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among others. Flanagan says 45% of the shops will be let to local lessees. He can be contacted on (011) 880-2213. The mall is situated on 14 hectares in Southern Paarl on part of the Langeberg site and will consist of 36 000 square metres of retail shops, including restaurants and coffee shops. The shopping centre will boast 2200 free parking bays, as well as a direct access route from the N1 at the Cecelia Street bridge. According to Flanagan the new stakeholders are investing R300 million in the development which is to open in October 2005. The larger stores will retain their outlets in central Paarl, thus the mall should not affect the Paarl CBD, Flanagan said |
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THE central Paarl urban renewal project has been a contentious issue for a long time now, but it looks like the latest initiatives have set the process in motion once again. The total upgrading of the CBD is still in its planning stage, but the first phase will be underway shortly. The current stakeholders, consisting of 11 property owners and the Council, are now looking for local Black Economic Empowerment (BEE) investors. The new company will be an ordinary public company structure with basically three sources of funding or shareholding: current owners (40%), BEE (40%), and financial institutions (20%). BEE investors must have money or access to money to join, and preference will be given to local people. There is government funding as well as bank funding available for approved BEE participants. Property developer Johan Pauw said it was important that potential investors understood that the opportunity was an investment in property and therefore carries a higher risk than, for example, investing money in a bank account. "High risk investments, however, also generally offer a higher return than say, money left in a bank account." The first phase (the top section of Lady Grey Street between Main and Verster Street) is to cost in the region of R184 million and a target of 40% of this has been made available to BEE investors, with local residents being given first preference. The initial return will be in the region of 12% and the annual escalation will be between 8% and 9%. "Investors should note that the vacancy factor has not been taken into account in these figures and this could have an effect on the rate of return," said Pauw. The plan is to have approximately 70% of tenants composed of national companies with the rest being small operators like boutiques and other niche shops. Entertainment will also play a major role and a food court is planned with appealing restaurants and line shops. The ambience of the place will be that of a secure but open shopping experience although shoppers will be able to walk under cover throughout the centre. Parts of Lady Grey and New Streets will also be turned into pedestrian areas. Parking will be upgraded and ample secure parking will be available, especially in the Patriot Square area where a new food anchor and 7000 m² of additional shops will be constructed. "Potential investors should know that the area still has to be rezoned and public participation will form a major part of the final approvals and could therefore have an effect on the current planning and financial forecasts of the CBD revamp," said Pauw. He says rezoning could take some six months and after that a construction period of some 18 months would follow. "The development will be implemented through a company and understandably it would not be practical and cost effective to accommodate hundreds of small, individual investors. For this reason investors are encouraged to form groups of people having the same investment profile to invest as a group in the CBD company. "This is an historic opportunity for previously disadvantaged people of Paarl and Drakenstein to become involved in the social and economic revival of their area and to benefit financially. |
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THE property boom in Wellington continues unabated, with numerous properties due for development. Estate agents ascribe the huge growth in Wellington properties to the growing demand for smaller homes within security complexes, and the lack of available land in Paarl. Other aspects in favour of Wellington, say residents, are the rural atmosphere, good schools, the improved R44 road to Cape Town for those wishing to commute, the expansion of the colleges and the fact that the tannery has upgraded its plant and is no longer a source of odours. New on the market is Dukes in Hoogenhout Street, commemorating the Duke of Wellington in its name. The new security development will consist of 64 houses starting at R749 000 for a three-bedroomed home. The site is well located with a view over the mountains and vineyards and according to estate agent Johan de Bruyn, 31 have already been sold. There are six house designs to choose from with a variety of finishes. Transfer and mortgage costs are included. The developer is Kingfisher Homes, owned by Mike Ryan and Steve Powell, who are based in England. The Wellington Mews development of 31 houses in Piet Retief Street is finally reaching completion after long delays, while the Serenata retirement complex in Addy Street is also progressing well. The Campus Ecclesia complex of 23 houses off Church Street has also been completed. At Diemersfontein the first houses on the smallholdings which are for sale within the vineyards, have been built. Also planned on the estate is a village of 108 upmarket homes with a clubhouse, swimming-pool and tennis courts. The development of the Levin property north of Piet Retief Street is also on the cards, although final approval has not yet been granted. The property of 13 hectares is to be developed into 275 units starting at R375 000 for the smallest units. Another developer is planning the subdivision of a smallholding in Nuwe Uitsig (Rigter Street) into six homes, subject to final approval. Also in the pipeline is the development of a security complex of 50 homes on the bank of the Leeuw River in Berg-en-Dal. Approval is still being sought. |
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AN additional section of land north of the Pearl Valley golf course, known as Pearl Valley II, will soon be rezoned to become the site of a second Jack Nicklaus signature course, a "Bear's Best". There will also be 950 new homes around the course. The new course will be the first of its kind outside the USA and only the third ever to be built. Pearl Valley has also signed an exclusivity deal with the Nicklaus Organisation to ensure that it will be the only Bear's Best within South Africa. A Bear's Best course is a composite of the best and most famous 18 holes from Jack Nicklaus courses around the world. A total of 341 hectares is to be rezoned for this new development, comprising sections of the farm Kliprug, Kunnenburgh, De Hoop, Titus Kloof and Riverside east of the Berg River. Most of the area is sandy wasteland which is unsuitable for farming and will require considerable rehabilitation. The development entails an investment of R594 million by Novelway and proposes the construction of 200 resort lodges, 750 homes, a hotel, conference centre, health spa, golf academy and polo field with horse trails. A site visit for interested and affected parties will be held on Wednesday at 10:30. For more information, phone environmental consultant Anneke de Kock on 866-1524 or dekockae@ mweb.co.za. The project is a joint initiative by Novelway, the Malaysian developers of Pearl Valley, and the Nicklaus Organisation. Representatives from each organisation will travel to the various Jack Nicklaus courses around the world to select the 18 holes that would be the most appropriate to replicate for the new development. There are only two other such courses in the world in Las Vegas and in Atlanta. The new course will be surrounded by residential plots effectively creating an estate with numerous fairways facing homes and two 18 hole signature golf courses, making Pearl Valley a golfing mecca. * An additional residential development on 210 hectares north of Pearl Valley II, called "Dans la Vigne", is also currently being planned by Gatekeeper Private Equity of Pretoria. According to PJ le Roux of planning consultants Jan Hanekom Partnership, the security development on 230 hectares will consist of 549 housing units including a retirement village, private school, polo field and equestrian centre. |
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DIE tekort aan ontwikkelingsgrond op Bolandse dorpe soos Wellington en Paarl is die oorsaak dat welgestelde kopers - plaaslik sowel as uit die buiteland - hulle nou toespits op omliggende landbougrond wat gewild is as naweektuistes of sonnige "somertuistes" vir buitelanders. En, sê die eienaar van die Aida Paarl-kantoor, Piet Viljoen, sakemanne met kontant in die sak koop toenemend duur wynplase of tafeldruiweplase met die oog daarop om te boer. "Dit bring 'n welkome kapitale inspuiting vir die gebied. Baie van die nuwe eienaars bring verbeteringe aan deur byvoorbeeld boetiek-kelders te bou en in die algemeen pas hulle gesonde landbou- en bestuurspraktyke toe. "Ons ervaar ook 'n groot vraag na klein Karooplasies van tussen 1000 en 5000ha onder besige Wes-Kaapse sakemanne wat naweke uit die stad wil wegbreek. "Areas wat binne twee ure uit Kaapstad is, soos die Ceres-, Tankwa- en Moordenaarskaroo, is gewild, asook plase in die Ladismith, Touwsrivier, Matjiesfontein en Sutherland distrikte. Die meeste kopers stel belang in plase met pryse van tussen R800 000 tot R1,5 miljoen." Viljoen sê pryse van eiendom op Wellington en Paarl het die afgelope 12 maande beduidend gestyg en sal aanhou styg soos wat eiendom al skaarser raak. Plaaslike pryse pas ook aan by hoër pryse wat in naburige dorpe soos Stellenbosch en Franschhoek behaal word. "Wellington en Paarl raak ook gewilde blyplekke vir mense wat in Kaapstad werk, maar wat 'n meer landelike lewenswyse wil geniet. "Die Agter-Paarlpad (R44) na Kaapstad is sowat twee jaar gelede opgeknap en maak dit nou baie makliker om na 'n kantoor in die stad te pendel, veral vanaf blyplek op Wellington. Ontwikkelingspotensiaal is beperk aangesien die dorpe deur berge en tradisionele landbougrond omring word. "En die geskiedkundige 'dorpsplase' rondom Paarl mag nie ontwikkel word nie ingevolge ooreenkomste rakende residensiële ontwikkeling en belastingverligting wat vroeër met plaaslike owerhede gesluit is. "Onlangse ontwikkeling in die Paarl was hoofsaaklik tot gholflandgoedere beperk. Die ontwikkelings bedien 'n baie klein mark en spreek nie die stygende vraag na normale woonhuise aan nie." |
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THE full extent of the new owner's ambitious development plans for the Anglo American sold the property to a consortium for R323 million last year. Nedbank Corporate will help fund the purchase and the development work. "The leader of the new consortium, Clive Venning, and his team propose a development programme that could run for ten years and that could result in R2 billion worth of land sales and in a staggering R3,8 billion in total property development. "It is likely, also, to promote substantial employment within the area. Boschendal, in short, is set to become the premier upmarket residential precinct of the Western Cape." The first phase of the new owner's plan involves bringing 20 Founder's Estates of about 20 hectares each to the market from between R15 and 25 million. These are being developed on the 917ha of the Boschendal section of which the new owners have already taken transfer (Rhone and Good Hope). The Founder's Estate owners will be able to use this cottage as a guest house and club premises. They will too be entitled to receive a quota of the wines produced and to have their bottles labelled with their names. Phase 2 of the new owners' plan involves taking over the remaining 1,337ha. This will be done once planning permission has been received which could take another 18 to 24 months - but it is on this section that large-scale residential development will take place. The new owners will be developing a 300 unit retirement village and some 400 farmyard style villages on the footprints of 30 existing farm villages which will in most cases be demolished, but some will be renovated. In essence, says Johnson, this means that Boschendal will be a premium, low density development which blends and complements the surroundings, has a very low impact on the landscape and is sensitive to the environment and local community. A unique feature of the take-over is the preservation of the "integrity" of the farming operation. The entire agricultural unit continues to be managed and farmed by Boschendal and this is entrenched through a notarial lease on the land. The plots will vary in size from 1 250 sq/m to 10 000 sq/m and will be selling between R2 and R8 million. The homes built on them, says Johnson, will in all probability cost as much or more, giving an average value for the plot and homes around here of around R4 to R5 million. "I predict that these farmyard village homes will become some of the most sought after in the entire Western Cape," said Venning. The properties are marketed by Pam Golding Franschhoek. |
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PROPERTY AGENTS Alpha 872-4815 |
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