In their quest to provide properties for varying sectors of the market, Sotheby’s International Realty are testing their pioneering “shells” concept on the premier suburb of Camps Bay in Cape Town.

Rob Stefanutto, Director of Development, Sotheby’s International Realty, operated by Lew Geffen, Atlantic Seaboard says, “We launched ‘shell’ apartments in Cape Town’s CBD earlier this year to which we had a phenomenal response. Because they have no finishes these units offer the buyer a clean slate with which to play- with wiring and plumbing in place. This eliminates gutting costs and brings down the cost per square meter significantly.

“We currently have our first ‘shell’ home on the market in Camps Bay for R5.5 million, the same home with finishes would increase in price by R500 000- R900 000. This type of property fills a gap in the Camps Bay property market when you consider that the cheapest property to be found in the area will cost around R4.3 million and will need to be gutted and renovated.

“This freehold property is situated in a security complex on a 430m² stand with 3 bedrooms, 3 bathrooms, swimming pool and excellent views. It was designed by an Italian consortium that has provided a set of drawings illustrating suggested finishes. Within the same complex finished homes have sold for R7 million. One is therefore paying around R20 000 per square metre as apposed to R25 000 per square metre for a finished home within the same complex.”

Stefanutto notes that the “shell” idea was inspired by New York’s Meat Packing District conversions during the late 80’s and early 90’s. With the rising costs of building, ‘shells’ allow developers to take their profits without having to increase square meter costs exorbitantly. Buyers can add on their own choice of finishes as and when they please.

“As with our CBD ‘shells’ which provide younger buyers with a way into the market, freehold shells will allow more established buyers a way into premier suburbs that they might never have been able to buy into before.”

ENDS

ISSUED BY:                   LANGE STRATEGIC COMMUNICATIONS

ON BEHALF OF:             SOTHEBY’S INTERNATIONAL REALTY

For further information please contact Rob Stefanutto at Sotheby’s International Realty on 083 556 6861 or Robyn Creer at Lange on (021) 448 7407.