V&A Waterfront still SA’s biggest property success story

"At between 5 and 40 percent, the V&A Waterfront has delivered some significant capital appreciations this year, especially in the re-sale of properties bought off-plan," comment Seeff V&A Waterfront agents, Adrian Mauerberger and Emelia van der Linde.

"Despite slower trade in other top areas, seven out of eight Waterfront units that sold to private buyers this year made profits, depending on when they were bought," comment Mauerberger and van der Linde. "A unit in Ellesmere, overlooking the Canal, which was bought in 2003, sold in February this year, affording the Seller an unprecedented 307% capital appreciation."

Playground of the rich and famous, Waterfront developments are characterised by exclusive and expensive real estate. V&A facilities include swimming pools, a fitness centre, 200 yacht moorings and direct access to shops, restaurants and entertainment. Luxury design, stunning views and high-tech security add to its appeal to celebrities, politicians, captains of industry and more recently, according to Mauerberger and van der Linde, Black Diamonds.

"The most expensive units are situated on the Front Yacht Basin where buyers can expect to pay up to 60 percent more, i.e. up to R70,000 per square metre for a 2 bedroom unit located on the Yacht Basin due to its outlook and views."

Selling at up to 25 percent lower right now, buyers and investors can get their hands on some outstanding value according to Mauerberger and van der Linde. "For example, at Helenslee, we have a spacious corner unit with a wrap-around terrace and views of the canal and yacht basin, priced at R8,5 million (R32,000 per square metre). At 260 square meters, the unit offers 2 spacious bedrooms with en-suite bathrooms, a garden, 2 basement parking spaces and a storeroom for a luxurious lock-up-and-go lifestyle."

"At Altmore, a 66 square meter one bedroomed unit ranges from R3,3 million (ex VAT) and at Bannockburn, a 106 square meters, a two bedroom unit will set you back R4,7 million (ex VAT)," they add.

"Properties on the Canal are popular for short term rentals and thus popular with investors. The Front Yacht Basin is more expensive and with more of an end-user ownership."

As the most visited destination on the continent, the V&A Waterfront is a success story in the integration of retail, residential, hotel, office and recreation with a historical working harbour. "With international luxury brands such Louis Vuitton,Gucci, Jimmy Choo and the One and Only hotel, it is easy to see why properties here are sought after and valuable," conclude Mauerberger and van der Linde adding that the new ownership and commitment by the new owners is further good news for property owners and investors.

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