosvenor Road, the de­vel­op­ment, which will only en­com­pass 11 units in to­tal, will be called One Grosvenor.

Rang­ing in size from 85m² to 91m², the apart­ments will in­clude an open plan lounge, din­ing room and kitchen. The kitchen will have space for two un­der-counter ap­pli­ances. The units will in­clude two spa­cious bed­rooms and two bath­rooms, with the main en­suite. As the de­vel­op­ment is lo­cated on a mu­nic­i­pal gas line, each unit will be equipped with gas hobs and gey­sers, and will also in­clude base­ment park­ing per unit as well as a ded­i­cated concierge.

The style of the apart­ments is open plan and min­i­mal­ist, giv­ing the im­pres­sion of space while still re­main­ing homely.

Light and bright spa­ces are op­ti­mised through large win­dows, while the neu­tral pal­ette was specif­i­cally se­lected to ap­peal to a wide ar­ray of buy­ers. The apart­ments also in­clude large bal­conies for en­ter­tain­ing.

Given the in­ti­mate size of the de­vel­op­ment, the de­vel­oper in­tends to en­gage with each new owner re­gard­ing the op­tion for fin­ishes, en­sur­ing a be­spoke look that is still in keep­ing with the over­all de­sign.

Belinda Magee, prin­ci­ple of James Laing Real Es­tate, who is mar­ket­ing the de­vel­op­ment, says that the area ex­pe­ri­ences high ap­pre­ci­a­tion as there is a low sup­ply of well built, up­mar­ket homes and a huge de­mand from buy­ers wish­ing to be closer to their place of work and to the other ameni­ties the area of­fers such as the parks, shop­ping cen­tres and en­ter­tain­ment nodes close by.

Buy­ers, she says, are mostly young, up and com­ing pro­fes­sion­als and young cou­ples.

“Typ­i­cally those look­ing to pur­chase prop­erty in Craighall Park are buy­ers that want to spend as lit­tle time as pos­si­ble in traf­fic to work, while still be­ing close to the hub of the city and less than 10km from ma­jor city at­trac­tions, but in sub­ur­bia. There are also many in­vestors who look at buy­ing here as there is a big de­mand for cor­po­rate rentals within Craighall Park,” she says.

Light­stone data on sec­tional ti­tle prop­er­ties in Craighall Park re­flects that ap­prox­i­mately 36 trans­fers have taken place to date this year, with the av­er­age price of a sec­tional ti­tle unit dur­ing 2012 sit­ting at R1.18m.

Magee notes that their aim is to cre­ate a well bal­anced res­i­dent mix, which will mean a buyer mix that in­cludes owner oc­cu­piers and not ex­clu­sively buy-to-let in­vestors. “We are there­fore only sell­ing on a first come first serve ba­sis, and, with only 11 units avail­able, we do ex­pect to be over- sub­scribed. We have con­ducted a thor­ough mar­ket anal­y­sis and the re­sult was a huge de­mand for apart­ments in Craighall Park, with easy ac­cess to all ma­jor busi­ness nodes, which is ex­actly what One Grosvenor of­fers.”

Con­struc­tion is expected to be com­plete by end of next year. Price: From R1.6m Pent­houses from R2m Contact: James Laing Real Es­tate Belinda 082 3309728 Of­fice (011) 787-8777

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