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BRIEF: Two bed apartment for use by the client on occasional holidays and ongoing short term lets
AREA: De Waterkant, CBD and Sea Point. After further consultation with the client this was further narrowed to CBD and De Waterkant
BUDGET: Up to 300,000 GBP (approximately 4 million Rand at time of sale)
OPTIONS PROPOSED: Seven properties made the short-list in Upper Green Point, two houses in De Waterkant and a penthouse in one of the large city blocks.
Metropolis was built in 2006 by a very well known Ct architect Arthur Quinton. It was the first purpose built block which has an industrial feel to it inside – face brick walls, bare cement ceilings, industrial size lighting. Twenty four hour concierge/security, this apartment has 2 parking bays with superlative views of the city and Table Mountain. The oversized, full length deck is big enough to cater for a large table and lots of chairs. With 143 m2 internal, this option was by far the biggest space for the money.
The client loved the area of De Waterkant. It is vibey and in the throes of a major rejuvenation with many new restaurants, a new Cape Quarter, new pavement cafés and great shops along with many new executive apartments. In addition it is walking distance to the V & A Waterfront and also the CBD.
The final agreed price was 3.185 million ZAR, giving a price per square meter well below the average for that area.
Rental price achieved has been 15,000 ZAR per month initially for a one year lease. Phase two of this clients project is to furnish the property with the help of the Space Project Manager and then target the short term market.
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