The unfolding development in the east of Pretoria is boosting the demand for property and rentals with areas such as Menlyn fast becoming hot property. With the R2.5 billion redevelopment of Menlyn Mall and progress of the development of Menlyn Maine – Africa’s first green city – this part of the city is now one of the fastest growing in Gauteng with property here and in the surrounding neighbourhoods booming big time!
Gerhard van der Linde, managing director for Seeff Pretoria East, says that large sections of Menlyn Maine have been completed and are already in use. The casino has also just opened its doors. This means more job seekers and economic opportunities and in turn more opportunities for property and further development.
The mega Menlyn Maine development includes commercial, retail and leisure space, a gymnasium, residential apartments, a hotel, entertainment complex and scenic parklands. It is widely regarded as the ‘Sandton City’ of Pretoria.
Van der Linde notes that interest in the area is now at unprecedented levels. The close proximity to the ambassadorial belt suburbs such as Waterkloof add to the attraction. Seeff for example sold a property for R22m last year and in Waterkloof Ridge, concluded a sale for almost full asking price at R7.4m within just one day of listing it.
Agent, Jacques Germishuys, says that demand in areas such as Garsfontein, Menlo Park, Alphen Park, Newlands, Constantia Park and Ashlea Gardens has skyrocketed. Properties are being upgraded, further adding to the demand and stock is in short supply. Securing a rental here is now difficult and very competitive while sellers are achieving premium prices.
Dulcie Oosthuizen, another agent for Seeff, says the area is seeing quite a few new upmarket apartment developments that are now fetching monthly rentals of R12 000 to R15 000. More affordable accommodation for people who will be working in the shops and at the casino and will not necessarily be able to afford units priced from R7 500 upwards are however in short supply. That means more opportunity for developers.
Van der Linde says that you cannot go wrong by investing in property on the eastern side of the city. Menlyn and the surrounding areas are poised to go from strength to strength. You are still able to get exceptional value in top end luxury areas such as Waterkloof Ridge where an 815sqm ambassadorial residence with entertainment space for up to 200 guests, four bedroom suites, top class finishes such as high ceilings and solid wood trims and a large garden with a putting green and swimming pool, garaging for six vehicles plus additional secure parking, a generator and sophisticated security is on offer at just R8.5m.