Clifton flats ride the wave of staggering investment

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.