Bantry Bay land claim to become biggest Atlantic seaboard residential development

A prime piece of land in Bantry Bay, once a land claim belonging to the Tramway Trust, is now under development and set to become the biggest residential development on the Atlantic seaboard since Sanlam developed the President Hotel site in the late 1980s.

Artist’s impression of Bantry Hills, the R750 million development to be built on land that once belonged to the Tramways Trust.

“In 2001 the land was awarded to the Tramway Road Trust by the City of Cape Town as part of a restitution claim, on condition that it be redeveloped to benefit the beneficiaries. In April 2014 the trust agreed to sell the property to the developers for R51 million. Each beneficiary family received more than R2m and it is a great success story for the beneficiaries who have no further involvement ,” says Mike Flax, the former chief executive of JSE-listed Spearhead who is managing the development.

Now the land is being developed into Bantry Hills, a R750m luxury development which will be the Atlantic seaboard’s first security estate with a 20 metre indoor swimming pool, an outdoor swimming pool, a health club, a business centre, a double volume lobby lounge with a concierge, half a hectare of landscaped gardens and three underground levels of parking with one bay for every bedroom purchased. Altogether there are 15 swimming pools in the complex, five lift shafts, full power generation and a private park.

“The 14 storey curved building designed by architect Dennis Fabian consists of five separate towers. It faces Lion’s Head and the Atlantic Ocean, and has three underground parking levels. The development includes five villas that range in size from 450m² to 650 m² each with four bedrooms, media rooms, four parking bays, private pools and private gardens,” says Flax.

‘’We have been planning this 14 000m² development for some time, and are delighted that it is finally underway. It will certainly be one of the most remarkable residential developments on the Atlantic seaboard.’’

Situated between Ilford Street and Tramway Road on the border between Bantry Bay and Fresnaye, Bantry Hills has already attracted extensive interest and more than half the 60 apartments have been sold to foreign buyers, at an average price of R12m.

‘’The recent announcement by Finance Minister Pravin Gordhan that transfer duty rates have sharply increased for properties over R10m has created much demand for such developments, as buyers need not pay the heavy transfer duties. We have already sold more than half the apartments to buyers from New York, Mumbai, London and Copenhagen. There has also been a lot of interest from South African families who are moving to the Western Cape,’’ says Flax.

The available units range in price from R5m to R40m

Bantry Hills joins two other luxury developments that are planned for the Atlantic seaboard. In Mouille Point, Investec Managing Director Bernard Kantor has not yet launched his 10-storey building but indications are that R60m will be the price for apartments that span each floor. In Bantry Bay the Ambassador Hotel is being redeveloped into the Aurum Presidential Suites, with sea facing units fetching prices of R120 000/m².

Construction of Bantry Hills is due to start in May, and is scheduled to be completed in November 2017.

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