Revitalisation of inner-city locations is a challenge faced by countries all over the world.
According to the Centre for Development and Enterprise (CDE), 70% of South Africa’s population will be urbanised by 2030, with more than 60% already urbanised. This has led to inner-city rejuvenation becoming a focus.
Urban Lifestyle Investment, powered by its HOMii brand, has been at the forefront of converting under-utilised, existing commercial buildings into residences that are driven by proximity, convenience, and affordability.
THE WATT CLUB in Durban Central is one of its latest flagship development projects that has not only transformed an existing office building into residential apartments, but it has also made property ownership more accessible to a market that has traditionally struggled to get a foot on the property ladder.
Launching on the 9th of December 2021, THE WATT CLUB is setting the standard of what inner-city rejuvenation can become.
“Our building aims to provide individuals with a space to thrive within central city locations”, says Craig Turner of THE WATT CLUB project. “We have pushed the envelope with THE WATT CLUB in giving new life to an existing building and we have created a community-focused shared economy lifestyle where you have 24-hour high-tech security, facial recognition access control, a gym, co-working spaces, games rooms, communal lounge areas and an unrivalled rooftop communal space with 360-degree views of the city – all for an affordable monthly cost”.
As an affordable location, statistics indicate that there is an attraction of a younger market where 45% of sales in 2020 were between R400 000 to R875 000, says Turner. “Our research has allowed us to take these elements into consideration and to deliberately implement solutions that cater to the market, including competitive pricing to combat these factors, as well as to create options that address the fact that many new homeowners do not have the capital to pay towards a deposit or transfer and bond costs. We are proud to present a product that gives individuals the ability to increase a property portfolio without extending debt exposure with banks”.
The central business district provides a multi-layered environment that largely contributes to the GDP of a province and when operating in optimal conditions, this can bolster new business opportunities as well as holistic growth within an area. With urban densification taking a front seat in the eThekwini Municipality, these new, inner-city residences have led to a unique take on property ownership and solves a range of challenges faced by South Africans.
Through the launch of THE WATT CLUB, Urban Lifestyle Investments is introducing a dynamic first-of-its-kind ‘Rent-2-Own’ solution that tackles the challenges of upfront costs like a deposit, or cash on hand for bond and transfer costs.
By implementing this type of purchasing model, inner cities see a new side to property ownership opportunities for the future. Through the Rent-2-Own solution, you rent with a contractual option to purchase agreement affording you the right to take transfer and ownership at any stage during a 15-year period, at a price that reduces the longer you rent.
The benefits include that there are no upfront costs, such as deposit, bond or transfer costs, and debt-free ownership can be realised five-years earlier than a traditional twenty-year bond.
There are also no other additional payments as your monthly rates and levies are included, and you can move in straight away without having to wait the usual three-to-five-month transfer process. In addition, THE WATT CLUB offers a hassle-free rental management solution for investors.
Situated within the bustling metropolis of Durban Central’s Joe Slovo Street, THE WATT CLUB presents a new way of inner-city living with studio, one and two-bedroom apartments.
Whether you are a first-time buyer or an investor, you could potentially Rent-2-Own a sectional title apartment in the heart of the city from R6 500 per month.
THE WATT CLUB is injecting new life into the inner-city with energy and innovative spaces and having easy access to local amenities.
“This is just the beginning of what Urban Lifestyle Investment has in the pipeline and will set the benchmark for how South Africans will be able to live and invest,” Turner concludes.