Smaller but puffed up

Posted On Friday, 30 August 2002 02:00 Published by
Rate this item
(0 votes)
Cloud's End, at 11 ha once possibly the largest and poshest residential estate in Johannesburg's northern suburbs, is about to be broken up and developed
By Ian Fife
 
Cloud's End, at 11 ha once possibly the largest and poshest residential estate in Johannesburg's northern suburbs, is about to be broken up and developed.

Previously a grand countrified home for the rich and famous, for instance Gordon Waddell and Mary Oppenheimer, it is close to Sandton's CBD, making it an ideal up-market residential location.

MCC Group, a recent entry into high-end residential gated developments, has bought 5 ha of the property for R22m from FirstRand. The bank became the owner of the property after the collapse of Stocks & Stocks in 1999.

MCC chairman Mike Barnes says he would have bought the remaining 6 ha but Stocks ex-CEO Bart Dorrestein controls it through a 140-year lease. He lives in the mansion on the estate. Dorrestein confirms that he arranged a 140-year lease when Stocks owned Cloud's End.

Stocks proposed an office development, Deer Park, in which game would roam the estate between the buildings. Ratepayers fought the idea.

But Sandton civic activist Rose Johnson supports MCC's plans: 'They are developing large stands - up to 2 000 m² each - on which buyers will be able to build the homes of their choosing. This is far better than the identical homes developers squeeze on to 500 m² or smaller.'

However, MCC project chief Roes van Achterbergh says there will be some control over what buyers build: 'They will be able to choose from four top architects to design their homes and they will not be able to interfere with their neighbours' privacy.'

Van Achterbergh expects to have council approval for the development within months and to be signing up buyers before the end of the year.

And the price? 'If you have to ask, you can't afford it,' says the project's agent, Sydney Barlow.

Financial Mail


Publisher: Financial Mail
Source: Financial Mail

Please publish modules in offcanvas position.