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Investment potential: closeness to Waterfront a big drawcard R70m loft complex for Green Point

Posted On Sunday, 15 December 2002 10:01 Published by
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A NEW loft complex is to be built between Somerset Road and the V&A Waterfront, near the Victoria Junction Hotel in Green Point, an area that is rapidly becoming one of the trendiest in Cape Town.

The design of Prestwich Place will be in keeping with the loft/factory/warehouse-style architecture of the area, which is reminiscent of London's Docklands.

A NEW loft complex is to be built between Somerset Road and the V&A Waterfront, near the Victoria Junction Hotel in Green Point, an area that is rapidly becoming one of the trendiest in Cape Town.

The design of Prestwich Place will be in keeping with the loft/factory/warehouse-style architecture of the area, which is reminiscent of London's Docklands. The R70 million block will be constructed on land bordered by Prestwich, Alfred, West and Schibe streets.

Two derelict buildings on the site are soon to be demolished, and the development is scheduled to begin early next year. Prestwich Place will comprise two floors of spacious loft apartments, two floors of A-grade office accommodation and upmarket shops at ground level.

Its 14 two-bedroom duplex lofts and 14 one-bedroom simplexes, with exceptionally high ceilings, will all offer stunning views. Some will overlook Green Point common, while others will face Signal Hill and Table Mountain. The block will include 21/2 floors of secure on-site parking. The architect, Mike Phillepedes, has proposed an industrial look for the interiors of the apartments, but interior designs can be adapted to reflect each buyer's taste.

The sectional title development is attracting enormous interest. Fourteen apartments have been sold within a month, and already about R20 million of sales have been achieved, says Denise Dogon of Dogon Gavrill Properties, which has sole mandate for the project.

Buyers have included Germans, Swiss, Austrians, Americans, English, Irish and South Africans. Dogon says comparable units at the Waterfront have proved to be 'phenomenal investments'. Prices range from R1 million to R1.9m and include two parking bays.

For more information contact Denise Dogon on 082 449 6608 or Gail Gavrill on 082 777 6000


Publisher: Weekend Argus
Source: IOL
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