The Marina Residential Estate offers secure living in the heart of the city, and such is the allure of the lifestyle it offers, within walking distance of some of the best shops, restaurants and entertainment Cape Town has to offer, that six sales have been concluded worth R85.6 million in the estate for July (2020) alone.
“Much like other larger lifestyle estates, The Marina Residential Estate offers an enviable lifestyle within a well-managed, safe environment,” says Mariël Burger, Pam Golding Properties agent for Mouille Point, Waterfront and Foreshore areas. “The recent sale of six apartments last month shows that in challenging economic times, savvy buyers see the value of investing in a waterfront property that offers the same benefits as a lifestyle estate.”
The largest of the six apartments at 11 Marina, One Quay Street, sold for the full list price at R41.4 million (including VAT) by Pam Golding Properties. A one-bedroom apartment at Pembroke sold within four days of being listed, for R7 million. Two other apartments sold within seven days of being listed. According to the Pam Golding Residential Property Index for July, coastal properties - within 500 metres of the sea - continue to outperform inland properties; fetching premium prices. For the second quarter of 2020, the premium widened to 1.2%. “This makes coastal or waterside properties a sound investment option,” says Burger.
Burger adds that the lockdown has highlighted the advantages of living in a large estate where residents are able to live, work and socialise within an access-controlled and secure environment. Buyers are looking for properties in developments that offer communal spaces and recreational areas that will be independently managed. “Professional property management has jumped to the top of the list for many buyers and investors, and The Marina Residential Estate, which is ably managed by Growthpoint, certainly ticks this box.”
The estate comprises 500 luxurious apartments overlooking the yacht marina or the canal quays. Spread across 17 residential buildings, the estate also offers secure underground parking, several pool areas as well as a main swimming pool, and a gym. “Properties in the Marina Residential Estate enjoy an enviable location within walking distance of the V&A Waterfront, Cape Town’s most visited destination, and close to the city centre,” says Burger.
It’s not just this established estate that is faring well, notwithstanding the current market challenges. The nearby waterfront in Foreshore is also proving popular, with Pam Golding Properties concluding two significant sales here in July. A sixth-floor apartment at the Yacht Club, with views of the canal, mountain and city, sold for R2.5 million, while a two-bedroom apartment sold for R3.85 million. Pam Golding Properties has also sold a two-bedroom apartment overlooking the yacht basin in the Water Club Marina for R10 million. “The waterfront in Foreshore offers a modern and affordable alternative to The Marina, also within the ambit of the V&A Waterfront and the cosmopolitan city centre,” says Burger.
Given the demand for waterside property, Pam Golding’s onsite office at the V&A Waterfront certainly enables us to advise potential buyers of market trends and investment opportunities,” concludes Burger.
