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. 


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