Left: A luxury home on the Selborne Golf Estate in Pennington that is for sale for R6.5m.The Pennington Village Mall in Pennington on the KwaZulu-Natal south coast has been sold for R4.5 million to a Pretoria developer. The mall is undergoing extensive alternations and refurbishment and the developer has plans to build residential apartments above the existing shops, says Brenda Hansen, PGP's area principal in Pennington.
Renovation of the existing shops is planned to commence in July (2006), with the addition of a large supermarket to house a well known franchise store. The residential component will comprise 21 apartments which are to be built, 11 of which have already sold off plan in the first phase. As the mall is well located just over the road from the main beach, all the apartments will have sea views. Hansen says the remainder of the apartments will be sold once the development is complete, and prices are anticipated to be in the region of R1.5 million.
Commenting on the residential property market in this appealing area of the KZN south coast, Hansen says due to increasing demand for homes, some 750 units are due to become available in the area through various proposed development projects. These will include approximately 300 luxury units in the price range from R1.7 million to R4 million on a site adjacent to Selborne Golf Estate - with major appeal for investors and those seeking second or leisure homes; 160 units close to the beach with exceptional views - with stands to sell at approximately R600 000 and appealing to investors, second home buyers and retirees; a further 100 units on the inland side of Old Main Road with stands priced at around R450 000 and some 150 units in various small developments selling at approximately R1.2 million - all with broad appeal to a cross-section of buyers.
She adds that while the areas from Sezela to Elysium are largely under sugar cane at present, there is a strong move towards large tracts of agricultural land being sold to developers. "Given the growth of the area and new residential developments in the pipeline, Pennington really needs investment in infrastructure in terms of restaurants, entertainment and upgraded beach facilities," says Hansen.
"The Pennington area and nearby areas of Sezela, Bazley, Ifafa and Elysium are becoming highly sought after and prices have risen significantly over the past three years. Currently we only have two houses available for purchase below R1 million. The main price range for houses is from R730 000 to around R7.6 million ie from bungalows to large homes on the beachfront, and with the entry level price for a three bedroom house in the region of R800 000. Townhouses are priced from R550 000 for a one bedroom home up to R2.2 million, with the average three bedroom townhouse starting at about R870 000. Luxury homes on the Selborne Golf Estate are priced from R1.8 million to R17 million."
Hansen also says vacant land is in short supply. Land prices start at R400 000 for a 1000sqm site with no sea views up to R2 million for a 1700sqm site with beach access or sea views. Generally, sea view sites start at R600 000 but these are usually set back from the beach with more distant views of the sea. Three years ago one could purchase a 1000sqm stand for around R40 000.
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