|Demand for properties in Durban’s Morningside area continues unabated with the result of driving up property values in the area. |
A recent case in point is the sale by JHI Real Estate broker, Chantal Williams, of a house off Florida Road to E-TV for their new KZN premises. The house sold for R2,3 million, which equates to R11 330 per square metre, topping prices in Westway Office Park and even La Lucia Ridge.
"Prices are steep for this type of unique property because of the character and charm that cannot be easily created in a new development," comments Williams.
The house is to be restored and renovated by Mike Shannon to meet the growing needs of E-TV in the region.
Williams says that the demand for houses to renovate is strong generally. "Westville and La Lucia Office Estate offer similar opportunities for the investor/end user and like Morningside is in strong demand", she says "Prices are definitely on the increase and tenants/purchases also seem willing to pay more due to the low stock and availability."
Other sales recently concluded by Williams include a 220 square metre unit at the Manor House in Nuttal Gardens on the Berea, 150 square metre sectional title unit in Frosterely Park in La Lucia Office Estate as well as 200 square metre at Westway Office Park.
Commercial and retail property is a good investment for all companies where demand usually exceeds supply, says Williams.
She adds that the current demand for commercial and retail space is buoyant as is evidenced by her successful conclusion of more than 50 deals so far this year. She firmly believes this trend will continue for the remainder of the year as demand outstrips supply for quality rental and investment properties.