Luxury apartment block sold for R400m at Waterfront Marina
Largest residential sale yet at V&A Waterfront Marina
A luxury apartment block has been sold for R400m, the largest one-off property deal at the Victoria & Alfred (V&A) Waterfront Marina in Cape Town.
Specialist tourism advisory company TPF Advisors, part of the Village N Life Group and an online commercial broker, Quoin Online, handled the sale of Lawhill Luxury Apartments, a block of nearly 5, 500m² consisting of 30 sectional title luxury apartments, including two 450m² penthouses. The deal involved two individuals.
Hannes Swart, founding partner of TPF Advisors, said each individual declined to have their name disclosed but that the buyer said the apartments were located at the most desirable address in Cape Town, next to The One & Only Hotel.
“The property is marketed to sophisticated travellers who seek ultimate luxury. The Lawhill sale is the largest residential transaction yet in the V&A Waterfront Marina, and demonstrates the healthy investor appetite for property linked to the international tourism market,” he said.
The V&A Marina is the most established residential development at the V&A. It consists of 515 residential units across 17 buildings, with more than 200 boat moorings.
Over the past 15 years property prices on the Atlantic Seaboard have grown on average by 15% a year, which represents a cumulative increase of 800% over that time.
“We believe the trend for dollar-based or property linked to tourism will continue to grow,” Swart said.
While the sale is the most expensive at the Marina, a group of residential deals worth half a billion rand at the upcoming Yacht Club development in Cape Town recently took place.
Basil Moraitis, Pam Golding Properties (PGP) area manager for the Atlantic Seaboard and City Bowl, said it had sold apartments at the Yacht Club, which lies at an entrance to the V&A and the CTICC for more than R480m. While the sales were not in one go and to one investor, they were registered together, he said.
Seeff Properties' director for the Atlantic Seaboard Ross Levin said the deal was significant in terms of its total price but it was not the most expensive in the Waterfront overall, on a square metre basis.
Finella Botes, an agent with Seeff Waterfront, said the rate of sale for Lawhill was achieved at about R72 747/m².
The three most recent sales in the block next door to Lawhill, achieved a rate per square metre of R101,000, R91,000 and R105,000.