RE/MAX Ultra Select has been awarded the sole mandate to market an off-plan development in Cape Town’s Grassy Park named The Avenues. These apartments are ideally priced for investors and first time homebuyers.
Mark Brickles, Broker/Owner of RE/MAX Ultra Select, says that this 66-unit, sectional-title development offers buyers a two-bedroom, one-bathroom apartment measuring between 55m2 and 70m2 for as little as R385 000. Prices range up to R432 000, with the more expensive apartments including a garden for private use. “This represents exceptional value for money as buyers can expect to achieve a solid rental return of between R3200 and R3500 per month,” he says.
Comparatively, Brickles says that a studio flat measuring around 30m2 would sell for approximately R385 000. However, he notes that there are not many sectional title developments in the area. A three-bedroom home on the other hand would sell for around R700 000.
“The Avenues is a secure development offering buyers fully-fitted kitchens, a choice of finishes and individual parking bays. The pricing is especially attractive for first time buyers seeing as their bond repayments would not be much higher than current rental amounts,” says Brickles. He explains that an average rental in the area would be between R3200 and R3500 per month, while a bond repayment on a R385 000 apartment in this development would be approximately R3800 per month. Add onto this a levy of approximately R500 per month, and the total repayment would be R4300 per month.
Buyers here, he said, would also benefit from capital appreciation and could easily secure a rental income from the units as homes in secure complexes are always in demand. A 10% deposit is required to secure a unit.
Adrian Goslett, CEO of RE/MAX of Southern Africa says that there is a shortage of residential properties in this price range, and that The Avenues is sure to sell out relatively quickly considering the quality offering it represents for such an affordable price.
The Avenues is centrally situated on the bus and taxi routes, with the M5 easily accessible. The official on-site launch is to take place on 19 and 20 June, where the whole family is invited to enjoy the jumping castle, boerewors rolls and soft drinks while perusing the site plans. 


  Comment on this Article

  Please login to post comments

Post to my facebook wall
Characters remaining

    Latest Property News
    • 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.
    • 22 Nov 2017
      The end of the year is fast approaching, and so are all the travellers, tourists and holidaymakers. For those who live near or own a property in a holiday-hotspot, the festive season also brings with it an abundance of short-term rental opportunities. Its a great way for property owners to make a few extra rand for their own holidays or to put towards their savings.
    • 21 Nov 2017
      The buying process is over, and the moving truck has delivered your household goods to your new property. Now it’s time to unpack and turn your new house into a home.
    • 21 Nov 2017
      When an offer to purchase a property is signed by both buyer and seller, this constitutes a binding agreement or “Deed of Sale” between the two parties. However, in most cases the “standard contract” might not be enough to cover all the specifics pertaining to the sale. The agreement may require some additions or alterations to clauses, which needs an expert hand in the drafting of such
    • 21 Nov 2017
      As more and more South Africans look to invest in property abroad, Spain is offering them one of the best deals in global real estate.
    • 20 Nov 2017
      Since 2012, sectional title complexes have been leading the South African property market, not only in terms of price growth, but sales volumes as well. Remaining relatively strong, even in the face of 2017’s political and economic turmoil, experts say this market segment could offer valuable insight into South Africans’ property purchase priorities.
    • 20 Nov 2017
      Regardless of whether you are purchasing your first start-up home, downsizing or moving in with roommates, finding ways to maximise small spaces can be a big advantage, says Adrian Goslett, Regional Director and CEO of RE/MAX of Southern Africa.
    Subscribe to the MyProperty Newsletter

    Last Name  
    Email Address  
    Email Frequency
    Share this Page

    For Sale Property
    Rental Property
    More Options
    Connect with us