A residential stand in the ultra-exclusive beach bungalow section of Clifton will be sold at auction in September.<\/p>\n
According to Rodney Beck, a director at High Street Auctions, the freehold title is located on Clifton\u2019s fourth beach and measures 417 square metres. Bidding on the property is expected to open at R15 million.<\/p>\n
Citing data from real estate sales analysis databases such as PropStats, Beck said that only two Clifton bungalow plots have changed hands in the past decade.<\/p>\n
“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,” he said.<\/p>\n
“Vacant stands on the beach in Clifton are therefore unquestionably the rarest and most exclusive residential development sites in South Africa.<\/p>\n
“The tiny enclave around fourth beach, particularly, is in such demand that investors from across the world are prepared to pay a premium of millions for the most dilapidated, ramshackle cottages, which they then demolish because buyers are only interest in the land on which they stand.”<\/p>\n
Development<\/strong><\/p>\n Beck said that plans for a triple-storey house on the site have already been drawn up and approved by the City of Cape Town, which means that the buyer can start developing immediately.<\/p>\n “The design is the brainchild of Vernon Head, the first South African to win a merit award in the prestigious Willem Van Allen Design Competition in New York, and features a glass elevator, a gym, expansive entertainment areas and five en-suite bedrooms,” he said.<\/p>\n “The total blueprint floor area, including balconies, spans more than 470 square metres.”<\/p>\n High Street Auctions lead auctioneer and director Joff van Reenen says the Clifton residential development site has sparked massive interest from bidders in South Africa and abroad.<\/p>\n “Catalogue items of this nature are so rare and the location so desirable that we\u2019re expecting fierce competition from bidders on the sales floors on 5 September,” he said.<\/p>\n
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