In­vestors move as mar­ket turns

Umh­langa de­vel­op­ment with end­less sea views is mak­ing waves in off-plan sales. Michelle Swart finds out why

Business Day - Home Front - - HOMEFRONT -

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

Newspapers in English

Newspapers from South Africa

© PressReader. All rights reserved.