Rawson Developers “The Acorns” construction team, which moved onto the site in early September, has already completed the structure for the ground level parking floor and the first apartment floor – and by the end of November will have cast the whole of the second floor block, leaving just one more level of the structure to be built.
The final handover of the 42 one bedroom apartments in the complex (these vary in size from 38 m2 to 47 m2) is scheduled for the end of March 2014. To date 26 of the 42 apartments have been sold, those still awaiting sales are priced from R950,000 to R1,085,000. The north facing units, says Paul Henry, Managing Director of Rawson Developers, have been the ones most in demand.
A high percentage of buyers are investors and this, says Henry, is in line with Rawson Developers’ experience in the Southern Suburbs of Cape Town, where any newly completed apartment complex close to a tertiary education institution is likely to find student tenants without much difficulty, a fact which investors now understand fully.
Factors which have helped sales, says Henry, are that all floors in the complex will be served by a lift and all will have a recreational/braai area open on one side. Security has been treated as a top priority with the entire site being enclosed by electrified fencing and the entrance gates can only be activated by electronic stimuli. The building has, he adds, been designed to be wheelchair-friendly.
“I am fairly confident of being able to predict that, once handovers have been achieved, these units will appreciate at a rate of approximately 10% per annum. This certainly has been our experience on all similar complexes built mainly to serve UCT and other Cape Town tertiary education institutions and I believe that it will be much the same here,” says Henry.