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BRIEF: To find a very smart apartment that the client could use for regular trips to Cape Town, but which would also be very attractive to the short term rental market.
AREA: City Bowl and De Waterkant as well as the V&A Waterfront
BUDGET: Up to 4 million Rand
OPTIONS PROPOSED: This client was a returning investor in the CT property market having approached Space in the past on a previous purchase so we had worked with him for more than 2 years before this property was finally purchased. Previous offers on property in the V&A Waterfront had fallen through and over time that location had become too expensive.
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 chosen apartment was bought without the client viewing it in person. Over the two years plus that we had been dealing with him, he felt he had enough confidence in Space to make an excellent recommendation, so, after a number of phone calls and many photos and details, the negotiations began.
This three bedroom, two bathroom, 173m2 duplex apartment was offered fully furnished with excellent views over the harbour, city and Robben Island. It had two large sun terraces and an over size master suite of 50m2. The asking price was 4.8 million. Space negotiated a deal to include all furniture (which was of a high standard) and all the art which was valued at a further 250,000. Our client paid 3.8 million for the apartment and a further 500,000 for all of the contents, giving a saving of 21% on the asking price. The final price paid was actually the same price that the original owner paid three years earlier off plan.
Space have since been instrumental in further upgrading this apartment by enlisting the services of an interior designer as well as getting valuations from local letting agents.
The client viewed the apartment for the first time in May 2008 and was delighted with his purchase.
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