THE new owners of the 2240ha Boschendal Estate say they will promote R3,8bn worth of development.

The estate was sold by Anglo American Farms last year to a consortium for R323m. Nedbank Corporate will help fund the purchase and the development work.

Clive Venning, CEO at Boschendal and Graham Johnson, MD of the Boschendal Property Development Company, say there is a development programme that could run for 10 years and that could result in R2bn worth of land sales and R3,8bn in total development.

They say it is likely also to promote substantial employment in the area.

The first phase of the new owners' plan involves bringing 20 Founder's Estates to the market. These are being developed on the 917ha of the Boschendal section of which the new owners have already taken transfer. Included in this section is the Boschendal homestead, which dates back to 1685 .

Johnson says the 20 buyers in this phase will each have estates of about 20ha costing between R15m and R25m. The owners will also each be entitled to a 1% share in the winery holding company and a 1% share in the Herbert Baker-designed Rhodes Cottage. Six of the Founder's Estates have been signed for, the highest profile buyer to date being golfing legend Gary Player, who has taken two estates.

Phase two involves taking over the remaining 1337ha. This will be done once planning permission is given, which could take another 18 to 24 months. It is on this section that large-scale residential development will take place.

The new owners will be developing a 300-unit retirement village.

Johnson says Boschendal will be a premium and low density development.

He says a unique feature of the takeover is the preservation of the integrity of the farming operation.

The entire agricultural unit will continue to be managed and farmed by Boschendal and this is entrenched through a notarial lease on the land.

Purchasers will receive a rental from the farming operation. The plots, which will vary in size from 1250m² to 10000m², will be sold for between R2m and R8m.

The new owners say that the establishment of the farmyard villages and retirement village will not involve any farm labourer staff losing their homes. Amfarms have developed the 56ha Lan guedoc Village as a home for their workers and are spending a further R52m to establish this. This will result in 450 houses becoming available with an average value of R50000. All farmworkers will be given freehold title to these homes.

Also included in the plans are a 50-room boutique hotel and a commercial, retail and office centre .

Mar 24 2004 07:21:16:000AM Business Day Reporter Business Day 1st Edition