The growing shortage of quality high-rise accommodation within the Pretoria region is being met with the coming on stream of a number of impressive Menlyn residential developments catering to a variety of different needs and requirements.
These include substantial projects such as Capital Menlyn Maine apartment and conferencing hotel, which will open on 1 May, and The Regency, an upmarket apartment development due for completion later this year.
“With Pretoria being the seat of the executive branch of government in South Africa, and a significant business centre, it attracts diplomats, embassy, trade mission staff as well as businessmen and women from around the country and the world,” says Retha Schutte, Pam Golding Properties regional executive, Pretoria.
“It is therefore pleasing to note that such residential developments are now coming to fruition within the Menlyn node. These will contribute greatly to meeting the ever-growing need for accommodation and both long and short term rentals in the region.”
According to Schutte, The Capital is a 200-room upmarket apartment and conferencing hotel, while The Regency is a 227-apartment development, which is currently under construction and is expected to be completed at the end of 2017. “The realisation of these developments is exciting for the Pretoria region and a coming of age for Menlyn in particular, which is rapidly emerging into a most impressive mixed-use urban space”.
“The Capital, where a standard room will be charged at R1 600 a night or R16 000 per week, will no doubt attract visiting business people, executives and diplomats who require a luxury short-term rental which enables them to work, meet, commute, socialise, shop and live in a single, comfortable location with all the necessary amenities at hand,” she points out.
Schutte says that one- and two-bedroomed apartments at The Regency, can be purchased from between R1 159 200 and R2 511 600, offering buyers a range of attractive investment options. “With the rentals being achieved at the Capital, it certainly does speak well for the excellent investment opportunity The Regency offers.”
“The great majority of the apartments at The Regency, which is situated in Ashlea Gardens, Menlyn, have now been sold, mostly to investors who are looking to secure good rental returns from the apartments. Some of these buyers have indicated that they will be letting their apartments on a longer term basis while others are seeking to take advantage of the short-term rental market, offering luxury accommodation at competitive rates to commuters and visitors,” she adds.
“These investors have been encouraged by a highly attractive and novel letting product that has been offered by the developers of The Regency, which is effectively a purpose-made investment vehicle. As a result, many buyers have invested in more than one apartment”.
“We fully expect rental yields above seven percent, but the developer is nevertheless currently guaranteeing a minimum of seven percent payable monthly over a two year period. Dividends on the investment of between four and six percent will, in addition, be payable to the investor twice a year. This will be less all expenses, including levy, and maintenance and/or repairs on the apartment. Full audited financial statements will be made available,” explains Schutte.
According to Schutte, this offer shows the immense faith developers have in their product, and has served to further enhance the popularity of the apartments. “The fact that fewer than 40 of these properties are still available to purchase is an indication of their immense popularity and sound investment value. Those seeking to purchase still have a last chance to secure apartments before they are all snapped up.”
The Regency will have a 24-hour concierge service, restaurant, a pool and pool deck and secure basement parking. A range of quality fittings, finishes and appliances are available to choose from and a complete fibre-optic solution will be in place to ensure outstanding connectivity for residents.
“These new residential developments are offering a convenient, colourful, cosmopolitan and secure urban lifestyle for which there is an increasing demand in this region,” she observes.
Additional benefits such as shuttle services, generators, lifts, gym and laundry services are making The Regency even more attractive.
“Both the long-term and short-term rental markets in Pretoria are relatively robust and are bolstered by the large number of diplomatic and trade mission personnel seeking accommodation within the region. This is further augmented by the large number of business people visiting the region from around South Africa, the African continent and the rest of the world”.
“Menlyn is geographically most desirable, offering easy access to highways, the Gautrain, quality educational institutions and now also the corporate office developments and first-class shopping and entertainment found at the incomparable Menlyn Maine mixed use development.”
According to Schutte, who has many years of experience in the residential property market, Pam Golding Properties provides a comprehensive advisory, sales and rental service to large- and small-scale developers.
“We also offer expert advisory services to those who are interested in investing in residential property market for the very first time and warmly invite all prospective investors to contact us,” she concludes.