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All units in family owned apartment block in Bantry Bay brought to the market

Very few apartment buildings on Cape Town’s Atlantic Seaboard are owned by a single entity – and hardly any in sought after Bantry Bay, where sectional title units are in high demand due to the convenience and exclusivity of the location and perfect climate, says Basil Moraitis, Pam Golding Properties area manager for the Atlantic Seaboard.  Bantry Bay is renowned for its sheltered vantage point overlooking the Atlantic Ocean and its spectacular sunset vistas across crashing waves. 


Exterior view of Deauville, an apartment building in Bantry Bay comprising 11 sectional title units which have become available for purchase exclusively through Pam Golding Properties. The one bedroom units range from R1.895 million to R2.295 million and there is one two bedroom unit priced at R3.695 million
 
“This particular block, Deauville, well positioned in Queens Road, a short stroll from the ocean and all amenities, has been owned by the same family for generations.  Now all 11 apartments have become available for purchase, with an exclusive mandate awarded to Pam Golding Properties to sell the units.
 
“Fortunately, the block was sectionalised over 20 years ago, although ownership of the units was retained by the family, so the process is now simple and straightforward as it merely involves the sale of the individual sections. In an instance where the units have not yet been sectionalized, it is a particularly complex process to sell individual units in a block owned by one entity as there are waiting periods for notice to be given to tenants.”
 
With high ceilings and light, airy rooms this character building was constructed circa 1937/38 and retains the original hard wood flooring, among other features. Importantly, all the units except one have parking, which is a rarity for an older block in Bantry Bay. The building is north-east facing which is ideal as it provides warmth in winter and protection from the westerly setting sun in summer.


Interior view of an apartment in Deauville, where 11 sectional title units are marketed by Pam Golding Properties.
 
Deaville comprises 10 one-bedroom units of 73sqm each ranging in price from R1.895 million to R2.295 million, plus one two-bedroom unit of 147sqm priced at R3.695 million. Some of the units have been modernized, and the top and middle level apartments enjoy mountain views or a pleasant outlook towards Signal Hill.
 
Says Moraitis: “With the supply of apartment stock having dried up in the last three months due to the general high demand, the shortage is especially acute in Bantry Bay where everyone wants to live. The trend is particularly evident in this price range as today the cost of the land would make a development of this kind unviable. With a huge shortage of stock at these price levels, there is very little stock to compete with this offering even in nearby Sea Point and Green Point.”
 
Properties in Bantry Bay for the year (2014) to date (across all agencies, source Propstats) comprise apartments which sold at prices ranging from R830 000 up to R42.5 million on the water’s edge. “It is not uncommon for sectional title apartments to change hands for R5 million, R11 million, R20 million and upwards and towards the end of 2013 we sold an apartment in the prestigious apartment building, The President for R34.5 million,” adds Moraitis.
 
“This kind of opportunity probably only presents itself once a decade, making a purchase in Deauville eminently suitable for buyers seeking a lock-up-and-go bolt hole or pied-à-terre, either as a holiday pad or permanent living, or for an investor. It’s also a good entry level opportunity to acquire property in an exclusive area where you can rub shoulders with the affluent, including captains of industry.  There are a number of buyers who have registered interest with us for new listings such as this and we are confident the units will sell out quickly to registered purchasers.”
 
Hugging the slopes of Lion’s Head, Bantry Bay is centrally located with convenient, five-minute access to the Central City and V&A Waterfront, while the shimmering beaches of Clifton and Camps Bay and the popular Promenade are within easy walking distance. The upgrading of nearby Regent Road with a selection of shops and popular restaurants such as Piazza De Luz and the redevelopment of the Galleria building – now known as The Point, contribute greatly to the desirability of the location, which has become a sought after lifestyle acquisition.


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