The first applications for rentals have already been received at Andringa Walk in Stellenbosch – even before the development has been completed. The contemporary apartment building of 116 units is currently under construction above Eikestad Mall, a prime central location in the historic heart of the town, just a few minutes’ walk from the university campus. The apartment building will enjoy a direct link into the mall with its array of shops, restaurants, gym, cinema and other amenities. Pam Golding Properties (PGP) reports that there is already strong demand for rental units, with a growing waiting list of would-be tenants.
PGP’s development manager Louise Varga says Stellenbosch has always enjoyed a strong demand for rentals thanks to its ever-renewing student population. “But it is quite remarkable to see tenants clamouring for accommodation in a building that hasn’t even been completed yet, without even having visited the site,” she says. “It is clear that the outstanding location close to all amenities, coupled with the cosmopolitan lifestyle on offer with shopping and entertainment literally on the doorstep, is a major draw-card. There is also an acknowledgement of the building’s excellent security including biometric access control, CCTV cameras and a 24 hour concierge, as well as the high quality of the apartments themselves, with timeless yet trendy features and superb craftsmanship ensuring the ultimate contemporary luxury lifestyle.”
PGP rentals agent Suzette Kruger says the demand for rentals emanates from a number of sources and age groups, but with particular interest from senior and post-graduate students wanting to secure their accommodation for the 2015 academic year. “It would appear that this market will comfortably tolerate rentals of around R7700 per month for a studio apartment with a single parking bay, up to around R12 500 per month for an apartment with two en-suite bedrooms and two parking bays, which can be easily shared by siblings, colleagues or friends,” she says.
It is not only tenants who are eager to live at Andringa Walk – Pam Golding Properties has already concluded over R120 million in sales at the development, with buyers including parents buying for their student children, professionals working in the town, and investors wanting to capitalise on the high demand for rentals. Residents will call two cricketing legends neighbour, as both Dale Steyn and Jacques Kallis have already purchased apartments in the building.
Varga says there are still some units available for sale, with prices ranging from R1.4 million to R3.35 million, inclusive of VAT. Options include studio units, one-, two- and three-bedroomed apartments, as well as a few duplexes and garden apartments. “There is a wonderful interplay of outdoors and indoors taking shape,” she says, “with floor-to-ceiling glass doors connecting the apartments visually to the central communal garden area with majestic trees and manicured lawns for all residents to enjoy.”
It is anticipated that building will be completed in the final quarter of the year, with occupation possible from December 2014.