Cape Town City Centre Apartment - Investment Property
Asking Price 2.5 million ZAR.
Our London based client contacted us 12 months ago interested in purchasing a small Investment Property City Centre Cape Town. As a regular visitor to the city, she felt it would make more sense to own a place, as opposed to spending money on renting or hotels. As a seasoned property buyer in London, she quickly realised, after an initial, frustrating search, that she needed to retain a local buyer's agent to assist her.
Our brief was to find a small, two bed apartment, with great views, great security in a lively area of Cape Town, within easy walking distance to the cafes, bars and restaurants. Even with a superb exchange rate of 23 rand to the GBP, the budget was modest.
Property prices, especially apartments in Cape Town, have increased by 30%-40% over the past 2 to 3 years and we quickly grasped the fact that we had the choice of buying a really average quality two-bed apartment or concentrating on finding great one-bed apartments in key locations which offered better value. After an extensive search we compiled a shortlist of six properties for our client's visit.
The areas we looked at were Green Point, Sea Point, Gardens and Cape Town City Center. We came across a one-bed apartment in the center of the city just minutes away from Companies Gardens, Long and Bree Street and just 10 minutes from the beach. Cape Town City Center has received major investment over the past few years and is now a vibrant area with some great restaurants and bars. Demand now exceeds supply for Investment Property City Center Cape Town.
During the viewing process we received a call from one of our contacts telling us about a great 60sqm one bedroom apartment that was just about to be listed. We viewed the property within an hour and made an offer. The building is Cartwright Corner, originally built over 50 years ago. A listed building it retains a lot of the original features including high ceilings, original metal window frames and wide corridors. It's truly a superb apartment in a stunning building, walking distance to shops, bars and restaurants and within budget. All boxes ticked and a happy client.
Space negotiated 10% discount off the asking price and also negotiated all the contents fixtures and fittings to be included. Final purchase price was 2.2 million rand.