Six, the only residential development currently being built in the Cape Town CBD, is nearing completion.
The first residents are scheduled to take occupation in mid-January 2010.
Located on the former site of the Oriental Plaza in Sir Lowry Road, directly opposite the Good Hope Centre exhibition hall, the development comprises 406 apartments over six floors, with a retail component on the ground level. Leisure facilities and two levels of parking have also been provided.
Constructed at a cost of nearly R390m, Six – so named in celebration of the former District Six, the area in which the development is situated – straddles an entire block bordered by Muir and Sydney Streets and Chapel Lane, with its entrance on Sir Lowry Road.
"There used to be a road running through the site and we're going to put up plaques on both sides of the building to acknowledge that road," says Monica Barnett-Harris, marketing manager of the Leisure Group, whose property arm, Leisure Development, is the developer.
"We're also painting the building in warm, earthy colours reminiscent of those traditionally used in District Six."
The development's central location in Zonnebloem, as the area is now known, has made it a big seller, says Barnett-Harris. "Six is within easy walking distance of CBD shops and offices, three minutes' walk away from the Cape Town railway station and close to city educational institutes, including the Cape Peninsula University of Technology (CPUT), which is separated from the development by a pedestrian walkway."
As the apartments are also well-priced for the area – being R300k to R400k cheaper than comparable units of the same size – there has been a very positive response from buyers, with about 70% of the units sold within two months of being launched, she says. Of the 276 apartments sold so far, 100 have been bought by investors in the UK, and the rest by local investors and owner-occupiers.
"To assist investors who want to use their flats for short periods only and rent them out the rest of the time, a short-term rental pool scheme will be run by the Don Group, which specialises in the rental of self-catering accommodation in the area."
The imminent completion of the building has generated still more interest from potential buyers, and enquiries are being received at a rate of about 20 calls a week from people driving past the site, she says. "However, if any of the available 130 units are unsold by the scheduled occupation date, we will put in tenants and sell the apartments as pre-let units, assuring investors of a guaranteed rental income from day one."
Barnett-Harris believes the apartments, which comprise studio, and one- and two-bedroom units, will appeal particularly to "yuppies" who want to live in the city; parents of students attending CPUT, the University of Cape Town and other nearby educational institutions; first-time home-buyers and investors. "With the regeneration of the Cape Town CBD, there has been a resurgence of people moving back into the city in the last five years."
The studios, most of which face onto a landscaped internal courtyard, range in size from 32sqm to 39sqm, while the one-bedroom apartments are between 35sqm and 41sqm, and the two-bedroom units average about 59sqm each, she says. All the units have open plan living/dining rooms and modern kitchens with granite finishes, ovens and hobs. "Space has also been allowed for a dishwasher or washing machine. We think most people will want a dishwasher only as a laundromat has been provided on the ground floor."
The bedrooms are all fitted with built-in cupboards, and 12 of the two-bedroom units have two bathrooms. Several of the larger apartments also have terraces or balconies to maximise the development's 360° views of mountain and sea, she says.
She adds that there are three completed show units on site: a studio, a one-bedroom and a two-bedroom unit, to enable prospective buyers to see the finishes and the views. "We're closing deals because the views are so amazing."
Table Mountain can be seen from the bigger units on Chapel Lane, Devil's Peak from Muir Street, Lion's Head and Signal Hill from Sydney Street, and the Atlantic Ocean from the fourth floor units on Sir Lowry Road. Barnett-Harris explains that because of the natural slope of the land, the lowest-level apartments on Sir Lowry Road are actually situated on the third floor, with parking and retail components below.
An outdoor swimming pool, a running track and several braai areas have been provided on the rooftop. Other facilities provided include a gym on the ground floor for 'residents only' and 24-hour security at the entrance to the building.
The commercial component on the ground floor comprises three retail spaces, one of which has been rented to the Don Group. The two remaining spaces of 160sqm and 194sqm respectively are still available and located in a prime retail position directly opposite the Good Hope Centre, where many events are held, she says.
Six is Leisure Development's second biggest project to date, the first being Grand Central, a 414-apartment block recently completed in Wynberg, in Cape Town's southern suburbs. The property company, which has been in operation for more than 40 years, commissioned the services of Arthur Quinton & Darryl Croome Architects on both projects, and builders JLK were responsible for the construction of Six.
Available units in the development range from R489k for studios to R1,3m for the two-bedroom, two-bathroom units, says Barnett-Harris. Each buyer must also purchase a parking unit. "The parking units are priced separately as some are of a standard size, while others have storage facilities, or extra width or length," she says.
"All are undercover and fully secured behind automatic gates. They are priced from R90k to R110k."
For more information contact Monica Barnett-Harris on 079 585 5922 or send an email.
Readers' Comments Have a comment about this article? Email us now.
