A new development, located on Oliver and Lincoln Road in Sea Point, is centred on compact, sustainable design - sweetly positioned close to restaurants and shops - and within walking distance of the Cape Town's most cosmopolitan promenade.
The 33-apartment Blok development is now available for investment in the desirable Atlantic Seaboard area - formerly unattainable largely due to costs.
"The modern owner-occupier increasingly prioritises work-life balance; young professionals want to be based near to their workplaces in the city, avoiding unnecessary time spent in traffic. They’re also getting married later in life, and having fewer children," says Jacques van Embden, Managing Director at Blok
“As a result, there’s a new interest in ‘lock-up-and-go’ apartments in prime locations - a response to increasing urban density and crime - while the trend towards sustainability is thought to be driving a pedestrian- community.”
And with short term rentals no longer a grey are, thanks to the changes made to Cape Town's By Laws - the development is also anticipated to appeal to those looking to leverage their investment through the rapidly-expanding short-stay letting market.
Van Embden attributes the rise of the ‘Airbnb economy’ as a contributing factor in Four On O’s appeal.
“Airbnb generated an estimated R8,7 billion in South Africa between 2017 and 2018, reporting a 65% year on year growth.”
'Buy-to-Let opportunity'
Yet currently, the buy-to-let sector of the property market only accounts for 10,6% of total sales.
“There’s an exciting opportunity for savvy investors looking to leverage their investment though short-term rentals, and for owner-occupiers seeking to supplement their bond repayments via AirBnB when they travel.”
The contemporary raw finishes and space-efficient design have improved affordability for would-be investors and owner-occupiers. With prices that start from R1,925million for a studio apartment and R3,5million for a two-bedroom apartment - and with features that include a communal braai area and roof deck with a pool, private parking, high-speed internet connectivity and energy-efficient fixtures - FOUR ON O offers an attractive investment while not compromising yield.
“We’re excited to bring this development concept to a broader group of buyers, sharing our design philosophy and passion for community in answer to their evolving needs,” says van Embden.
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