Central flats making a comeback amid revival of CBD
SOME OF t he ci t y’s older apartment blocks are making a comeback in popularity with buyers and tenants says Seeff City Bowl managing director Ian Slot.
“Amid far-reaching upgrade plans for the City Bowl areas, a number of t he city’s older apartment buildings are getting make-overs,” says Slot.
Older apartments in and around the city centre have continued to attract buyers, ranging from young couples to parents buying for their children coming here to study or to their first jobs, say Seeff agents Bridget Shiffer and Bernice Musikanth. T h e most i n demand are t wo- bedroom units, priced between R1.2 million and R1.8m. The agents have sold 16 units in this price band in the past two months.
“There is good value in some of the older apartments. Two apartment blocks in particular are offering exceptional value right now, given that they have received renewed focus.
“The first of these is one of t he c i t y’s most notorious blocks, Senator Park, which is being upgraded. Plans include introducing state- of- the- art, access controlled security, a make- over of t he common areas and an upgrade of the gardens. A name change is also being considered.
“The block is in Long Street… and we have already received queries f rom l aw firms wanting to secure units for their young attorneys. Buyers can expect to pay R420 000 for a 42m bachelor apartment we are marketing at Senator Park.”
They say another complex that is now well-run and managed again and of keen interest to buyers is Skyways, on Constitution Street in Zonnebloem.
“This development consists of a number of blocks that are named after European airports such as Gatwick. It is secure with controlled access and communal grounds with a swimming pool and braai facilities. The complex is within walking distance of the Cape Peninsula University of Technology, so it’s popular with students and offers investors good value for money with rental income potential.
“Student rentals r ange around R1 850 a month per person. The complex is equally popular with people working in the city looking for lock-upand-go homes that offer convenient access to the city. There are a number of units for sale in Skyways including a 60m flat with two bedrooms, one bathroom, an open-plan living area and a garage, priced at R675 000. The unit has new aluminium windows and both bedrooms can accommodate double beds.
“That there is real value to be had in and around the city, is borne out by the excellent sales t h i s ye a r. “E ve n t h o u g h demand for affordable apartments remains optimistic, sellers should be aware that buyers are still taking their time and doing their homework before making the final decision.”
ON THE UP: The Skyways complex near CPUT is popular and a two-bedroom flat for sale here is priced at R675 000.