For the first time since 2006, a completely new major residential development (as opposed to a refurbishment) is about to be launched in Upper Kenilworth (the upmarket area above the suburban railway line).
The developer is Rawson Developers, for whom this represents their ninth project in seven years in the central Cape Peninsula precinct.
“In recent years we have done most of our developments in this area,” says Paul Henry, Managing Director of Rawson Developers, “for the simple reason that demand continues to be very strong here and, as opportunities are very limited indeed, every one of our projects has seen significant year-on-year capital growth.”
The new development, which will be called “Three Fountains”, will have 119 units in all and it will be on a 6,500 m2 site between Harfield and Greenfield Roads, which is currently occupied by four small blocks, each with six apartments. These will make way for a long five storey block (with a parking basement) which will have both north and south facing units. Those facing north will have stunning views of Devils Peak and Table Mountain. Those facing south will have views that will take in a large tract of the Cape Peninsula – as far as False Bay.
The roof line of the block, says Henry, will be on two levels as one level is sited lower than the other. This fact, along with balconies on almost all units and attractive curved sunscreens on the northern façade, will add great interest to the building.
“I believe local residents will be impressed by the clean, modern lines of the completed building. Nothing as up-to-date and chic as this has been seen in this section of Kenilworth in recent years, but, as our architect, Gordon Hart, has said, the design will complement the solid, comfortable 1930s/1950s apartment blocks for which this area is already well known.”
On offer are studio, one and two bedroom units. The studio units will have 32m2 or 33 m2 of floor space, the single bedroom units 40 m2 to 48 m2 and the two bedroom units 60 m2 to 71 m2. The selling prices will be from R755,990 to R1,555,990.
“At ‘The Beaumont’,” says Henry, “the development which we launched prior to this one and which is now heading for completion in December 2014, we allowed ourselves a number of luxury extras because we felt they were appropriate to the area. Here at the “Three Fountains” we have done all we can to see that the base prices are low, bearing in mind that handover will be in 2015. Nevertheless, granite tops, ovens, hobs and extractor fans, Cobra ironmongery, down lighting and 600 mm x 600 mm tiles (or laminated flooring) are included. The sales team will, however, have a great many other extras to offer buyers and those who wish to up-spec.”
Kenilworth is now definitely part of the UCT/college ‘academic belt’, says Trevor Weston-Green, Rawson Developers’ Property Development Analyst. This must be one reason why investors are once again showing a lively interest in the project and will probably comprise 60% of the buyers.
Henry says that his team have predicted that rentals in 2015 will be R5,500 for a studio unit, R7,000 for a one bedroom unit and R9,500 for a two bedroom unit.
The launch date has been set for the 16th of November and Henry is anticipating that the majority of the units will be sold by the end of March 2014.
“Anyone who cares to examine Rawson Developers’ track record at Rondebosch Oaks, River’s Edge, The Rondebosch and River Song (all recently completed Rawson Developers’ developments) will find the proof that we are producing much liked, fast selling and fast appreciating sectional title apartments. With certain modifications (and, as always, improvements) “Three Fountains” will be developed on the same formula that has already proved popular with the public – and this gives us good reason for confidence,” says Henry.