By Graham Norris
An investment opportunity has arisen at The Island Club - the new R400-million residential development nearing completion on the north bank of the Grand Canal at Century City.
The Island Club Hotel will form a part of the new 35-hectare complex, and Pam Golding Properties is marketing 23 of the hotel suites for purchase by buyers seeking capital growth and a luxurious holiday destination. Keen interest is expected, in particular from overseas buyers, as well as those seeking a guaranteed rental income.
The hotel is to be operated by Protea Hotels, which has an excellent track record of ensuring maximum occupancy and competitive room rates. The Island Club Hotel will be managed by the Singer Group, a leading local independent tourism company.
A similar partnership has already proven successful at Cape Town's Dolphin Beach Hotel, where the involvement of these two companies has seen room occupancies of between 80 and 100% a year, ensuring rental income as well as huge capital appreciation for buyers.
This winning combination seems likely to be repeated at the Island Club Hotel, and investors will be guaranteed a 5% net rental income per annum for the first three years, as well as the bonus of no levies being payable during this period.
Buyers will also receive four weeks of free accommodation in the hotel a year, or alternatively can swap these weeks for free days at any one of 3 600 RCI resorts worldwide.
Purchasers of the Island Club Hotel apartments will assume full sectional title ownership of the units, which range in size from 39 to 93m2 and include bedrooms en suite, kitchen and living areas, as well as a parking bay each.
All of the suites will be fully furnished and finished with top-of-the-range interiors and appliances, to a four-star deluxe standard. The units range in price from R745 000 to R1.59 million, inclusive of VAT - no transfer duty is payable. A 10% deposit will secure purchase, while financing opportunities are also available.
Phase one of the development is due for completion in October, and PGP's Director International Division: Special Projects, Kim Faclier, says it is sure to attract a vibrant sale and re-sale market. "The Island Club Hotel development is an outstanding investment opportunity, offering the benefit of ownership but none of the hassles.
There is potential for capital appreciation, and we expect a lot of interest from foreign buyers who view Cape Town as a value-for-money destination.
There are also many benefits and attractive features which will make this development appealing to local or up-country investors - for example, its close proximity to the Cape Town CBD or the airport. And it is situated right next to Canal Walk, the largest shopping and entertainment complex in the Southern hemisphere and all of Africa," said Faclier.
The developers of the entire 250-hectare Century City complex have shown careful attention to security, environmental preservation and design guidelines. Additional features of the Island Club Hotel include a 25m-indoor heated swimming pool and an outdoor swimming pool "island" for owners and their guests.
Owners will also have access to the hotel's fitness centre and recreation zones, and will be able to enjoy the development's private waterways, kayak facilities and pedestrian bridge access onto the public piazza of Canal Walk.
The Century City complex enjoys the protection of a 24-hour ground patrol, surveillance cameras, and manned access control of all roads into the complex. Contact Kim Faclier, on 021 438 3444 or 082 554 6295.This article was originally published on page 6 of The Cape Argus on June 27, 2004
Publisher: The Argus
Source: The Argus
Hotel rooms as investment opportunity
Posted On Sunday, 27 June 2004 02:00 Published by eProperty News
An investment opportunity has arisen at The Island Club - the new R400-million residential development nearing completion on the north bank of the Grand Canal at Century City.
Latest from eProperty News
- Love and property: a homebuying guide for couples
- From Civic Landmark to Collaborative Hub: A New Era for Muizenberg’s Post Office
- Growthpoint breaks ground on Tecoma Park, Cornubia, advancing its local logistics strategy
- Rosebank Mall adds Livo to its lifestyle line-up
- 166 sectional title units in the iconic Parktonian Hotel, located in the heart of Braamfontein, Johannesburg
eProperty News is a leading online commercial property marketplace serving the Southern African Investment, Office, Retail and Industrial property and allied sectors.