With massive cranes rising into the sky, the Menlyn area east of Pretoria is starting to resemble Sandton of the early to mid-2000s. Just as the cranes signified robust development in Sandton a few years ago they are an indication of just how rapidly the Menlyn node is growing at present.
Retha Schutte, regional executive of Pam Golding Properties (PGP) Pretoria and Centurion, confirms that the Menlyn area has experienced an extraordinary surge in development in recent years and has become one of the fastest expanding nodes in Pretoria. She believes that what we are now seeing is only the beginning of what is referred to as the “Menlyn boom”.
To meet the expected future demand for accommodation within Menlyn a new luxury high-rise apartment development, The Regency, is being built in the Ashley Gardens area close to Menlyn Maine. Schutte announced that PGP will be marketing the 147 apartments, which will be on sale priced from between R995 000 and R2.297 million. She says that The Regency is one of the most exciting property developments of its kind to be developed in the Pretoria region in many years.
“The Regency, which is due for completion in 2016, is the first luxury high-rise apartment block to be developed in the Menlyn area, and will offer residents the very best in South African urban living. Besides the wonderful shopping and entertainment facilities that are in close proximity, a number of quality office parks are now also located in the area.”
“This impressive new development will take the ‘work-play’ lifestyle concept to new heights within the Pretoria region and will provide residents with a colourful, metropolitan way of life,” adds Schutte. “The Regency is leading the way with regards to the creation of quality urban lifestyle spaces and it is likely to generate a great deal of interest among those who thrive on a fast paced city life.”
Schutte points out that not only will the residents of The Regency have excellent amenities close to hand, but they will also appreciate having easy access to the N1 freeway and both the Pretoria city centre and Sandton. “The Regency is central and conveniently situated,” she observes.
Schutte says PGP is widely regarded as a trusted residential property brand in South Africa and has a long and impressive track record as well as a strong presence in the Pretoria region. It therefore made sense for PGP to partner Key Spirit Developments, the developers of The Regency, to market the apartments, according to Schutte. “We are proud to be associated with such an innovative development,” she adds.
The new high-rise apartment block is designed by award winning architectural firm, Archactive International, which has designed luxury apartment blocks, hotels, office buildings, mixed-use developments as well as a number of other large developments both locally and internationally. The Rodericks Office Park in Pretoria is one example of a commercial development the firm has designed.
Schutte says all of the residents of The Regency will have access to concierge services, restaurants, a pool and pool deck and secure basement parking. Outstanding 24-hour security and sophisticated security systems will provide complete peace of mind for residents.
“The modern one- and two-bed apartments will each have their own balconies and high quality fittings and finishes,” observes Schutte. “All of the homes come standard with state-of-the-art appliances and the building will also have a complete fibre optic solution. A solar system will cut electricity costs by some 30 percent and sustain essential systems in the event of power outages. The apartments will have superb views, particularly the north-facing ones, which will overlook the attractive Wolwe Spruit.”
“We expect The Regency to have broad appeal,” explains Schutte. “The apartments will certainly be popular among executives, professionals and entrepreneurs. We anticipate that local and international companies looking to accommodate their staff within Pretoria would be particularly interested in the development as the apartments will be most convenient for those commuting between Pretoria and other cities within South Africa and abroad.”
Schutte says that international investors, particularly from other countries in Africa, have been quite active in the Pretoria residential market recently, where they have found excellent value. The Regency is likely to capture the interest of those international business people who are looking for a convenient local base.
“These properties are also likely to be snapped up by property investors looking to purchase for the buy-to-let market,” she notes. “There is such a high demand for short term luxury rentals and as a result and to address the need, the developer is offering an investment product that entails a fully furnished and equipped apartment with a 7% guaranteed rental for two years, with two dividend payments throughout the year. In addition there will be no levy payments for the period and the repair and maintenance will be the responsibility of the developer. It is a truly remarkable investment opportunity!”
“The rental market in Pretoria tends to benefit from the high number of embassies and trade missions in the area which are always in need of quality accommodation for staff members. The apartments may also appeal to parents seeking safe, quality accommodation for students attending educational institutions such as the University of Pretoria, which is easily accessible from the Menlyn.”
“The rapid growth that is occurring within the east of Pretoria is proving highly positive for the residential market in the area,” suggests Schutte. “Investors are increasingly showing interest in this growth node, which is nowadays known for being ‘hip, hot and happening’. I believe that the Menlyn node and developments such as The Regency have a tremendous future.”
Schutte says that The Regency apartments are now available for purchase through PGP. They may be secured by any investor or home seeker who qualifies with a deposit of just R10 000. She invites anyone who is interested in finding out more about the development or the homes on offer to contact her.