Areas and Places

The development of New Pretoria apartments catches the attention of investors

A rendering of 441@Kirkness, a new residential block consisting of 56 upmarket apartments, which have been put to market by Pam Golding Properties for R998 000.

The area around the iconic Loftus Versfeld stadium in Pretoria is set to become another of the city’s growth nodes, with the development of new residential and mixed-use spaces such as the ambitious Loftus Park with its retail and commercial office components.

Retha Schutte, Pam Golding Properties regional executive in Pretoria, says that the rapid growth of the Tshwane municipal area has been nothing short of astonishing. “Regions such as Menlyn are becoming the new mini-Sandtons of Pretoria and now we are seeing areas such as that around the Loftus Versfeld stadium earmarked for massive redevelopment.”

According to Schutte, the development of the Loftus area is being led by the construction of a new residential apartment block called 441@Kirkness by developer Coza Investments. This is located directly opposite the stadium. “Usually we see retail and commercial property spearheading the development of growth nodes, but in this case a residential space is leading the way,” adds Schutte.

She says that 441@Kirkness is a new residential block consisting of 56 upmarket apartments, which have now been put to market by Pam Golding Properties for R998 000. “With the area set to boom, the developers of 441@Kirkness have seen the huge need for affordable quality accommodation in the area, which is conveniently situated nearby the very heart of Pretoria and a range of commercial, educational, medical and retail facilities,” adds Schutte.

The 51sqm one-bedroom apartments are situated within easy reach of the Union Buildings, numerous embassies, major transport routes, the Hatfield Gautrain station as well as Tshwane’s Bus Rapid Transit (BRT) service routes, which makes commuting easy. In addition, there are a number of prestigious hospitals in close proximity and it is within walking distance of the University of Pretoria, Afrikaanse Hoër Seunskool, Pretoria Boys High School, Pretoria Girls High and Afrikaaanse Hoër Meisieskool.

“If you consider that Loftus Park with its range of additional facilities is also being developed here, it soon becomes clear that 441@Kirkness is set to become prime real estate within the Pretoria region and that demand for homes in the area is only likely to increase rapidly. These apartments, which will be ready for occupation on 1 December 2015, offer a once-off opportunity to investors and we expect them to be immensely popular among investors and renters alike.

Renier Swarts, marketing executive at property developer Abland, says the Loftus Park mixed-use development represents an investment of some R1.4 billion and will consist of premium grade commercial office space, a destination retail component, a public exhibition centre, Radisson Red Hotel, Virgin Active Gym, and several restaurants in an open-air piazza.

“Loftus Park is a tremendously exciting development and is an indication of how much faith developers have in the region,” adds Swarts. “It is our aim for this mixed use space, the first phase of which will be completed by August 2017, to stimulate an entirely new growth node within the area.”

Asked what kinds of individuals were likely to be interested in 441@Kirkness, Schutte said she had already received enquiries from investors interested in the letting potential of the apartments, as well as from Loftus set to boom as area undergoes redevelopment young professionals and students who appreciate the centrality and the urban chic lifestyle the development has on offer.

“The apartments, designed by Swart architects, also represent a superb first stepping stone into the residential property market because they are not only affordable but are located in an area that is on the rise and undergoing substantial redevelopment.”

“Young professional first time buyers will be secure in the knowledge that they have made an investment that is likely to appreciate in value over time and which can secure excellent rental returns should they wish to move on to a larger home at a later stage of their lives. Buyers will further be comforted to know that the building is nearing completion and they can take occupation almost immediately.”

Schutte observes that numbers of buy-to-let investors are also already showing a keen interest in the 441@Kirkness apartments, which should secure initial rental returns of between R8 500 and R10 000 a month for a furnished unit. She says this does not surprise her, as there is a strong demand for quality rental accommodation in Pretoria.

The apartments offer a modern, open plan design comprising a living area, and a balcony. They have upstairs loft bedrooms and a shower bathroom equipped with quality finishes and a Geberit toilet. The fitted kitchen has granite tops and Bosch appliances, including an under-counter oven, washing machine and dishwasher.

The building features wireless internet, elevator and aluminium windows, while the 24-hour security is state-of-the-art and has manned security gates and CCTV cameras.

“441@Kirkness is ideally situated and has been designed with convenience, lifestyle and security in mind and we expect the units to be a tremendously popular. Pam Golding Properties is proud to be bringing this new residential development to market,” concludes Schutte.