Areas and Places

New French school in Sea Point drives demand up for apartments in the area

A ground floor unit in this building in Sea Point with 202m² and 64m² of private garden space is ideal for families. The apartment is being marketed by Knight Frank Residential SA’s Sea Point branch at a price of R6,5 million.

As with many other private school additions to various areas, the new French School in Sea Point, that has had its first intake of students this year, has contributed to an increase in demand for apartments in the area, says Lanice Steward, managing director of Knight Frank Residential SA.

“We have seen this phenomenon time and again, with Reddam in Steenberg and Sea Point and the International Schools in areas such as Hout Bay and Constantia, where the need to be close to certain schools drives the need for certain types of property,” she said.

Often family type units are difficult to come by in Sea Point, particularly ones that are pet-friendly, have sufficient parking and have their own gardens, says Bruce Zeff, the Knight Frank agent marketing properties in this area.

One such property that has just come on the market above High Level Road, however, would be ideal for a young family as it has two spacious bedrooms, two bathrooms, guest toilet, open plan kitchen, dining and living areas, a scullery, two parking bays as well as a 9m² storeroom. This modern apartment block is pet-friendly, has 24 hour security, has a well-run body corporate and has ample visitors’ parking, said Zeff.

The apartment size is 202m², with 64m² of private garden space, and is priced at R6,5 million. An added bonus here, he added, is that the apartment has its own splash pool.

The finishes in the apartment are contemporary and classic, with porcelain tiles on the floors in the living areas and carpets in the bedrooms, Caesarstone kitchen countertops, down-lighting, and a mirrored wall in the dining room to create an illusion of added space, which is a clever touch, said Zeff.

Property values in Sea Point according to PropStats (the Institute of Estate Agents, Western Cape’s, property data service) are steady, said Steward, with the average selling price in 2014, at R2 498 542. Property here last year took on average 52 days to sell, with a difference in asking price to achieved sales price of 5,4%. In the previous year, however, properties were taking 63 days to sell and there was a 7% difference in asking and selling price.

“There is a steady demand for properties of all kinds in Sea Point, and its close proximity to the city, sports amenities, beaches as well as its glut of restaurants, coffee shops and shopping opportunities make this an increasingly popular place in which to live, for young and old,” said Steward.