03 Jan 2013
Construction is at an advanced stage at the new mixed-use development, Beacon Rock, which has already become a landmark building at the upgraded entrance to Umhlanga Village on the KwaZulu-Natal north coast.
According to Elwyn Schenk, Pam Golding Properties area principal in Umhlanga, the skyline has changed with the addition of this new ‘kid on the block.
“Residential sales continue apace, with 70 percent of the 68 apartments already sold and transactions concluded to date comprise 50 units at a total sales value of approximately R60 million, and with a further R1 million reserved.”
He says the few remaining residential units comprise five penthouses, each measuring over 240 square metres in size and priced at R7 million, and two and three bedroom units with two bathrooms of 121 square metres and 138 square metres in size and priced from R2.3 million and R2.4 million respectively.
Schenk points out that the uptake of units has become more brisk as the building rapidly takes shape.
“Just over half the buyers to date are investors who will enjoy the dual benefits of a fair rental yield, coupled with sound capital growth potential.”
At Beacon Rock gross yields (gross rental divided by purchase price) is anticipated at five to six percent, which is excellent for the area.
The balance of buyers are end-users or out-of-towners acquiring a holiday home, he says.
Ideally positioned just a few hundred metres from Umhlanga’s main bathing beach and Granny’s Pool, as well as within easy walking distance of all the restaurants and pubs in the village, Beacon Rock is a five minute walk from two 5-Star hotels.
“Offering outstanding convenience, luxury and a host of outdoor activities right on the doorstep, this mixed-use development includes some of the world’s iconic brand names as tenants.”
An SMG Mini dealership, which incorporates a ‘lifestyle’ showroom with coffee bar, dominates the ground floor space while another upmarket motoring brand will be based on the first floor.
Also housed on the first floor is Beacon Rock Medical Centre, offering a range of medical and auxiliary services.
The front section of the building, houses all the retail and commercial space (including medical suites and offices), and completed 24 luxury apartments and the remainder of phase one, comprising 40 one, two and three bedroom apartments and four elegant penthouses, will be completed by April 2013.
“The developers of Beacon Rock have placed an emphasis on security, which includes access control.”
Furthermore, a high level of security is achieved by the fact that the development is situated within the Umhlanga Improvement Precinct (UIP), where attention is given to cleaning, greening and security.
The positive effect of the UIP on the village has been profound and security-related incidents are very rare, says Schenk.
Umhlanga village has firmly established itself as one of the most desirable places to live in South Africa, offering all the facilities of a first world city while retaining its charming village atmosphere.
Fondly referred to by locals as ‘The Village’, Umhlanga enjoys an all year round ‘summer’ with safe bathing beaches and a variety of restaurants and entertainment spots.
“It is little wonder that property in the village and surrounding areas is tightly held and prices have held up well, even during the financial stress of 2007 to 2010,” he adds.
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