Buy­ers snap up lux­ury city apart­ments

Weekend Argus (Saturday Edition) - - PROPERTY -

POS­I­TIVE in­ter­est in the new mixed-use de­vel­op­ment at 117 on Strand has re­sulted in fewer than 10 of the 117 res­i­den­tial units re­main­ing to be sold be­fore con­struc­tion starts.

“Lo­cal, na­tional and even over­seas owner- oc­cu­piers and in­vestors have snapped up the apart­ments with a kalei­do­scope of city views and be­yond and ac­cess to the V&A Wa­ter­front and De Waterkant,” says Lau­rie Wener, se­nior ex­ec­u­tive for de­vel­op­ments in the Cape Re­gion for Pam Gold­ing Prop­er­ties Group, the agency mar­ket­ing the de­vel­op­ment.

“The R600- mil­lion 17- storey build­ing is be­ing de­vel­oped by In­ge­nu­ity Prop­erty In­vest­ments Lim­ited, a JSE-listed prop­erty com­pany. A glass tower will house 75 res­i­den­tial units, and a fur­ther 42 apart­ments will be lo­cated in the podium sec­tion of the struc­ture bound by Strand, Cas­tle, Rose and Chi­ap­pini streets.”

Studio apart­ments in 117 on Strand are priced from R2.255m, in­clud­ing VAT. There are also one- and two- bed­room apart­ments and four, three-bed­room du­plex pent­houses on the high­est floors.

“This up­scale de­vel­op­ment with its sub­stan­tial in­vest­ment in the area un­der­scores the sig­nif­i­cant con­fi­dence that ex­ists in the long-term suc­cess of the CBD,” says Dr An­drew Gold­ing, chief ex­ec­u­tive of Pam Gold­ing Prop­er­ties.

“There is strong de­mand for so­phis­ti­cated, lux­ury city ac­com­mo­da­tion,” says Wener.

“Own­ers and ten­ants want to live close to work in a se­cure, mixed- use de­vel­op­ment with good ameni­ties.

“An on- site Vir­gin Ac­tive Health Club has proved to be a huge draw­card for city dwellers look­ing for added value, and there will also be shops and res­tau­rants.

“The Cen­tral City Im­prove­ment Dis­trict’s Res­i­den­tial Sur­vey for 2015 found that 73 per­cent of re­spon­dents live within 3km of their work or place of study. A new mar­ket trend has emerged in that 117 on Strand has also ap­pealed to ma­ture buy­ers look­ing for medium- to long- term homes and in­vest­ment in a brand-new build­ing.

“In a city where park­ing is at a premium, 117 on Strand has 500 base­ment and above- ground bays.

De­mo­li­tion of the build­ing started last month and com­ple­tion of 117 on Strand is sched­uled for the last quar­ter of 2018.

An artist’s im­pres­sion of 117 on Strand, a new mixed-use de­vel­op­ment in the Cape Town CBD.

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