Waterfront living
Secure living in the heart of the city, within walking distance of some of the best shops, restaurants and entertainment Cape Town has to offer…? Such is the allure of the lifestyle the Marina Residential Estate in Cape Town’s V&A Waterfront offers, that six sales worth R85,6m have been concluded in the estate for July alone.
“Much like other larger lifestyle estates, the Marina Residential Estate offers an enviable lifestyle within a wellmanaged, safe environment,” says Mariël Burger, Pam Golding Properties agent for the Mouille Point, Waterfront and Foreshore areas.
“The recent sale of six apartments last month shows that in challenging economic times, savvy buyers see the value of investing in a waterfront property that offers the same benefits as a lifestyle estate.”
The largest of the six apartments at 11 Marina, One Quay Street, sold for the full listing price of R41,4m. A onebedroom apartment at Pembroke sold within four days of being listed, for R7m. Two other apartments sold within seven days of being listed.
According to the Pam Golding Residential Property Index for July, coastal properties – within 500m of the sea – continue to outperform inland properties, fetching premium prices. “This makes coastal or waterside properties a sound investment option.”
Social needs
The lockdown has highlighted the advantages of living in a large estate where residents are able to live, work and socialise within an accesscontrolled and secure environment. Buyers are looking for properties in developments that offer communal spaces and recreation areas that will be independently managed, Burger says.
“Professional property management has jumped to the top of the list for many buyers and investors, and the Marina Residential Estate, which is ably managed by Growthpoint, certainly ticks this box.” The estate comprises 500 luxurious apartments overlooking the yacht marina or the canal quays. Spread across 17 residential buildings, the estate also offers secure underground parking, several pool areas as well as a main swimming pool, and a gym.
“Properties in the Marina Residential Estate enjoy an enviable location within walking distance of the V&A Waterfront, Cape Town’s most visited destination, and close to the city centre,” says Burger.
Foreshore
It’s not just this established estate that is faring well, notwithstanding the current market challenges. The nearby waterfront in Foreshore is also proving popular.
A sixth-floor apartment at the Yacht Club, with views of the canal, mountain and city, sold for R2,5m, while a two-bedroom apartment sold for R3,85m in July.
“The waterfront in Foreshore offers a modern and affordable alternative to the Marina, also within the ambit of the V&A Waterfront and the CBD,” says Burger.