R2.1m gets you a hotel-style home in Cape Town’s CBD
What if owning an apartment did not have to mean managing every aspect of it yourself?
That is the proposition behind The Lennon, a new residential development at 60 Corporation Street in Cape Town’s CBD, where apartments are being combined with professional management and the services more commonly associated with hospitality.
Backed by Neighbourgood, the development offers suites, one- and two-bedroom apartments priced from R2.1 million, with a model designed to appeal to both owner-occupiers and investors.
Property ownership has traditionally worked in silos, where owners and investors buy an apartment and get the key to that unit, and not much else. Neighbourgood wants ownership to work more like a lifestyle membership that is not confined to the four walls of a single building.
Rather than treating the apartment as the entire product, The Lennon puts equal emphasis on what happens around it, from a rooftop pool and gym to a café, concierge services and access to Neighbourgood’s wider network.
The Lennon offers:
- Suites, one- and two-bedroom apartments from R2.1 million
- R100,000 early investor discount
- Professional management by Neighbourgood
- Rooftop pool, bar, Fully equipped gym, café, bakery and restaurant
- Reception and concierge services
- UDZ and Section 13sex tax incentives for qualifying purchasers
Registered buyers can join the online sales launch on Wednesday, 7th October at 1pm where a R100,000* discount awaits those who reserve on the day.
Click here to learn more about The Lennon.
Property Meets Hospitality
The boundaries between hotels, rental accommodation and residential property have become increasingly fluid, with buyers and tenants looking for greater convenience and flexibility.
The Lennon is built around this overlap. Neighbourgood, which has a portfolio of more than 1,000 units across Cape Town and the Cape Winelands, will professionally manage the development. Their existing business spans furnished accommodation, aparthotels, coworking spaces, rooftops and social environments, giving the company experience across several parts of the hospitality and residential property markets.
Incidentally, the new residential development at 60 Corporation Street has significance too. The former Townhouse Hotel became the company’s first significant acquisition in 2021 and is now being redeveloped as Neighbourgood’s first sectional title development.
At The Lennon, that experience is being applied to a residential ownership model. Professional management is intended to reduce the operational burden associated with running a rental property. For residents and tenants, the development offers services and shared spaces designed to make everyday life more convenient.
Something For Everyone
The development’s entry-level suites are priced from R2.1 million, putting them within reach of buyers looking for a foothold in Cape Town’s CBD without moving into the higher price brackets associated with larger apartments.
Suites – Priced from R2 100 000
Designed to make efficient use of space, the suites offer a compact city base for first-time buyers, investors or those looking for a lock-up-and-go property.
One Bedroom Apartments – Priced from R2 990 000
The one-bedroom apartments offer practical layouts suited to professionals, couples and investors seeking a centrally located residential property.
Two Bedroom Apartments – Priced from R5 090 000
With additional space and flexibility, the two-bedroom apartments can appeal to families, sharers or buyers who want room to work from home.
Standard finishes include essential kitchen appliances. Buyers can also choose a Neighbourgood furniture and fit-out package curated by Cape Town interior design studio Terrā Design. With these packages, the apartment is turnkey and ready to live in or let out.
An Amenity-led Approach
The Lennon’s shared facilities are designed to make the building itself part of the lifestyle proposition. Residents will have access to a rooftop pool and bar, fully equipped gym, café and bakery, restaurant and social spaces, reception and concierge services, laundry facilities and optional cleaning and hotel-style room service.
The aim is to provide convenience without requiring residents to leave the building for every part of their daily routine. Whoever is living or staying in the apartment, including long term tenants or short-stay guests, gets access to Neighbourgood’s amenity spaces across Cape Town. For an owner who lets the unit out, that access becomes part of what they are offering.
The Neighbourgood Network
Access to the wider Neighbourgood community, including the Neighbourgood Work Clubs, wellness spaces, clubhouses and events across the city is another major plus.
These community events, which include creative workshops, networking evenings, community dinners and outdoor activities such as sunset hikes up Lion’s Head are part of a broader strategy of connecting property with the social and professional lives of its residents.
An Investment Proposition with Tax Considerations
A strategic location within Cape Town’s Urban Development Zone adds another potential consideration for qualifying investors. Where the relevant requirements are met, owners of qualifying residential property used for income-producing purposes may be able to claim an accelerated income tax allowance under Section 13quat.
Investors who own five or more qualifying new residential rental units may also potentially benefit from Section 13sex. The incentives have specific eligibility requirements, and purchasers should seek independent professional tax advice before relying on any potential deduction.
An R100,000 early investor discount is also available at launch.
The Lennon’s CBD location also places residents within close reach of some of Cape Town’s strongest lifestyle and commercial nodes. Bree Street’s restaurants, cafés and bars are approximately three minutes away, while Harrington Street is just as close. Galleries, museums and cultural attractions are around five minutes away, with Signal Hill, Table Mountain, the V&A Waterfront and Atlantic Seaboard also easily accessible via MyCiTi routes and major transport connections.
For a property investor, this creates proximity to a mix of potential demand drivers, including employment, tourism, entertainment, retail and cultural activity.
A Trio of Property Visionaries
The Lennon brings together three key industry players, Neighbourgood, Silk Road Architects and Terrā Design Studio, combining decades of property development, architecture, interiors and hospitality expertise.
Its proposition reflects a broader shift in residential property towards developments where services, shared amenities and community are considered alongside the apartment itself.
Sales at The Lennon launch online on Wednesday, 7th October at 1pm (GMT+2). Buyers can register ahead of launch, browse floor plans and shortlist their preferred apartments. Units can be reserved online from launch day for a R10,000 reservation fee.
Click here to learn more about The Lennon.
Loading ...