A Cape Town buyer has paid R20.35 million for one of the last undeveloped residential stands in Cape Town’s exclusive suburb of Clifton.
Included in the sale of the 417m² plot were council-approved plans for a Vernon Head-designed five-bedroom house, with development on the property expected to start soon.
The design for the home include a glass elevator, a gym, expansive entertainment areas and five en-suite bedrooms.
The total blueprint floor area, including balconies, spans more than 470 square metres.
According to Rodney Beck, a director at High Street Auctions, there is almost no vacant land left in Clifton as a whole, but even scarcer are plots in the historic bungalow section between Victoria road and the ocean.
“These sites are almost impossible to buy on the open market and, according to real estate sales analysis databases such as PropStats, only two Clifton bungalow plots have changed hands in the past decade.
“In fact in the whole of Clifton fewer than 10 vacant land transactions have been recorded since 2009, with the total value of these properties in the region of R200 million.
“Vacant stands on the beach in Clifton are therefore unquestionably the rarest and most exclusive residential development sites in South Africa,” he said.