Areas and Places

Opportune investment for retirement cottages in Pennington

Pennington home, Seeff
A substantial double-storey five-bedroom main house and swimming pool, as well as a two-bedroom simplex come with this 10 hectare property that borders a retirement village and has approvals in place to build 60 retirement units on it.

Now on the books of Seeff Pennington priced at R9.85m is a unique development opportunity that features existing properties of value as well as environmental approval for building a 60-unit retirement development.

Brenda Hansen of Seeff Pennington explains: “This beautiful 26 acres (10 hectares) of unspoiled land with abundant bird life, amazing fauna and flora, a macadamia nut plantation of around 250 trees and a natural stream running through, it is the perfect location to build the charming stone cottages planned for this potential retirement village. In addition there is a beautiful five-bedroom double-storey home, a newly built two-bedroom cottage and a large workshop. This property borders on the existing Umdoni Retirement Village, which has around 600 houses at present (and a waiting list of 800)”.

“The current owner has received approval to rezone the property to Retirement Status and has all the approvals in place to build 60 units, together with signed contracts from Eskom and UGU, the local water suppliers. As a matter of procedure the new owners would have to reapply for the approval, as this is specific to the developer who owns the property and submits the application.”

The existing main residence, a double-storey stone building, has five bedrooms, three bathrooms, two lounges/dining room, a large fitted kitchen/scullery and laundry. There are two large patios and the home also features a large office, a double garage and a large swimming pool. This property could be reconfigured as offices/a frailcare facility or similar for the proposed retirement village. There is also a large outbuilding or workshop, as well as a second dwelling which is a simplex with two bedrooms.

The property is fully fenced with a functional electric fence attached and an automated gate entrance.  It includes a natural stream with a small waterfall, a macadamia nut plantation, indigenous trees and shrubs, abundant birdlife, blue and grey duiker, bushbuck and numerous species of the local fauna.

Adds Hansen: “Another proposed development set to be completed close to this property is a new lifestyle village with dwellings, medical facilities, shops, recreational areas and so on for the ‘over 50s’, which will complement the retirement lifestyle in the area”.

“Pennington’s mild climate, beautiful beaches, easy access to shopping and hospitals and the peaceful surrounds make it perfect for this type of development. The fact that there are long waiting lists at the existing retirement villages in the area make this a very worthwhile venture – and this property an excellent investment opportunity.”

Pennington is part of the Umdoni coast of KwaZulu-Natal, with quiet, pristine beaches, magnificent bays and safe tidal pools. A round of golf at the Umdoni Golf Course and Selborne Park course comes complete with game and bird watching