Small but exclusive corner
Michelle Funke looks at an exclusive new development launched in Johannesburg’s suburb of Craighall Park
THE upmarket suburb of Craighall Park in Johannesburg’s northern suburbs was established over 100 years ago and is well known for its convenient location, amenities and quality of residential life. Craighall Park lies slightly to the west of Sandton, a collection of leafy neighbourhoods that form a belt on the western side of the city between Parkhurst and Sandton’s Central Business District.
Property here is mostly made up of freehold homes, which make up about 61% of property in the suburb, according to information sourced from Lightstone, a property statistics and data provider. Lightstone data also reflects that 37% of properties in Craighall Park are sectional title, with 42% of recent buyers in the area between the ages of 18 and 35.
The information also reflects that 38% of existing owners have been in the area for 11 years or more. It is within this well-established suburb that a new, exclusive sectional-title development is underway. Situated in Grosvenor Road, the development, which will only encompass 11 units in total, will be called One Grosvenor.
Ranging in size from 85m² to 91m², the apartments will include an open plan lounge, dining room and kitchen. The kitchen will have space for two under-counter appliances. The units will include two spacious bedrooms and two bathrooms, with the main ensuite. As the development is located on a municipal gas line, each unit will be equipped with gas hobs and geysers, and will also include basement parking per unit as well as a dedicated concierge.
The style of the apartments is open plan and minimalist, giving the impression of space while still remaining homely.
Light and bright spaces are optimised through large windows, while the neutral palette was specifically selected to appeal to a wide array of buyers. The apartments also include large balconies for entertaining.
Given the intimate size of the development, the developer intends to engage with each new owner regarding the option for finishes, ensuring a bespoke look that is still in keeping with the overall design.
Belinda Magee, principle of James Laing Real Estate, who is marketing the development, says that the area experiences high appreciation as there is a low supply of well built, upmarket homes and a huge demand from buyers wishing to be closer to their place of work and to the other amenities the area offers such as the parks, shopping centres and entertainment nodes close by.
Buyers, she says, are mostly young, up and coming professionals and young couples.
“Typically those looking to purchase property in Craighall Park are buyers that want to spend as little time as possible in traffic to work, while still being close to the hub of the city and less than 10km from major city attractions, but in suburbia. There are also many investors who look at buying here as there is a big demand for corporate rentals within Craighall Park,” she says.
Lightstone data on sectional title properties in Craighall Park reflects that approximately 36 transfers have taken place to date this year, with the average price of a sectional title unit during 2012 sitting at R1.18m.
Magee notes that their aim is to create a well balanced resident mix, which will mean a buyer mix that includes owner occupiers and not exclusively buy-to-let investors. “We are therefore only selling on a first come first serve basis, and, with only 11 units available, we do expect to be over- subscribed. We have conducted a thorough market analysis and the result was a huge demand for apartments in Craighall Park, with easy access to all major business nodes, which is exactly what One Grosvenor offers.”
Construction is expected to be complete by end of next year. Price: From R1.6m Penthouses from R2m Contact: James Laing Real Estate Belinda 082 3309728 Office (011) 787-8777