With only 17 stands now available for purchase in the ninth and final phase of the Baronetcy Estate in Cape Town’s Northern Suburbs, buyers are adding considerable value to the development, with most new owners investing in excess of R10 000 per square metre in constructing their homes.
Priced at R12 million, this sophisticated, four bedroom (all en suite), four bathroom Stefan Antoni-designed home in Baronetcy Estate is a masterpiece comprising approximately 550 square metres .With 180 degree views, clean flowing lines, attention to detail and abundance of sunlight streaming in, the elegant design brings together all the living areas making Table Mountain the focal point and topic of conversation. The pool and garden create a serene space that flows into the living and entertainment areas through floor-to-ceiling glass stacking doors.This is according to Pierre Nel and Andre Leask, Pam Golding Properties (PGP) Plattekloof area principals, who say some buyers are spending up to R20 000 and more per square metre, while another, a South African who bought two stands to the value of R5.15 million and consolidated them into one, is building a 1 350 square metre masterpiece with a total projected cost of R32.15 million.
Nel says this is said to include an in-house squash court, wine cellar, cinema room, guest flatlet, five bedrooms (all en suite), an entertainment area with swimming pool, jacuzzi and staff quarters. He says the home will be a green building run on solar energy.
“The quality of built homes has significantly increased, and Baronetcy Estate is blooming with some of Cape Town’s most modern, luxurious homes.” They recently sold a completed home on the estate for R25 100 per square metre, which has set the bar.
What makes Baronetcy so popular is the convenient position a mere eight minutes’ drive from Century City and Tygervalley, and 18 minutes from Cape Town and Blouberg, while Stellenbosch is only 20 minutes away.Nel says in terms of re-sales, they are seeing asking prices being achieved, with completed homes starting at R5.8 million and ranging up to R19.5 million. He says prices of vacant stands have also increased. Stands of 800 square metres plus, which sold for R850 000 in 2006 when the estate was launched, fetched prices of R1.8 million just four years later. He says while vacant stands have achieved a steady return on investment for many investors, due to the popularity of Baronetcy, they find that most buyers are acquiring stands to build and settle in.
According to Leask, some homes, which were built in early 2007/2008, have achieved a double return (100 percent), and many more a 40 to 60 percent return on investment. He says building costs increase each year, so previously built homes have the potential to achieve the highest returns, as it is impossible to build for the same cost per square metre as in previous years. However, Leask says they find that many homeowners are acquiring a second stand, and as soon as their homes are sold, they will build again in order to upgrade or accommodate their changing requirements.
Baronetcy Estate rentals start at R23 000, with a current top-end rental of R50 000 for a property rented to a foreigner.
The 17 remaining stands, priced from R2.25 million to R4 million (including VAT), are attracting considerable interest with seven transactions currently in progress.Leask says current buyers are established corporate professionals and senior executives. Many are relocating from Cape Town, Gauteng as well as KwaZulu-Natal, and they also have a number of international buyers. The bulk of these are families relocating not only for the lifestyle, but the tranquillity of the Northern Suburbs, as this is the perfect location to raise children.
“What makes Baronetcy so popular is the convenient position a mere eight minutes’ drive from Century City and Tygervalley, and 18 minutes from Cape Town and Blouberg, while Stellenbosch is only 20 minutes away.” Educational facilities include Panorama Primary, which is one of the popular primary schools, and high schools such as Chester House, Curro, Century City and Durbanville.
Of the 62 stands in phase nine (A, B and C), 45 have been sold at a total value of R105.9 million. The 17 remaining stands, priced from R2.25 million to R4 million (including VAT), are attracting considerable interest with seven transactions currently in progress. The final section (D) of phase nine, which will comprise 20 stands, is to be released in 2015, at prices starting from R3.2 million, including VAT.
According to Nel, three buyers have already commenced construction of their new homes in this final phase, and many plans have been submitted. They expect that many properties will be built in early January. All the roads have been completed and stands serviced, and one can now access the new roads right on the crest of the Tygerberg Nature Reserve, which leads to the prime stands with panoramic views of Baronetcy Estate, Table Mountain, the city skyline, Robben Island and the Atlantic Seaboard, he says. “From here, the view is spectacular - it almost feels like you are on top of the clouds.”
Built by the developers, the new access road, Silwerboom Road, which links Plattekloof 2 and 3 with Plattekloof 4, the Plattekloof Village Shopping Centre and the adjacent Plattekloof Main Road, has greatly improved ingress and egress for Baronetcy Estate residents and benefited the entire surrounding community.
Nel says homeowners in these areas now enjoy easy access. As the business parks are located in the centre of Plattekloof 3 and Plattekloof 4, traffic has improved significantly, as commuters now have two entrances and exits to main Plattekloof Road instead of one, he says. Plattekloof Village centre, which is located in Plattekloof 4 and the Plattekloof Centre, which is undergoing renovation and is located in Plattekloof 2, also enjoy more convenient access, he says.
For more information, email or contact Pierre Nel on 076 967 3766.
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