First phase of the R30 million property development sold

The first phase of the R30 million Heatherview Boulevard Townhouse Development has been developed and sold off.

The first 10 of 40 two bedroomed duplex units in the popular Heatherview Estates – situated on the east of Akasia High School – have been sold, developer Christopher Riley said. The total value of the units sold tallies R7 million.

Once all units have been sold the total value of the townhouse development will be worth R30 million.

The total value of Heatherview Estates, with homeowner’s building costs, could be worth a total of R100 to R150 million.

Constructed by renowned Big Rock Construction of Pretoria North- who has built in excess of 500 units in the north of Pretoria – and has the reputation for quality at the right price.

Heatherview Estates, security estate was initially developed and sold in 2007.

Eight years after the great financial recession which commenced in 2008 after the collapse of Lehmann Brothers – which had a massively negative affect on the property market – an element of confidence has returned.

“With this we decided the time is right and we begun. We believe phase two, three and four will sell rapidly,” said Riley.

He said phase one prices started at R 649,000 and have risen, with extras, to between R689,000 and R699,000.

With phase two now selling, units are selling at R719,000.

“Phase three and four will typically be selling at R739,000 and R759,000,” said Riley.

It is expected the Heatherview Boulevard Townhouse Development will be completely sold off within the next year.

“We are seeing a lot of interest,” said Riley.

Rentals are now available from R5499 to R 6499 per month.

Advantages of buying directly for the developer include:

• No Transfer duty
• No Transfer Free
• No Agent’s commission
• No Legal fees
• Purchasers choice of finishes
• Located within an upmarket security estate.
• Solid investment in the right price range.

Riley, reiterated what an important role Local estate agents play. Additionally, local estate agents have been approached and offered the opportunity to sell and rent at predetermined flat rates to keep the prices as low and competitive as possible.