Clifton flats ride the wave of stag­ger­ing in­vest­ment

Weekend Argus (Saturday Edition) - - PROPERTY -

DUR­ING the 1990 Christ­mas pe­riod, the prop­erty mar­ket was abuzz with the news that an off- plan apart­ment block was about to be launched in Clifton at an “astro­nom­i­cal” price.

Na­tional head­lines were made with the first R3 mil­lion apart­ment for sale in South Africa.

The first buy­ers of the 15 units prob­a­bly didn’t ex­pect that the value of their pur­chase would mul­ti­ply 15 to 20 times and prove to be such an as­tound­ing in­vest­ment, says Gail Gavrill, the Knight Frank Res­i­den­tial agent in this area.

“Then again, per­haps they did, all be­ing suc­cess­ful cap­tains of in­dus­try. De­vel­oped on the site of the old Long Beach apart­ment com­plex, with ac­cess to Moses Beach, this site is ar­guably the prime lo­ca­tion in Clifton.”

Units were sold at prices rang­ing from R1.8m to R3m, ex­clud­ing park­ing bays and, 23 years on, only four units have changed hands, says Gavrill, who has a sole man­date to sell a unit in the block, now priced at R65m.

The apart­ment over­looks the four Clifton beaches. It has four bed­rooms, four bath­rooms, a large re­cep­tion area and ac­cess to Moses Beach.

En­ter­tain­ment decks at the 313m² apart­ment can ac­com­mo­date up to 200 guests.

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