Iconic Velskoen Drive-In makes way for new residential development

The new Renprop Residential development, which will be located exactly where the old Velskoen Drive-In was once situated in the Randburg suburb of Ferndale, is aptly named after the 1999 British romantic comedy film, Nottinghill. 

Russell Peach, Divisional Manager of Renprop Residential, says that the location of the sectional title development, which will be launched on 17 October 2013, was chosen due to the fact that it offers residents easy access to major transport routes as well as a range of facilities such as shopping centres, medical facilities, good schools, sporting clubs and gyms among others.

“The area is ideal in terms of its central location and its proximity to all the amenities residents would need. It is close to the Randburg CBD and is centrally positioned giving residents a number of retail options in and around the area such as the Randburg Square, Brightwater Commons, Cresta Centre and even Northgate Shopping Centre. The fact that it is also just a stone’s throw away from the Malibongwe off-ramp onto the N1 offers easy access to the freeway,” says Peach.

He notes that as with many other suburbs in Randburg, Ferndale is a sought-after area due to what it offers both residential and corporate buyers. “Ferndale’s convenient location and access to the major road networks have made it an ideal location from both a residential and business perspective and property in the area tends to sell relatively quickly.”

When it comes to purchasing a residential property and seeing future appreciation in value, location is everything. “While Ferndale is ideally positioned, it has still remained affordable, which has contributed to the area’s popularity among property buyers, especially first time buyers,” says Peach. “Considering that Ferndale is situated adjacent to affluent suburbs such as Bryanston, the ground value within the area is exceptionally affordable making purchasing a property in the area an excellent investment. Randburg suburbs have experienced a 25% compounded growth since 1980.”

Peach notes that Nottinghill, which will consist of 360 sectional title units ranging in size of between 40m2 and 65m2, will be primarily aimed at first-time homebuyers and investment buyers who are looking for an excellent return. There will be a selection of one-bedroom, one-bathroom units; two-bedroom, one-bathroom units and two-bedroom, two-bathroom units available, which will range between R515 000 and R880 000 in price. All units will be completed with contemporary finishes, of which owners will have two options to choose from. “The complex will also feature a swimming pool and tennis court that residents may make use of,” says Peach.

Peach says that the services are complete and construction on Nottinghill is currently underway. To date the gatehouse has been completed along with a show unit so that potential buyers will be able to view a complete property before they purchase. Occupation for phase one is expected to be June 2014.

He notes that with overall good property and neighbourhood maintenance and a sound structural infrastructure, the area should continue to perform well in the future. “The Randburg suburbs have always been and will continue to be a great area for property investment, especially for first-time buyers and young families. As business growth continues in the Randburg CBD, more and more property buyers will be attracted to this dynamic urban area,” Peach concludes.
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