Such is the consistent high demand for centrally located, well-priced residential property of calibre in the sought-after suburb of La Lucia just north of Durban, that a brand new nine-storey, 63-unit residential development, Kent, is already over 60% sold through Pam Golding Properties in just a few short weeks. This despite initially being launched exclusively to the agency’s internal database, having only launched publicly at the beginning of February 2021.
Says Gareth Bailey, Pam Golding Properties area principal for Durban Coastal: “This is not surprising as this prime site – which affords the best of quiet and relaxed suburban living conveniently located in the heart of upmarket La Lucia – offers a unique opportunity as, given the unavailability of land in this area, there simply isn’t any new stock like this.”
Adds Carol Reynolds, who is also an area principal for Durban Coastal. “La Lucia is an area which has held its own for decades – extremely well positioned being central to everything from beach to CBD to uMhlanga. Most locals prefer the boutique, upmarket feel of the mall to the more commercialised larger shopping centres in outlying areas. Coupled with this, very little supply of stock in La Lucia makes it a highly attractive market, namely high demand and low supply.”
Brought to market by Growthpoint Properties, renowned developers and South Africa’s largest primary Real Estate Investment Trust (REIT), Kent is their first residential development in KwaZulu-Natal.
With one and two-bedroom apartments ranging from 51-99sqm in size, which includes a balcony, prices vary from R1.8 million to R3.6 million. Parking is included below the building but above ground level, while store rooms on the same floor as the apartment are available from approximately R80 000 for 7sqm. The designs are internationally inspired, New York-style apartments with abundant natural lighting and ventilation, with open-plan spaces and trendy semi-industrial interiors.
Apartments on all floors have sea views, while the ground floor units each have their own small gardens and are the only units where small pets are permitted. Included in the development is an exclusive pool and entertainment area – an ideal haven to escape and unwind. The complex includes a laundry with drying rooms on each floor and gated access with a 24/7 security guard.
Says Bailey: “The location is uber-prime as not only is Kent situated in the heart of leafy La Lucia – being directly across the road from a public park which will be maintained and secured by Growthpoint, it is also in close proximity to all the local amenities including business offices and parks such as La Lucia Office Park and Umhlanga Ridge, shopping malls, safe swimming beaches and nature trails.
“Over the years this highly desirable, community-minded neighbourhood has seen an influx of young professionals and corporates with 44% of new property purchasers during 2019 those aged between 18 and 35 years.
“This is borne out by the fact that this sector of the market is our key purchaser in Kent, as well as investors – some of whom have purchased multiple units – capitalising on the strong demand for quality accommodation such as this. The rental yield, underpinned by solid capital growth driven by La Lucia’s supply and demand dynamic, should translate into a healthy long-term return on investment.”
“The advantage for buy-to-let investors is that there is no competition in the area – in other words no new apartments right on the doorstep of La Lucia Mall, with easy access to many of the large professional firms nearby including Derivco, Unilever, Ernst & Young, Deloitte, KPMG, Norton Rose Fulbright, Shepstone & Wylie and Garlicke & Bousfield to name a few.”
With construction anticipated to commence in the next few months, completion of the development is expected by September 2022.