Sea Point’s Urban Renewal Brings Top-End Buyers Back

The upgrading of Sea Point’s commercial precinct is having a positive effect on its residential market as it once-again becomes a sought-after area for well-heeled buyers, says Signatura’s John Rabie, which developing a luxurious apartment block in Calais Road.

Named Azzurri after its panoramic sea views, the block features six two-bedroomed units with spacious terraces and some with indigenous gardens, and a duplex penthouse with three bedrooms and 343m² of overall living space. Each unit also comes with two garages and is accessed by a private lift from the parking area.

Already three of the seven units have been sold before the foundations were dug; the expansive penthouse was bought for R7.5-million. Azzurri is expected to be complete in February 2014.

“Sea Point lost some of its status as a desirable place to live in late 1990s and many potential buyers were put off by signs of urban decay and neglect,” says Rabie.

“But it is now benefitting from the upgrading of the business zones and revitalisation of some older blocks that had fallen into disrepair. The City of Cape Town’s new zoning scheme, which anchors its Spatial Development Framework, is having a significant positive impact on redevelopment and investment opportunities in Sea Point.

“Azzurri is a case in point. The site once held a dated single residence that has been demolished. Architect Jean Bernicchi as has planned a modern, multi-level building that gives owners privacy, views and plenty of outdoor space. Residents can braai, have pets, relax in their own gardens and be within 100m of a MyCiti bus stop while still having the security and convenience of apartment living. It brings together the best of both worlds.

“Buyers also want to live in Sea Point because of its outstanding amenities. In addition to views of Robben Island and Lion’s Head, the city, the Promenade, Cape Town Stadium, the Waterfront, Clifton beaches, MyCiti routes, top schools and quirky boutiques and restaurants are all a stone’s throw away. Sea Point has the cosmopolitan feel of New York or London with the laid-back vibe of Miami or Sydney.”

Units at Azzurri start at R3 650 000.

Signatura has already sold out two new apartment blocks in Vredehoek – Altino and Horizons – and has just brought The Outlook, also in Vredehoek, to market. The private label property brand_fin, which was founded by Rabie last year, specialises in developments that cater for buyers looking for attention to detail, desirable areas and good value.

“The global recovery in the property market is bringing investor confidence back but buyers are more knowledgeable about the market and cautious before committing, taking longer to decide and looking for quality and value. Signatura has hit the sweet spot by providing a segment of the residential market with the product they are most seeking. With the success of Azzurri, we will definitely be investigating other investment options along the Seaboard.”

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