Investor snaps up all 190 apartments in new Burgundy Estate project
All 190 apartments in a new R200million residential security village now getting underway in Burgundy Estate Cape Town have been snapped up by an investment trust.
To be known as Vermont, the development is the first to be undertaken by the Burgundy Estate Joint Venture formed recently by Nedbank Corporate and Investment Banking and Rabie Property Group in order to complete development of the suburb.
Project manager Ryan Hare says the investment trust had bought the entire development off plan for residential rental stock to benefit from the high demand for rental accommodation in the area.
Vermont, he said, will consist of one and two bedroom apartments and a handful of double storey three bedroom duplexes in 21 blocks. The blocks will vary in size from five to 12 apartments and will be set in beautifully landscaped gardens with a swimming pool and a clubhouse with braai and change room facilities. A number of other open green spaces including kiddie play parks will be provided.
Apartments, excluding balconies or terraces, will vary in size from around 51 square to just over 100 square metres.
All apartments will have built in braais and parking for two cars.
The development has been designed in a contemporary style by award-winning Giselle Vanderstraeten Architects.
“The general principle is to create as much variety and interest as possible with regard to detailing, roof heights and colour schemes and to allow for a lock-up-and-go lifestyle. In addition Vermont has been orientated to either optimise views of Table Mountain or to be north-facing,” says Vanderstraeten.
According to Hare there is a strong focus on security. A mix of palisade fencing and solid walling will be provided around the perimeter as well as 24 hour manned security and access control at the gatehouse.
Big Ben has been appointed the main contractor for the project and construction is due to start shortly with completion set for end 2016.
Marite had been appointed as the managing agents for Vermont while The Letting Corporation will be undertaking the letting of the apartments on behalf of the new owner. For details in this regard contact Kim Robinson on 021 801 1888 or email firstname.lastname@example.org
Hare says there is also strong demand from buyers for apartments in the area and the Joint Venture partners are currently finalising a second sectional title development which they are aiming to bring to the market in the next month or two to satisfy this demand.
“While prices are still being finalised, we are expecting the apartments to start at around R750 000 VAT inclusive for a one bedroom unit and from R950 000 for a two bedroom apartment.
Property World have been appointed as the sole sales agents.
Interested parties can go to www.burgundyestate.capetown to register their interest.