Areas and Places

High net worth individuals still looking to buy and sell in Sandton city centre

Sandton homes may not always fetch quite the prices of upmarket coastal residential property in Clifton in Cape Town, but luxury apartments within southern Africa’s financial heart remain as high in demand as ever and are fetching some remarkably high prices. This is evidenced by a penthouse at Michelangelo Towers in Sandown, which has gone on sale for R48.9 million through Pam Golding Properties.

Rupert Finnemore, Pam Golding Properties Hyde Park joint area manager, says that the palatial penthouse offers the investor the once-in-a-lifetime opportunity of owning a prime piece of real estate at the most prestigious residential address in Gauteng.

“Michelangelo Towers, which stands some 140 metres above the Sandton skyline, is an iconic Gauteng property development and has become synonymous with an exclusive luxury lifestyle. This beautifully appointed penthouse property sits atop this massive landmark, offering unparalleled views of northern Johannesburg and all the way to the Magaliesberg, and a lifestyle that equals that of any five-star hotel suite in the world.”

Finnemore says that the highest price an apartment has fetched in the Sandton city centre is R43 million, which was achieved for a penthouse in 2014. Most of the new residential apartment developments in and around central Sandton are now selling for approximately R35 000 per square metre and up to R60 000. At R85 500 per square metre, the penthouse at Michelangelo Towers is therefore one of the most expensive homes to ever go on sale in the area.

“The price tag for this spacious three-bedroom penthouse is not surprising,” he comments. “Well situated Sandton homes in the upper end of the property market continue to show good capital appreciation. If one considers that prices in the upper end of the residential property market on the Cape Atlantic Seaboard can range to over R100 000 per square metre, then we can see that this this Sandton ‘sky home’, which has every convenience to hand and is situated within the very heart of South Africa’s richest square mile, is not unreasonably priced.”

The sectional-title penthouse, with its en-suite bathrooms, self-contained guest suite and three reception rooms, is approximately 618sqm in size and is packed with a number of outstanding features. These include a fitted bar, family room with advanced sound system, 3.5 bathrooms, staff accommodation and lock-up garage with space for approximately six vehicles.

“The chef’s kitchen is spacious with state-of-the-art fittings and granite tops, while the dining and sitting rooms can be opened up to take advantage of the beautiful views that are on offer. Air-conditioning is provided throughout the apartment and the bedrooms are equipped with under-floor heating to ensure residents remain comfortable through the colder winter months.”

“The building itself is immaculate and offers residents the use of a gym, heated indoor pool and an outdoor pool, sauna/steam room and 24-hour concierge services. As may be imagined, the security of residents is of paramount importance and the latest systems are employed to ensure their safety.”

Jonathan Davies, Pam Golding Properties Hyde Park joint area manager, points out that with easy access to the adjoining Michelangelo Towers Mall, which is located opposite Nelson Mandela Square and Sandton City, residents have some of the finest shopping, dining and entertainment options available in Johannesburg at their fingertips. Michelangelo Towers is also very convenient in terms of its proximity to the Sandton Gautrain Station, and the world famous Sandton Convention Centre, both being within a few minutes walking distance.

Asked if it is an opportune time to place such a luxury apartment on the residential property market, Davies said he believed it was. “The residential property in Johannesburg has slowed somewhat in recent months as households have come under financial pressure,” he explains. “However, at the same time it is proving remarkably resilient. In addition, the wealthier segment of the market has not been noticeably impacted and Pam Golding Properties continues to experience solid sales of upmarket homes to meet sustained demand within areas such as Sandton.”

“It should also be kept in mind that Sandton does remain the financial and commercial powerhouse of the country, and development of the city and its surrounds continues unabated. We note that large numbers of executives, professionals and local and foreign businesspeople are looking to live within this bustling cosmopolitan metropolis, which offers a convenient and colourful urban lifestyle.”

Wayne Venter, a Pam Golding Properties agent and area expert agrees, saying that this desire to live closer to, or indeed within, the Sandton city centre is being encouraged by increasing traffic volumes that are being experienced in the area.

“The upshot of all of this is that, while some residential apartment blocks within the city centre are obviously more popular than others, there is generally an ongoing demand for quality accommodation in or near the Sandton city centre.”

“In addition to all the residential, sectional-title developments in the Sandton area, approximately
200 000 sqm of commercial office space is at various stages of completion. This is only further stimulating demand for residential accommodation in and around the Sandton city centre.”

Venter points out that it is unusual for a penthouse such as this to become available on Sandton’s ‘golden mile’ and certainly within such a prestigious development as Michelangelo Towers. “We therefore expect this property to capture the interest of a number of potential investors both locally and internationally.”

“International investors are well placed to take advantage of a relatively weak rand to purchase what will for them represent outstanding value for money. However, the property does no doubt represent a sound long-term investment, and may prove irresistible to a high net worth local buyer. In either case, we expect this remarkable penthouse to generate considerable excitement in the marketplace,” he concludes.