Areas and Places

Apartment values soar in prime Mouille Point on the Cape's Atlantic Seaboard

The Vantage breaks ground: Seen on site of The Vantage in Mouille Point are from left: Tim Cooper, contract director and Donavan Proudfoot, site agent – both of WBHO; Pam Golding Properties agents Lynn Pinn and Paul Levy; Jose Rodrigues, CEO of Earthspring Properties; Basil Moraitis, area manager for Pam Golding Properties Atlantic Seaboard; and Andries Samuels, architect, Franzelle Maritz, senior professional architect technologist, Dennis Fabian, architect and Mark Claypole, architect – all of Fabian Architects.

Strategically ideally positioned between the V&A Waterfront and Sea Point and conveniently hugging the coastline bordering Green Point, over the years, the cosmopolitan suburb of Mouille Point on the Cape’s Atlantic Seaboard has become an extremely popular and compelling investment destination, says Dr Andrew Golding, chief executive of the Pam Golding Property group.

“This fact is underscored by the rapidly increasing sales value of residential property – more specifically residential apartments, which are concentrated in the area – which currently averages between R45 000 and R50 000 per square metre, revealing phenomenal growth of in excess of 1000 percent since the year 2000. Prices of apartments sold in the area range from R3 million to over R70 million, with even an 80sqm, 2.5 bedroom apartment recently fetching a price of R4.5 million.”

Dr Golding says for the 14 year period from 2000 to 2014, Mouille Point’s average achieved value in rand per square metres increased by 532 percent in total, or 14 percent per annum, from approximately R4 600 to R29 070 per square metre. “Even more recently, this has further escalated to a current average in the region of R45 000 to R50 000 in a reflection of the rapid traction this area has gained in terms of investor-appeal. These returns indicate the burgeoning strength of the Mouille Point apartment market, which has retained its value even during times of recession.”

Lynn Pinn and Paul Levy, Pam Golding Properties agents in Mouille Point comment: “Having always been a focal point for new residential developments, since the turn of the century we’ve seen a number of large-scale developments which have stimulated property price levels in Mouille Point.”

Pinn says against the backdrop of a total of 1616 units which sold from 2000 to date at a combined value of over R3.46 billion, it is interesting to note that last year (2014) the average rand per square metre price achieved in luxury apartment blocks such as Mouille Sands, South Seas and Thermopylae was in the region of R38 000.

“These, coupled with Aquarius, The Breakers and Two Oceans Beach are some of the more attractive, modern and popular investment options in Mouille Point. During 2013/14 five apartments in Aquarius, Mouille Sands and The Breakers sold to the combined value of R65.4 million, reflecting an impressive average nominal return on investment of 16 percent per annum over eight years. This equates to a total gain of 128 percent between the buying and selling thereof, which means that those properties have more than doubled in value.”

Adds Levy: “Also noteworthy is that in 2013/2014 Mouille Point recorded the highest rand values and sales of units on prime Beach Road, with 116 sales to a total value of R348 million compared with Sea Point west at 101 units to the value of R273 million and Three Anchor Bay with 23 units at R55.53 million.” He also points out that the demand for the sought after lifestyle in Mouille Point continues to attract developers and investors.

Since 2011 to the end of January 2015, Pinn and Levy have consistently sold just under half the units in the entire suburb, amounting to 45.35 percent market share with sales to the value of over R418 million rand. During the last year, Pam Golding Properties has successfully launched and sold out the Vantage, which was launched on 2 August 2014, hot on the heels of selling 17 units in the Amalfi which was launched in 2010.

Situated in Bay Road and overlooking Green Point Urban Park and Golf Course, with mountain and stadium views, all 22 units in The Vantage were sold by the PGP agents in three-and-a-half months, with 80 percent selling in just a two-week period. The total sales value of these apartments was R108.55 million, at an average price of R52 694 per square metre. The upmarket units comprised 16 two bedroom units, four one bedroom units and two penthouse units of two and three bedrooms respectively which sold at prices ranging from R4.35 million to R11.5 million.

Developed by Jose Rodrigues of Earthspring Properties and designed by Fabian Architects, WBHO has commenced construction on the site of The Vantage, with completion of the development anticipated before the end of 2016. “This is a rapid turnaround from launch of a development to anticipated completion in just 18 months, in a process that usually takes three or four years,” says Pinn.

With a distinctive A-frame roof structure, The Vantage will feature state-of-the art security features including biometric access control, intercom and CCTV as well as 24-hour manned security. The building will also feature a central heat recovery system for energy efficient climate control throughout.

Levy says buyers in The Vantage are mostly from Cape Town, as well as a mix of purchasers from Johannesburg, Plettenberg Bay, Nelspruit, Dubai and the UK.

“Such is the pent-up demand for apartments in new developments that we had a waiting list of buyers. A key factor is the secure and convenient lifestyle in a prime location, with a laid-back, seaside way of life, family-friendly village atmosphere and wide range of leisure activities. This is coupled with the quality of The Vantage development, which is well-priced and with good finishes and numerous appliances included (such as TV, dishwasher, washing machine, tumble dryer, refrigerator/freezer, oven/hob/extractor), excellent security and importantly, great position.”

Apartment from Green Point Urban Park, residents in The Vantage are an easy stroll from a golf club, tennis club and gyms, not to mention proximity of beaches, Mouille Point Promenade, coffee shops, chic restaurants and the V&A Waterfront. Given its central location highways and major routes in and around the city are within easy access.