|Ground has officially been broken on the R1,2bn Wedgewood Village Golf and Country Estate today, marking the start of construction of Port Elizabeth’s second-largest project developed by national property group Pinnacle Point Holdings (PPH). |
PPH, recently awarded international accolades for its flagship Pinnacle Point Beach and Golf Resort in Mossel Bay, will breathe new life into the decades-old Port Elizabeth golf course. Their development brings the golfing estate lifestyle and retirement village concepts to the Eastern Cape and creates an opportunity for three generations – grandparents, their children and families - to live within the same community.
Alongside the 18-hole course, a 486-plot spacious residential development has been designed to enhance suburban community living The retirement village will consist of 307 free-hold retirement homes supported by state of the art health-care facilities, including frail care and a stabilisation unit.
On turning the first sod of the development, Councillor Melvin Manentsa, head of Housing and Land for the Nelson Mandela Metropole commended PPH for the development, which will create over 2 000 jobs during the construction phase and 1000 permanent jobs once completed.
Dave Coffey, President of the PE Chamber of Commerce said the project would be a nucleus for development and act as a catalyst for growth.
PPH acquired the Wedgewood Park golf course last year. The ecologically-crafted course was originally designed by Bob Grimsdell in the 1940s, but like so many other golf clubs throughout the country, was struggling to attract new members. The sale enables the group to address this by significantly upgrading and expanding the facilities.
PPH chairman Ivor Stratford said that investors who had recognised the potential within the golf course redevelopment two years ago had made up to 50% on their initial outlay, in line with South Africa’s increasingly buoyant property market. “Effectively sites are being sold for a 30-50% profit without a single brick having been laid on the property,” he said.
The development includes a strong local BEE component with a 26% shareholding. The BEE consortium is led by Chairman Weza Moss and local entrepreneur, Urmila Soni.
As the city’s only golfing estate it has already achieved sales of over 70% of which 27% are UK buyers, demonstrating a strong confidence in this development. Plots are selling from R395 000 to R1,25m. Buyers may use their own architect, but building plans must be approved by the Wedgewood Village official aesthetics committee. Building must commence within two years of transfer and be completed within three years.
The R25m reconstruction of the Wedgewood Village golf course includes the construction of four large lakes to enhance the ambiance of the residential area. A new clubhouse will be built overlooking the finishing ninth and 18th greens. The course upgrade will be the responsibility of respected golf course design specialists, Golf Data, who will significantly improve the course to be on a par with the country’s finest.