An acute shortage of stock is seeing upmarket apartments in prime locations on the Cape Atlantic Seaboard being snapped up by investors and home buyers, with a two bedroom apartment in Twin Towers in Three Anchor Bay – across the road from Mouille Point – being sold by Pam Golding Properties for R200 000 above asking price within just two days of listing.
“Such is the demand that it is not unusual to find speculators competing for the same property, as occurred in this instance, thereby resulting in a marked escalation in property prices due to the lack of supply,” says Basil Moraitis, Pam Golding Properties area manager for the Atlantic Seaboard and City Bowl. “The two bedroom, beachfront apartment in Twin Towers was in its original, unrenovated condition as built in the 1970’s, and immediately sold for R3.55 million to a speculator who plans to capitalize on the sound short term rentals being achieved on this sought after coastline.
“Now, hot on the heels of the complete sell-out of the new Mirage development on the site of the old Phoenix Hotel and a new development in Mouille Point called The Vantage, the latter which we sold out in just two weeks, with upmarket apartments ranging from R3.15 million, a redevelopment is being launched on the site of 70 Prestwich Street in Green Point. This will cater for the burgeoning demand for such units in this trendy and cosmopolitan De Waterkant location which includes the buzzing Cape Quarter Lifestyle Village with its supermarket, clothing boutiques and host of other stores.”
The Prestwich is located less than 100m from the sought after V&A residential marina which is also very much a seller’s market at present, with unit prices rapidly approaching R60 000 to in excess of R80 000 per square metre for units on the yacht basin – where the entry level price for a two bedroom apartment is now around R6 million.
The bulk of the existing building – apart from the existing lower columns and slabs – is to be demolished to make way for ‘The Prestwich’, which will comprise 88 brand new apartments ranging from one to two bedrooms – most including two bathrooms. Prices range from R3.45 million to R4.7 million for 82-129sqm apartments, each of which include patios and are designed with an open plan layout, with kitchen overlooking the dining and lounge areas. Says Moraitis: “The third floor apartments, which are like maisonettes, have the advantage of enormous 33sqm patios as the building is set back on this floor, with 11sqm patios on the upper floor of these units.”
With 24-hour high security CCTV and a concierge, the apartments in The Prestwich include Wifi, optional home automation, underfloor bathroom heating – with heated towel racks in main bathrooms, air conditioning and fitted kitchens with oven, hob and extractor.
There is secure basement parking for all the units, many of which enjoy sea or mountain views, with the upper level apartments having spectacular views on both sides. A trendy coffee shop and cafe will be accommodated on the ground floor, while the new portion of the redevelopment includes a swimming pool and pool bar.
“The inspiration for this development by well-known developer, Land Equity Group, originates from the exciting new developments which have successfully sprung up in the vibrant London Docklands area and the Meatpacking district in New York. The new building will utilize a combination of natural materials with exposed concrete and hard wood floors creating an industrial yet sophisticated feel which will appeal to young professionals and upcountry buyers seeking a trendy residence or holiday home in a coveted location. It will also appeal to buyers from around the country who are looking for an investment property in Cape Town for their children attending UCT (University of Cape Town) – which we have identified as a rapidly increasing market,” says Moraitis.
“If purchasing a property is all about position, The Prestwich meets all criteria, as it has proximity to literally everything a buyer wants. It is for the same reason rental demand in the area is so strong, and indications are that rentals of R20 000 to R24 000 may be achieved in these new apartments. Completion of the redevelopment is anticipated for the end of 2016, with buyers benefiting from capital growth of their investment over the two-year project.”
Due to its central location between Sea Point, Mouille Point and Cape Town’s central city, Green Point – home to Cape Town Stadium, is an attractive option for working professionals as well as leisure seekers who are drawn by the area’s expansive views, ease of access to the workplace and a wide range of amenities and entertainment facilities. These include renowned Long Street with its pubs, clubs and live music venues and the buzzing Bree Street hub which is a mix of popular coffee shops, eateries and activity, while Cape Town International Airport is a 30 minute drive away.
The Prestwich itself is situated conveniently close to Cape Town city centre and the upgraded retail component at the famous Clock Tower precinct on the V&A Waterfront. On the MyCiTi bus transport route, the redevelopment is near Sea Point and Green Point beaches, within easy reach of the popular Green Point Urban Park and Sea Point Promenade, surrounded by 5 Star hotels, top restaurants and coffee shops, with the Virgin Classic gym only 150m away. The Prestwich is also next door to The Foundry, a trendy office and retail development which includes Beluga restaurant.