Buyers snap up luxury city apartments
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.