Rare opportunity arises in desirable Sandhurst
A prime piece of real estate in the high-end suburb of Sandhurst has come onto the market, writes Lea Jacobs
RENOWNED for all the right reasons, Sandhurst is recognised as one of SA’s most expensive suburbs. Situated 1.2km from Sandton, there is little evidence of the hustle and bustle that surrounds one of the country’s fastest growing business hubs.
Security is paramount in the area and all entrances to the suburb are boomed. The streets are heavily patrolled and closed to public thoroughfare. Emerging as a suburb some 50 years ago, Sandhurst now features some of SA’s most opulent properties.
Its desirability speaks for itself and WealthInsight, a Britishbased wealth consultancy, recently reported that with 36 ultra high net worth individuals, Sandhurst is home to the highest such population in the country.
While property does sell for a premium in Sandhurst, very few properties in the area come on to the market. Last year only 12 freestanding homes, to a total value of nearly R161m, changed hands. Even at the height of the property boom during the mid-2000s, the numbers were low, with 31 homes selling in 2006 and 30 in 2007. Lightstone property statistics reveal that so far this year only six properties have been sold in Sandhurst, albeit for the staggering joint value of R101,406m.
Now the opportunity to acquire a large piece of real estate in Sandhurst has presented itself after 50 years of family ownership.
“Priced at R30m, the 8,500m2 erf in Harrow Road was bought 50 years ago by Professor Joseph Levin, one of the pioneers of nuclear medicine in SA,” says luxury homes marketer Ronald Ennik, founder and CEO of Christie’saffiliated Ennik Estates.
Prof Levin’s investment in the Sandhurst property was made in 1963, following which he built a family home on it — some years before the first sod was turned on the nearby site of Africa’s iconic Sandton City shopping hub.
At one stage during the longterm residence of Prof Levin and his family at 45 Harrow Road, one of their nearby neighbours was the renowned paleoanthropologist Prof Raymond Dart, who produced the first evidence that humans evolved in Africa.
The property, including the original old house, has been put on the market by Prof Levin’s three children, only one of whom is still resident in SA.
Ennik Estates is marketing the property in a bespoke mandate with Firzt Realty. “The property lies at what was once the heart of the Sandton ‘mink and manure’ belt — so defined because of the then criss-cross of horse trails used by its well-heeled equestrian residents,” says Ennik.
“Today the Sandhurst area is known as Gauteng’s ‘platinum’ property belt. It is highly desirable because of its prime location, its status as one of the best neighbourhoods in town, its large land size, and because it has virtually no price ceiling. So, there are seldom any bargains to be had.
“Furthermore, like equally blue chip Hyde Park and Westcliff, the owner profile of Sandhurst is generally made up of captains of commerce and industry, top-end medical and other professionals, as well as international investors,” says Ennik.
“The Levin property is an obvious ‘ buy-demolish-build’ development proposition,” says Jan Minnie, who is helping drive the Ennik Estates end of the mandate. “Zoned for residential use, the property is already approved for sub-division into four, but could potentially be further sub-divided for a cluster of, say, six homes.” Price: R30m Contact: Ennik Estates Ronald Ennik 083 273 3707 Office 011 788 0688
Coronation Road in Sandhurst …one of Johannesburg’s best addresses.