“THE CLAREMONT” A RUNAWAY SUCCESS WITH LANDLORDS AND RESIDENTS

Lanice Steward, MD of the Anne Porter Knight Frank real estate marketing group, says that in all her experience she has seldom, if ever, come across apartments capable of giving such satisfactory returns as those of “The Claremont” on Main Road in the suburb of that name. What is more, these highly satisfactory returns are, she says, being achieved on resale prices – not just on the original launch prices. (The project came on stream in December 2006.)

The Claremont has four blocks which together hold 322 apartments. These are divided into three main categories, small 42m² studios and two and three bedroom units (the largest is 89m²) with the number of bathrooms varying from one to three.

Resale prices being achieved on these units are from R600 000 to R1,65 million and rental returns on these, says Carmen Maher of APKF, are between 6 and 9%.

“It is,” she says, “quite possible to get up to R3 700 per month on a studio unit and up to R7 000 for a two bedroom two bathroom unit.”

“The Claremont” owes its popularity, said Maher, to the fact that it is part of the UCT’s academic mile – it is, in fact, more than a mile.

“Any apartment or home from Mowbray to Wynberg will these days be snapped up by students prepared to pay rents of R3 500 per person. The Claremont has the huge additional advantage that it is served by the Jammie Shuttle, UCT’s bus service which operates from the block every 20 minutes.”

Other drawcards of this new complex, now 100% occupied, are that it has its own swimming pool and braai area (on the podium well above street level). It offers a 24 hour concierge and guarding service in the foyer/reception area, as well as guards at the entrances to the parking level. In addition, residents can make use of a laundry service and an Internet café. For those who like late night action there are two clubs nearby and for those who want to keep fit, the Virgin Active gym is three minutes’ walk away. Cavendish Square is also within easy walking distance.

Buyers and tenants have, said Maher, been drawn from all over Southern Africa, including Botswana and Namibia.

Although 85% of the residents are young and still at university or technikon, older people are also to be found in the complex –some, indeed, have moved there so as to be among young, cheerful people.

Article by: www.anneporter.co.za