Areas and Places

Clifton – A Hedge Against Inflation Like No Other, says Knight Frank

Over the Christmas period in 1990 the property market was abuzz with the news that an off-plan apartment block was about to be launched in Clifton at an “astronomical” price.

National headlines were made – offering the first R3 million apartment in South Africa.

Little did the first buyers of the 15 units in Clifton’s iconic apartment block “Beaches” expect that the value of their purchase would multiply by 15 to 20 times and become such an astounding investment.

“Then perhaps they did, all being highly successful captains of industry – no doubt with an intuitive understanding of the value of property in true prime world class locations,” says Gail Gavrill, the Knight Frank Residential agent in this area.

Never has the cliché: location, location, location been more appropriate than in the case of Beaches, she said. Neither has quality architecture been so well rewarded as in this case. “Developed on the site of the old Long Beach apartment complex with access to Moses Beach, this site is arguably the prime location in Clifton.”

Units were sold at prices ranging from R1,8 million to R3 million, excluding parking bays, and today, some 23 years on, only four units have changed hands with two being bought by original owners still in the block.

“This bears unusual testimony to the desirability of the development, unprecedented in any luxury development I know of, after having specialised in the off-plan sales of most of the prime Atlantic coastline projects over the past 25 years,” says Gavrill, exclusive sole mandate holder of the prime unit in the block which has now come on the market at an asking price of R65 million.

“Reconnecting with all the owners I sold to in the block was a joy in itself, as rewarding as knowing that I had played a part in encouraging them to purchase an “astronomical” investment at the time,” she said.

The apartment for sale is perfectly positioned, overlooking the panoramic four Clifton beaches and beyond to the Twelve Apostles. Accommodation includes four ocean facing bedrooms, four bathrooms, additional guest cloakrooms as well as a large reception area and Moses Beach access.

An outdoor lifestyle can be enjoyed through extensive covered terraces, an “exquisite” private garden, a heated “seawall” swimming pool, garden bar, playroom/gym, Jacuzzi and constant sea breezes, she said.

Expansive entertainment decks easily capable of entertaining up to 200 guests add to the privacy and luxury of this property. Twenty four hour concierge services and excellent security provide peace of mind in this unique well-managed block.

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