GRAHAM NORRIS

Property Editor

THE Cape Town CBD will receive yet another investment injection with the construction of a nine-storey residential apartment block in the upper Long Street area.

The development, which will have 45 units, was designed by architect-ural firm, Munnik Visser Architects, and will consist of two- and three-bedroomed apartments, as well as luxury penthouses.

Included in the project are four floors of secure parking. Named Flatrock, after Platteklip Gorge on Table Mountain, the development will have city and mountain views from every apartment.

Quality finishes will be used throughout and owners have the added benefit of choosing their own. The apartments will be priced from R795 000 to R1.9 million.

Flatrock will also offer excellent security, as well as the latest hi-tech electronic systems. Eleven of the 45 units have already been sold prior to its official introduction to the marketplace.

The developer, Geoff Madsen, says the introduction of the offshore asset declaration, seen together with the strong rand/US dollar impact on local borrowing rates, and the knock-on effect which this has on bond rates, has created a positive atmosphere for local investors.

"We have put together a seasoned team of professionals to cost and assemble a viable residential scheme, the results of which have been extremely encouraging.

"Munnik Visser Architects and Craig Sutherland Engineers, together with high-profile individuals within the industry such as Chris Verster and Aldo Gosman, have combined their professional skills and expertise, to design an affordable, market-related project in a location which captures the essence of inner-city living in Cape Town," said Madsen.

Andrew Boraine, chief executive of the Cape Town Partnership, said: "This multimillion rand development will bolster the trend of city centre living and the stimulation of retail development. The sell-out success of numerous such developments shows that there is enormous interest in well-priced apartments with secure parking in the Cape Town CBD."

Chas Everitt City Bowl has secured the sole mandate for selling the units. According to Antoinette Britz, one of the principals of Chas Everitt City Bowl, there has been enormous interest from both local and overseas buyers.

"We at Chas Everitt are confident that these units will sell very fast."

Building is due to commence early in the new year, and occupation is scheduled for March 2005.

For more information contact Chas Everitt City Bowl on 021 422 1488 or Chas Everitt Atlantic Seaboard on 021 433 1388.