Investors move as market turns
Umhlanga development with endless sea views is making waves in off-plan sales. Michelle Swart finds out why
UMHLANGA’s latest residential development, One on Herrwood, is a modern apartment block on one of the last prime sites in Herrwood Drive.
Keith Wakefield, CEO of Wakefields Estate Agents, who is marketing the development off plan, says that One on Herrwood is not only one-of-a-kind in this street but there is nothing else with which to compare it.
“Apart from the developments on the beach front, there are no other new developments with topquality finishes offering uninterrupted sea views from all the apartments.”
Wakefield says that as Herrwood Drive is the extension of Umhlanga Rocks Drive it has the same elevation as other developments, such as Gateway.
“But the bonus is that the properties to the front of it, all the way to the beach front, are residential, and even the double storey properties do not affect the view because of the slope of the land.”
Developed by Trapezoid Investments — whose previous buildings include The Quartz, Platinum Towers, Il Palazzo and Imbali in Umhlanga — Wakefield says that One on Herrwood is designed to provide a sense of spaciousness, with top-quality finishes providing a luxury feel.
He says that the development will consist of 104 apartments ranging from about 48m² to 123m², all with balconies and sea views. Buyers will have a choice of one, two or three bedrooms.
Each apartment will have open-plan living areas and top of the range finishes, with porcelain tiles, imported sanitary ware and bath accessories, and fully-fitted kitchens with granite tops and glass-top hobs.
He says that undercover parking is on two levels, with direct lift access to an entrance lobby.
The development includes a large rim-flow swimming pool and poolside entertainment areas, along with 24-hour security and CCTV cameras.
Wakefield says that apartment prices range from R995 000 for a single bedroom to R5,85m for a penthouse.
“Compared with living in Gateway, the price for a similar two- bedroom apartment without the views would be about R1,25m.”
He says because it is close to the Gateway theatre of shopping, top schools, good medical facilities and the beach makes this development ideal for professionals, families wanting a lock-up-and-go lifestyle, and those working at the La Lucia Ridge office park.
Wakefield says that so far this KwaZulu-Natal development has been exceptionally well received, with a large turnout at the launch and with 40% of the apartments sold over the four-day weekend, with only one of the two 292m² penthouses still available.
“Investors are tired of sitting on the fence. The property market is turning up and the transfer of these apartments will only take place in about 16 months.
“It’s an excellent opportunity that has not been available for some time and certainly investors have seen it and are snapping up the apartments.
“When it comes to location there is very little remaining in Umhlanga that will beat this.”
Wakefield says that construction of One on Herrwood could start around August, with the completion date expected at the end of next year or early 2012.
Chico Premjee, of the developer Trapeziod Investment, says: “Prices have held well in the Gateway area and over time it is expected that One on Herrwood will prove to be a good investment.”
Wakefield says that Umhlanga, on the north coast near Durban, rates as one of the most desirable areas in which to live or have a holiday home.
It is seen as a central growth point and will continue to be in demand as business grows and expands in the area for some time.
The development of the new airport at La Mercy will also impact positively on demand for accommodation in Umhlanga and the surrounding area.
Wakefield is of the opinion that a two-bedroom, two-bathroom apartment will fetch a rental of about R8 000 to R9 000/month, and from R12 000 upwards for a three-bedroom unit. Price: From R995 000 Contact: Wakefields Estate Agents Raymond Howell 084 626 0013 Marlene Kisten 084 461 0922 Mags Moodley 074 715 5492