25 Oct 2012
There has been no official launch on the new R45 million central Stellenbosch apartment development in Dennesig Street, but it already looks as if this could be one of the fastest sellers ever launched by Rawson Developers.
This is according to the company’s Property Development Analyst, Trevor Weston-Green. There has only been one media announcement on the project but he says they have already had enquiries about half of the 42 apartments and is confident that by the time they start building next year, they will be sold out.
Weston-Green says a number of enquiries have come through the website, as many buyers seem to do their research online before contacting the developer.
He says investors throughout South Africa have awoken to the fact that apartments in areas where numbers of tertiary education students are living, are among the safest and fastest appreciating investments available in today’s property market.
Weston-Green says they have seen that these developments attract tenants often before they are completed and the resales in the first 12 months are with an 8 to 12 percent appreciation, and this rate seems to continue in years to follow.
“Surprisingly, the initial response to “The Acorns” indicates that it will not only be students who are residents in this new development. Certain of those who have shown an interest have been young professionals – and we have even had a serious enquiry from a married couple,” he says.
He adds that it is probably due to the fact that several corporates, such as Distell and British American Tobacco (BAT), have offices nearby, although he admits in all their student-related projects, they have had a component of non-students from all age brackets.
The Acorns will have 42 apartments in a single L-shaped, four storey block. Half of the units will face northeast and the other half will face southwest. All apartments will have 3 metre squared balconies, which are large enough to accommodate a small snack or supper table and two to three chairs.
The units will have one bedroom, open-plan living and dining areas, galley kitchens and bathrooms with a shower. The specifications include granite tops, superwood doors for the kitchens and carpets are an optional alternative. The units will have one parking bay in a secure area on the ground floor beneath the first floor slab. The development will be enclosed by an electrified security fence and have one controlled entrance.
Weston-Green says Stellenbosch bachelor apartments traditionally have 30 to 35 square metres of floor area and the project will have a braai area on the ground floor and a communal braai space on each of the upper floors.
He says the prices have not been finalised yet, but are likely to be over R1 million. Rawson Developers employ their own construction team, so they are able to bring units on stream at 10to 15 percent below those of rival companies.
The site is 300 metres from the Stellenbosch campus, 750 metres from its central point, Die Neelsie and 1.5 kilometres from the sports fields.
Weston-Green says The Acorns will be ready in time for the 2014 academic year and at this stage, handovers are scheduled to begin in December 2013.
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