"Interest is running high, not only among buyers but also among individuals wanting to buy property in the proposed self-sustaining urban village planned for the site," says Paddy Smuts, manager of Pam Golding Commercial Auctions. The site goes on auction at 11am on Thursday 21 June 2007 at Hotel Izulu, Rey's Place, Ballito.
"Given the enthusiastic pre-auction interest and request for further information from both South African and international buyers, we anticipate we will receive a number of pre-auction offers. There's also been a steady stream of on-site visits from potential buyers from all over the country, as well as from those based overseas. We've had an even greater response than that we received for Sheffield Manor, also on the KZN north coast, which we auctioned in 2006 for a record price of R140 million - the highest ever achieved for a land auction in South Africa."And with all planning and approvals already in place in regard to development of the site into a self-sustaining urban village - a new growth node for the area and a suburb in itself - we are inundated with calls from people interested in buying property within the development, even though we are naturally not at that stage of the project as yet," adds Smuts.
He says given that all the groundwork for the project has already been done, coupled with the burgeoning economy of this rapidly developing area north of Durban, this a unique opportunity for investors. The project will incorporate mixed-use commercial, retail and residential sites; a number of group housing sites; commercial node, retirement village; individual freehold residential stands; hotel site; guest lodge site and site for a private school. This incorporates some 2 200 residential units, conservation zones, open spaces, central public oval, suburban office precinct and a business node with shops, entertainment areas, restaurants, arts and craft workshops etc.
The approved design style of Mount Richmore Village Estate will be known as 'Organic Contemporary Architecture', incorporating various elements historic to the culture of Zululand traditional form. The village is intended to integrate itself into its natural environment over time with the use of unique elements that will undergo a metamorphism over time such as copper that will turn green and seeded roofs that will overgrow with grass and moss. Environmentally sensitive design and energy efficiency will incorporate the use of wide, low eaves and pergolas to shade walls, thermal insulation of roof areas and the use of solar energy and solar boosted water heating.
Potential buyers unable to attend the auction in person will be accommodated by telephone bidding. The purchase price is to be secured at the time of the auction, with a five percent deposit payable on the fall of the hammer. No suspensive conditions are permissible and guarantees are to be delivered within seven days of auction, with transfer to be effected as soon as possible thereafter.
Photo: An aerial view of the prime site of the planned Mount Richmore Village Estate just north of Durban.
To view the site or for further information contact Paddy Smuts on 021 4177878 / 082 415 7730 or Peter Golding on 021 4177878 / 082 825 5561, or email paddy.smuts@pamgolding.co.za. or pgolding@pamgolding.co.za.
Click here to visit the website.
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