Demand is high for centrally located, well-priced residential property in the popular La Lucia area, north of Durban. A case in point is Kent, a nine-storey, 63 unit residential development of which 60% is already sold out by Pam Golding Properties. Brought to market by Growthpoint Properties, South Africa’s largest primary real estate investment trust (REIT), Kent is their first residential development in KwaZulu-Natal. The development offers one- and two-bedroom apartments ranging from 51m2 to 99m2, including a balcony. Prices range between R1,8m and R3,6m.
Parking is included in the price while storerooms on the same floor as the apartment are available from approximately R80,000 for 7m2. The apartments’ design is inspired by a New York, semi-industrial style with ample natural lighting and ventilation, open-plan spaces and contemporary interiors. Apartments on all floors have sea views, while the ground floor units each have their own small garden, allowing small pets. Other amenities include a pool and entertainment area, a laundry with drying rooms on each floor and gated access with 24-hour manned security. Kent is conveniently situated close to all local amenities including offices and business parks such as La Lucia Office Park and Umhlanga Ridge, shopping malls, safe swimming beaches and nature trails. It also enjoys direct access to a public park across the road maintained and secured by Growthpoint.
“Over the years this desirable, community-minded neighbourhood has seen an influx of young professionals and corporates with 44% of new property purchasers during 2019 between 18 and 35 years old,” says Gareth Bailey, Pam Golding Properties area principal, Durban Coastal. “This sector of the market is a key purchaser in Kent, as well as investors – some of whom have bought multiple units – capitalising on the strong demand for quality accommodation. 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.” He says the advantage for buy to-let investors is the lack of competition in the area with no new apartments being built. The development is expected to be completed by September next year.