The Tygervalley Waterfront, located just off the N1 highway in Cape Town’s Northern Suburbs, is seeing strong demand for affordable and secure apartments. Pam Golding Properties (PGP) reports that the area is extremely popular with young and middle-aged professional buyers, as well as parents buying for student children, and investors wishing to capitalise on the strong demand for rentals.
The Tygervalley Waterfront was established in the late 1990’s, when it was developed as a mixed use residential and commercial hub at the site of an old disused quarry. Today it is a pleasant waterfront environment with adjacent greenbelts, consisting of 25 sectional title schemes as well as retail and office space. Now fully developed, the Waterfront offers just over 1000 residential units, with popular buildings including The Falls, The Cliffs, Tyger Quays and Cornerstone.
PGP agents Koos van der Merwe and Vivienne Francois say apartments in these buildings are highly sought-after for both purchase and rental, with a mix of approximately 30 percent owner-occupiers and 70 percent tenants. Affordability is one of the key appealing features, with entry level pricing from around R650 000, mid-level apartments costing around R1 million, and a few top-end units selling up to around R3 million.
“Most buildings have their own access control and CCTV camera systems,” say the agents, “while some have additional manned security. Residents can enjoy a convenient, secure lifestyle with shopping, restaurants and coffee shops literally on their doorstep and right on the water’s edge, while a Virgin Active gym, hospitals and the TygerValley and Willowbridge shopping centres are just a short stroll away. A number of large corporates have offices nearby, including Metropolitan Life, Santam and FNB, so for young professionals working in these companies, it is a hugely appealing lifestyle. Another benefit for young buyers is the wealth of outdoor activities available in the area, from a canoe club based at the waterfront, to a nearby mountain-bike club with trails into the Winelands, and a network of paved walking and jogging trails leading to the nearby Doordekraal Dam and Majik Forest, both popular areas for hiking and bird-watching.”
Unit turnover is quite high, with Lightstone statistics indicating that 74 properties changed hands in the 12 month period from August 2012 to July 2013, at an average price of just over R700 000. More than half of the buyers were aged 18 to 35. Van der Merwe notes that the average price shows a marked increase over the previous two years, when the figure was closer to R650 000. “This is indicative not only of some signs of overall market recovery,” he says, “but more significantly of the extremely strong demand being seen at the Tygervalley Waterfront at present. A well-maintained unit will never stand empty – in fact, some rental agencies have waiting lists of young professionals who are desperate to live here. This high rental demand in turn ensures keen interest from investor buyers wanting to capitalise on rental returns as well as capital growth.”
Landlords can expect to earn on average R4800 to R5100 in monthly rental for a two-bedroomed apartment, going up to R6500 per month and more for penthouses, duplexes and three-bedroomed units.
PGP currently has a range of apartments on offer at the Tygervalley Waterfront, ranging from entry level units at around R680 000 to top-end apartments priced close to R3 million. To view these apartments, or for more information, contact agents Koos van der Merwe (083 399 8002) and Vivienne Francois (082 569 4739) or contact their office on 021 913 7670 or firstname.lastname@example.org.