Over 70 percent of units sold at new Beacon Rock development in Umhlanga
Construction is at an advanced stage at the new mixed-use development, Beacon Rock, which has already become a landmark building at the upgraded entrance to Umhlanga Village on the KwaZulu-Natal north coast.
“The skyline has changed with the addition of this elegant new ‘kid on the block’,” says Elwyn Schenk, area principal in Umhlanga for Pam Golding Properties. “Residential sales continue apace, with 70 percent of the 68 apartments already sold. Transactions concluded to date comprise 50 units at a total sales value of approximately R60 million, and with a further R1 million reserved. The few remaining residential units comprise five penthouses, each over 240sqm in size and priced at R7 million, and two and three bedroom units with two bathrooms of 121sqm and 138sqm in size and priced from R2.3 million and R2.4 million respectively,” says Schenk.
He says the uptake of units has become more brisk as the building rapidly takes shape. “Just over half the buyers to date are investors who will enjoy the dual benefits of a fair rental yield, coupled with sound capital growth potential. At Beacon Rock gross yields (ie gross rental divided by purchase price) is anticipated at five to six percent, which is excellent for the area. The balance of purchasers are either end-users or out-of-towners acquiring a holiday home.”
Ideally positioned just a few hundred metres from Umhlanga’s main bathing beach and Granny’s Pool, as well as within easy walking distance of all the restaurants and pubs in the village, Beacon Rock is a five minute walk from two 5-Star hotels.
Says Schenk: “Offering outstanding convenience, luxury and a host of outdoor activities right on the doorstep, this mixed-use development includes some of the world’s iconic brand names as tenants. An SMG Mini dealership, which incorporates a ‘lifestyle’ showroom with coffee bar, dominates the ground floor space while another upmarket motoring brand will be based on the first floor. Also housed on the first floor is Beacon Rock Medical Centre, offering a range of medical and auxiliary services.
The front section of the building, housing all the retail and commercial space (including medical suites and offices), and 24 luxury apartments will be ready for occupation later this year (2012), while the remainder of phase one, comprising 40 one, two and three bedroom apartments and four elegant penthouses, will be completed by April 2013.
“The developers of Beacon Rock have placed an emphasis on security, which includes access control. Furthermore, a high level of security is achieved by the fact that the development is situated within the uMhlanga Improvement Precinct (UIP), where attention is given to cleaning, greening and security. The positive effect of the UIP on the village has been profound and security-related incidents are very rare,” says Schenk.
uMhlanga village has firmly established itself as one of the most desirable places to live in South Africa, offering all the facilities of a first world city while retaining its charming village atmosphere. Fondly referred to by locals as ‘The Village’, Umhlanga enjoys an all year round ‘summer’ with safe bathing beaches and a variety of restaurants and entertainment spots.
Adds Schenk: “It is little wonder that property in the village and surrounding areas is tightly held and prices have held up well, even during the financial stress of 2007 to 2010. We are pleased to be exclusive marketers of the residential component at Beacon Rock, which is designed to high specifications and standards in luxury property.”