Sought-after space in Claremont Upper, the penthouse of the brand new Karma Properties development, 35 On Grove. A three-bedroom, three-bathroom, north Facing apartment with secure off-street parking. For sale by Greeff Properties. Asking Price: R6.395 million.
The Southern Suburbs is becoming home to a growing number of vertical living options as old houses and dated apartment blocks are torn down to make way for modern buildings.
“Fueled by an appetite for a simplified lifestyle – without the demanding maintenance issues associated with gardens and pools – apartments in the Southern Suburbs, particularly in Claremont, Newlands and Kenilworth are becoming an increasingly sought-after commodity,” says Mike Greeff, CEO of Greeff Properties, Christie’s International Real Estate.
“The sectional title apartment sector is popular among investors seeking the returns of a healthy rental demand, but increasingly among a residential market comprising professionals,” adds Greeff. “With the growth of corporate headquarters in the business hubs of the Southern Suburbs, the cachet of apartment lifestyle so prevalent in the City Bowl is also becoming evident in the suburbs, and along with this phenomenon is a growing demand for the elegant lifestyle offered by a penthouse,” explains Greeff.
Sought after by Stratospherians, a term coined by Robin Finn, a writer for the New York Times, penthouses do attract a premium.
“Those seeking penthouses are generally professionals aged 40 plus looking for space, and security, but minimum maintenance. They often commute for business and require a lock-up-and-go,” says Greeff adding that with that height comes incredible natural light and the tranquil silence of having clouds as neighbours.
Three bedroom penthouses in areas such as Claremont upper and Newlands are currently tagged with asking prices ranging from around R5.5 million to over R8 million. Over the past two years, Greeff Properties has sold a number of penthouses in the Southern Suburbs, these include: a three-bedroom, three-bathroom penthouse in Intaba which fetched R6.25 million, a three-bedroom 2.5 Bathroom penthouse at Ecklenberg, which sold for R5.3 million and a several three-bedroom, three-bathroom penthouses at the sought-after Manorgan Mews.
Selling prices ranged from R5.2 million to R5.4 million. According to Propstats the highest selling price achieved in 2015 was R6.45 million for a two-bedroom duplex penthouse apartment measuring 326 m2 in Intaba. Greeff is currently marketing the penthouse of brand new five-storey development, 35 On Grove.
The north-facing unit boasts three bedrooms, three bathrooms and measures 127m2 including the sizeable balcony which offers beautiful mountain views. This is a particularly exciting property, with solid potential for returns and capital growth, for several reasons; There is high demand, a shortage of stock and the location is prime, given its proximity to Cavendish and the Central business hub of Claremont and there is easy access to the M3. Designed by architect Nic Louw, 35 on Grove was built by Cape Dutch Construction, headed up by Nick Johnston, much of whose portfolio includes luxury residences in Bishopscourt and Constantia Upper and in other areas of the Southern Suburbs and False Bay, “We have installed top quality finishes and state-of-the art energy-efficient features,” says developer, Grant Berold of Karma Properties.
Set in a quiet, leafy avenue, 35 On Grove promises a tranquil, stylish sanctuary and secure living. With ample secure off-street and garaged parking, the penthouse defines perfect pied-a-tèrre living for the business traveller or professional seeking a space close to the buzz of the central Southern Suburbs, yet offering the seclusion of the tree canopies. Asking price: R6.395 million.