In the area 2 - Musgrave

New Morningside development sells well

A new apartment development in Durban’s trendy Morningside area is selling well to young buyers, with R6,5m worth of off-plan sales already in the bag.

Lyndsay Seiler of leading real estate agency Homenet Musgrave says the market was ready for such a development, which places emphasis on security, low maintenance and high quality fittings and finishes.

Named Esselmont Mews, the development is comprised of 18 two-bedroom units measuring 68m2 and priced from R815 000. Undercover parking comes standard with each unit and completion is scheduled for October 2009.

Says Seiler: “The time is ripe for such a development as most activity in the local property market is occurring in this price bracket, although there is a huge range of property choices at prices from R350 000 for sectional title units to R8m for penthouses with sea views.

“Young working couples who haven’t started a family yet make up the majority of buyers in the new development as they are seeking centrally located, convenient accommodation at an affordable price.”

Busy commercial nodes are within easy commuting distance of Esselmont Mews as are a number of social hotspots on nearby Florida Road, which features a variety of pavement cafés known for their fine food and several chic retail stores that are favourites with the young set. The 100-shop Musgrave Centre is also within easy reach.

Meanwhile, the Morningside stadium being built for the Soccer World Cup in 2010 is well under way and is generating impetus for associated investment and business interests in the area. Major development and infrastructure upgrades are taking place and this activity is driving demand for property in the area.

Buy-to-let investors are also making an appearance says Seiler with many finding the rate of return in the rental market appealing. One-bedroom flats in the area are renting for R3500 a month and two-bedroom units are renting for around R4500 a month, she says.

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