With Accelerate Property Fund owning a large portion of business right land and partnering with the Fourways Precinct, residents in this (and surrounding) areas can almost be assured that the plans for the improvement and development of the area will increase residential property values exponentially in the coming years, says Nelio Mendes, marketing manager of property company SAProperty.com.
“The announcement last year from Accelerate, indicating that they plan to turn this node into a world-class shopping and business destination, is an exciting one,” says Mendes, “and we can expect to see visitors from all over Africa flocking to this area.”
The plan, which is already under way, is to combine Fourways Mall with surrounding malls to create one large retail space – which will eventually have 175 000m2 of retail space under one roof. There are plans for the group to achieve a total of around
1 000 000m2 of rights in the future, positioning Fourways as a new CBD. It is reported that approximately R30 million will be spent on the refurbishment of the existing Fourways Mall, and a further R270 million will be spent on the adjacent road infrastructure around the mall.
Fourways is now seen to be the fastest-developing commercial and residential hub in northern Sandton, and those looking to invest in property should consider investing here, says Mendes.
Property in Fourways comprises 11,5% in freehold in estates, 6,3% in sectional title schemes in estates, 50,44% in freehold, and 31,69% in sectional title schemes.
The current median prices, according to a recent Lightstone report, are R2,3 million for freehold properties and R1,57 million for sectional title and the average selling prices in the last three months have been R2,5 million in estates, R2,184 million for freehold properties and R1,515 million for sectional title units.
“When comparing median prices for this year with those of five years ago, there has been value growth in the region of 35% for freehold property, whereas in the previous years, value increases were lower year on year“, says Mendes.
Fourways has, since its inception, been a popular choice for families as there are many reputable schools in the area. These include the government school Fourways High School, the private Crawford schools: pre-Primary, and preparatory in Craigavon as well as Crawford Pre-Primary, Preparatory and College in Lonehill. Dainfern is served by Dainfern College and residents of Fourways have a precedent stake in entering their children in Bryanston’s elite government primary schools: Bryandale Primary School and Bryanston Primary School, because of Fourways’ proximity to Bryanston.
Homes in estates in Fourways are high in demand and some of SAProperty.com’s listings are in excellent locations as well as being well-priced, says Mendes.
Examples of these are:
- a two bedroom, two bathroom 68m² apartment with a garage and additional parking bay, selling for R990 000. This complex offers a clubhouse, swimming pool, tennis court, laundry service and has 24 hour security.
- a well-appointed, spacious three bedroom, two and a half bathroom unit in a secure estate, priced at R2,35 million.
“Fourways will become a sought-after area for all types of buyers in the property market, and Lightstone figures show that this is already being seen by age groups 18 to 35 years of age (30% of recent buyers) and 36 to 49 years old (45%) – with the majority of stable owners being in the same age brackets. A major investment in the area such as the mega-mall, will serve to boost confidence and demand for homes here“, he said.