select
|

Massive redevelopment sets up Loftus area for a boom

The area around Loftus Versfeld stadium in Pretoria is set to become another of the city’s growth nodes, with the development of new residential and mixed-use spaces such as the ambitious Loftus Park with its retail and commercial office components.


Artist’s impression of 441@Kirkness, a new apartment development near Loftus Versfeld in Pretoria.

Retha Schutte, Pam Golding Properties regional executive in Pretoria, says that the rapid growth of the Tshwane municipal area has been nothing short of astonishing.

“Regions such as Menlyn are becoming the new mini-Sandtons of Pretoria and now areas such as that around the Loftus Versfeld stadium are earmarked for massive redevelopment.”

According to Schutte, the development of the Loftus area is being led by the construction of a new residential apartment block called 441@Kirkness developed by Coza Investments directly opposite the stadium.

“Usually retail and commercial property spearhead the development of growth nodes, but in this case a residential space is leading the way,” says Schutte.

She says that 441@Kirkness consists of 56 upmarket apartments, which have now for sale from R998 000.

“With the area set to boom, the developers of 441@Kirkness have seen the huge need for affordable accommodation in the area, which is conveniently situated close to the heart of Pretoria and a range of commercial, educational, medical and retail facilities.”

The 51m² one-bedroom apartments are within easy reach of the Union Buildings, several embassies, major transport routes, the Hatfield Gautrain station and Tshwane’s Bus Rapid Transit (BRT) service routes, which makes commuting easy. In addition, there are a number of hospitals nearby and it is within walking distance of the University of Pretoria, Afrikaanse Hoër Seunskool, Pretoria Boys High School, Pretoria Girls High and Afrikaanse Hoër Meisieskool.

The apartments will be ready for occupation soon and Schutte expects them to be popular among investors and renters.

Renier Swarts, marketing executive at property developer Abland, says the Loftus Park mixed-use development represents an investment of about R1.4 billion and will consist of premium grade office space, a destination retail component, a public exhibition centre, a Radisson Red Hotel, a Virgin Active gym, and several restaurants in an open-air piazza.

“The first phase of Loftus Park will be completed by August 2017, and our objective for this mixed use space is to stimulate an entirely new growth node in the area,” says Swarts.

Schutte says enquiries for flats at 441@Kirkness have come from investors interested in the letting potential of the apartments, as well as from young professionals and students who appreciate the centrality and the urban chic lifestyle the development offers.

“The apartments designed by Swart architects are a good first stepping stone into the residential property market because they are affordable and in an area that is on the rise and undergoing substantial redevelopment.

“Young professional first time buyers will be secure in the knowledge that they have made an investment that is likely to appreciate in value over time and which can yield excellent rental returns if they decide to move to a larger home one day.”

Schutte says that buy-to-let investors have also shown interest in the 441@Kirkness apartments, which should secure initial rental returns of between R8 500 and R10 000 a month for furnished units. She says there is a strong demand for rental accommodation in Pretoria.

The open plan apartments have balconies, loft bedrooms and shower bathrooms, and fitted kitchens with granite counter tops, under-counter ovens, washing machines and dishwashers. The building has wireless internet and a lift and security features include manned security gates and CCTV cameras.


  Comment on this Article

  Please login to post comments

Post to my facebook wall
  
2000
Characters remaining


    Latest Property News
    • 24 Nov 2017
      There are some things that money can’t buy – spectacular views from Mouille Point to the V&A Waterfront and a trendy and lively neighbourhood that encapsulates the very best of the Cape Town lifestyle.
    • 24 Nov 2017
      Tshwane’s four-bedroom Mayoral mansion, nestled among ambassadorial residences in the upmarket suburb of Muckleneuk, fetched R5.1 million after spirited bidding at High Street Auctions’ final sale of the year.
    • 23 Nov 2017
      Reserve Bank Governor, Lesetja Kganyago, said that the Monetary Policy Committee had once again decided to let the interest rates remain unchanged with the repo rate at 6.75%, and the prime lending rate at 10.25%.
    • 23 Nov 2017
      As the holiday season approaches, most of us are counting the days until that year-end bonus hits our account. There’s nothing quite like a little bank balance booster to get us in the holiday spirit.
    • 23 Nov 2017
      The Adelphi Centre (now entitled “ARTEM") in Sea Point, Cape Town, is being extensively renovated, and once complete will offer an ultra-luxurious galleria style shopping centre unlike any other seen on the Atlantic Seaboard or in Cape Town.
    • 23 Nov 2017
      If you are looking to sell your home in today’s real estate market, there are certain things that you need to include both inside and outside your house. Today’s generation of home buyers is looking toward a more eco-friendly, energy and water conscious home, and if your house stands out then you are more likely to be able to sell it.
    • 22 Nov 2017
      Most people know of the Community Schemes Ombud Service (CSOS) and that levies must to paid to fund its operations. In this article the experts at Paddocks will address some of the issues that are causing confusion.
    • 22 Nov 2017
      While sales have noticeably slowed in most sectors in most Cape town suburbs, the security estate sector in Constantiaberg has bucked the trend by remaining buoyant, with sales by August this year already surpassing total sales in 2016.
        
    X
    Subscribe to the MyProperty Newsletter

    Name  
    Last Name  
    Email Address  
    Email Frequency
    select
    X
    Share this Page

       
    For Sale Property
    Rental Property
    More Options
    About
    Connect with us
    FEEDBACK