In the biggest property sale ever in the Umhlanga and La Lucia Ridge nodes, Standard Bank building in Umhlanga New Town Centre has been sold for R32.5-million.

The A-grade property was bought by South Coast private investor, Mr Lance Robertson, in a deal negotiated by Billy Latham of JHI Real Estate.

Situated behind Gateway Shopping Centre, the four-storey building was built in 2002 for Standard Bank’s retail division and totals some 3300 square metres of prime retail and office accommodation.

"The price achieved for the property is indicative of the demand for accommodation in the node, but more importantly it illustrates the buoyancy of the investment market," says Mr Latham, who has concluded another 4 significant deals that are currently awaiting transfer.

"New investors to the property market are looking to expand their portfolios to include fixed property assets and there is much competition for good properties. The only problem is a shortage of stock but this will change as new developments come on-stream. This is particularly true in Umhlanga and La Lucia Ridge where new developments will start to mature and create a bigger secondary market".

Latham says that Umhlanga and La Lucia Ridge is the premier destination for corporates in KwaZulu Natal, who are prepared to pay higher prices for the strategic location with good exposure and accessibility. "The introduction of residential apartment developments is another big plus for the area; its changing the way people do business and making the node truly sustainable", he adds.

ends