Property developer BlackBrick has just launched their first luxury micro-apartment development in the Mother City (Cape Town). The Cape Town development in partnership with Ryan Joffe Properties follows on the success of BlackBrick’s first 208-apartment development in Sandton, Johannesburg.
BlackBrick Cape Town is located in the former African Guarantee Building – now redesigned into nine stories of 100 luxury micro-apartments, along with a mix of hospitality amenities, including cinema, workspaces, boxing gym, rooftop clubhouse, yoga boma, terrace and café. It’s run as an urban apart-hotel. There’s 24-hour, controlled-access security and secure parking bays are available as a rental option. Apartment sizes range from 23m2 to 36m2 and start at R895,000. Buyers also have a fully-furnished option, courtesy of Weylandts.
The development offers buyers a significant tax benefit in terms of the Urban Development Zone (UDZ) rebate, which allows purchasers to deduct 30% of the purchase price against their taxable income over a five year period. According to founder Moritz Wellensiek their vision is to eventually create an integrated global network of vertical villages as solution for a multi city lifestyle. The BlackBrick team is now developing Sandton and Umhlanga and looking at options in Los Angeles, New York and Lisbon.
