PERTH PARK LAUNCH R100 MILLION RESIDENTIAL PROJECT IN STRAND
Ongoing development in the Strand area – and particularly in the vicinity of Somerset Mall and the beachfront– has been rapid for at least a decade and it appears that it will continue indefinitely, says Richard Edwards, Manager, New Business, for Nedbank Corporate Property Finance (Cape), which has funded a substantial portion of the area’s major developments for the last ten years.

The latest development to be launched in this area is “Strand Central”, a R100 million two block residential project for Strand Central Investments. The project will be sited in Strand just off the beachfront, on the corner of Broadway Boulevard and Main Road.

The developers of the project are PerthPark Properties Ltd.

Edwards said that Nedbank Corporate Property Finance has had a particularly good relationship with these developers going back some twelve years.

“We have,” he said, “financed almost every one of their projects, Perbro House (which is currently being redeveloped into the Rondebosch Medical Centre) and Stonefountain Terraces on Klipfontein Road facing the M5 highway, a retail centre at Table View, the conversion (to residential units) of the Broad Road Medical Centre, and two office blocks in Westlake, namely Grapevine House and Silverberg Terraces.

The new Strand project will have 119 apartments in two blocks of five floors. These will be in six sizes,

· 100m2 with three bedrooms and two bathrooms,

· 75m2 with two bedrooms and two bathrooms,

· 60m2 with two bedrooms and one bathroom, and

· three different sizes of one bedroom apartments varying in size from 38 to 45m2.

The developers, said Edwards, are placing a strong emphasis on security and lifestyle communal facilities. All communal indoor and outdoor areas (including the parking basement) will be monitored by CCTV and the foyers of both blocks will have concierges. Entrance to the estate will be controlled.

Recreation and entertainment facilities include indoor and outdoor swimming pools, a 109m2 gymnasium with change rooms, an all-weather tennis court and eight braai areas.

Parking, said Edwards, will be generous: all apartments will have at least one basement parking bay, while those with 60m2 or more of floor area will have two bays.

The prices vary from R700 000 to R1,6 million and equate to R17 500 per m2, which, said Edwards, is exceptionally good value in this fast appreciating area, taking into account that transfers will only occur in 2009.

“By raising the level of specifications, materials and fittings for the area PerthPark will set new standards here,” said Edwards. “This fact, coupled to the excellent position and the reasonable pricing, should make these units very popular and a sound investment.”

The architects for Strand Central are Joshua Conrad Architects and the sales and marketing will be handled by Jeanne de Waal of Cape Coastal Properties as well as PerthPark Properties Ltd. The contact numbers are 021 761 8199 (PerthPark Properties) and 021 853 1138/082 821 4048 (Jeanne De Waal).

Construction has commenced and transfers should take place from early 2009 onwards.

Article by: www.nedbank.co.za