Priced at R9.85 million, a unique development opportunity that features existing properties of value as well as environmental approval for building a 60-unit retirement development is now on the market in Pennington.
This five bedroom, three bathroom home in Pennington has a pool, two bedroom cottage and workshop. It is on the market for R9.85 million - click here to view.“This beautiful 26 acres (10ha) of unspoiled land with abundant birdlife, amazing fauna and flora, a macadamia nut plantation of around 250 trees and a natural stream running through is the perfect location to build the charming stone cottages planned for this potential retirement village,” says Brenda Hansen of Seeff Pennington.
In addition, she says there is a beautiful five bedroom double-storey home, a newly-built two bedroom cottage and a large workshop. This property borders on the existing Umdoni Retirement Village, which has around 600 houses at present (and a waiting list of 800).
“The current owner has received approval to rezone the property to Retirement Status and has all the approvals in place to build 60 units, together with signed contracts from Eskom and UGU, the local water suppliers,” says Hansen.
“As a matter of procedure, the new owners would have to reapply for the approval as this is specific to the developer who owns the property and submits the application.”
She says the existing main residence, a double-storey stone building, has five bedrooms, three bathrooms, two lounges/dining rooms, a large fitted kitchen/scullery and laundry. There are two large patios, and the home also features a large office, a double garage and a large swimming pool.
“This property could be reconfigured as offices or a frail care facility or similar for the proposed retirement village. There is also a large outbuilding or workshop, as well as a second dwelling which is a simplex with two bedrooms,” says Hansen.
In addition, Hansen says the home has a newly-built two bedroom cottage and a large workshop.The property is fully fenced with a functional electric fence attached and an automated gate entrance, she says. It also includes a natural stream with a small waterfall, a macadamia nut plantation, indigenous trees and shrubs, abundant birdlife, blue and grey duiker, bushbuck and numerous species of the local fauna.
“Another proposed development set to be completed close to this property is a new lifestyle village with dwellings, medical facilities, shops, recreational areas and so on for the ‘over-50s’, which will complement the retirement lifestyle in the area,” says Hansen.
“Pennington’s mild climate, beautiful beaches, easy access to shopping and hospitals and the peaceful surrounds make it perfect for this type of development. The fact that there are long waiting lists at the existing retirement villages in the area make this a very worthwhile venture - and this property an excellent investment opportunity.”
Hansen says Pennington is part of the Umdoni coast of KwaZulu-Natal, with quiet, pristine beaches, magnificent bays and safe tidal pools.
“A round of golf at the Umdoni Golf Course and Selborne Park course comes complete with game and bird watching,” she says.
For more information or to view the property, click here.
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