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Cape peninsula a world haven

Posted On Monday, 01 July 2002 10:01 Published by
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MUIZENBERG is regaining popularity as a commercial and residential node in the Cape's south peninsula
MUIZENBERG is regaining popularity as a commercial and residential node in the Cape's south peninsula, with hi-tech industrial development a feature of the area.

Steve Kruger, marketing manager of Capricorn Business and Technology Park, says a major newcomer to the park is LBH Concrete, whose building is nearing completion. Avitronics, a naval electronic systems manufacturer, has made a R14,5m investment in a 6000m² site consisting of offices, laboratories and a testing facility.

Kruger says Avitronics' decision to relocate to be near its main client, the SA Navy at Simon's Town, is a further vote of confidence in the area.

Meanwhile, property agents say top prices are being paid for prime properties along the Atlantic seaboard, with homes fetching between R3m and R7m since February for Pam Golding Properties (PGP).

Two residential properties were sold in Llandudno for R6,85m and R7,75m respectively. A Hout Bay home went for R5m, while a new luxury house in upper Camps Bay, in the final stages of completion, was bought by a German investor for more than R5m. Belgians purchased two properties in Theresa Avenue, Camps Bay, for R6m and R5m respectively.

At Bakoven, PGP sold two beach bungalows, one for R3m to a British buyer, another to a Gauteng businessman for R3,2m near record prices for that area.

In Sea Point, an unusual guest house was sold to a consortium for R3,5m.

'There has been consistent interest by foreign buyers, notably from the UK, the US, Holland, Germany, France and Belgium,' says PGP's Laurie Wener.

He says that from Sea Point to Hout Bay approximately 55% of sales were to overseas buyers between January and April, with interest increasing sharply after the September 11 terror attack in the US last year.

Buyers have indicated that SA and Cape Town in particular is being perceived as a world haven, he says.

Business Day

Publisher: Business Day
Source: Business Day
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