09/02/2017
The recent sale of a luxury apartment in the V& A Waterfront Marina has resulted in one of the highest prices per square meter achieved for the area. Sold by Greeff Christie’s International Real Estate, for R30.78 million, the price per square metre was just over R160 000. “This is 82% above the average price per square meter based on an analysis of CMA data which reveals a total spend of R 405 121 million across only 35 apartments in 2016, resulting in an average price per square meter of R 68 560,” says Greeff Property Broker, Zack Hartwanger.
CMA data also reveals that real estate in the V&A Marina is proving to be a superior investment choice with a market capitalisation rate of 13.7%, when comparing average selling prices achieved in 2015 to those achieved in 2016. “This is is significantly above the inflation rate of 6.8% (Statistics South Africa) and does not even account for rental yields which would make this area an attractive opportunity for local and international investors alike,” says Ryan Greeff, director Greeff Christie’s City Bowl.
“Our marketing efforts strategically target local, national and international purchasers across multiple media, including publications, online platforms and direct marketing to the relevant market segment,” explains Greeff. “Through these efforts, we managed to attract the interest of numerous purchasers – local and international – the latter hailing from UK, various European countries, USA, Pakistan, Nigeria and Mauritius among others. The property was eventually sold to a South African investor who was introduced to the property through personal relationships,” adds Greeff.
The composition and position of this property, overlooking the yacht basin, together with sophisticated marketing and negotiations, resulted in the impressive price per square metre, according to Greeff, who adds that it is a one-of-a-kind, luxury apartment within the coveted Parergon block, overlooking the front V&A Yacht Basin. Originally two separate units purchased off plan, directly from the developer and then merged into one exquisite 246m2 space, this was the first time the property had been marketed since the original purchase. Accommodation includes: three bedrooms, three bathrooms and an open-plan living room and dining room leading to a balcony, with striking views of the yacht basin, waterfront and Cape Town stadium. The kitchen is fitted with a number of appliances, including two fridges, a washing machine, dishwasher and tumble dryer. Additional features comprise air-conditioning/heating system, under-floor heating in the kitchen and bathrooms, elevator access, underground parking for two cars, a communal, fully-equipped gym overlooking the yacht basin, four communal swimming pools, a storeroom and 24-hour access and security.
“The V&A Waterfront offers, heritage tours, trips departing to Robben Island, museums, world-class shopping, restaurants, cinemas and live entertainment in a uniquely picturesque setting. It remains one of South Africa’s top tourism destinations, which ultimately attracts purchasers from the international market,” says Greeff.
"Achieving premium prices through International Innovation"
