With demand for property in areas such as La Lucia and opportunity within spaces that already exist, Growthpoint Properties saw the need in the residential property market to release their first residential development in KwaZulu-Natal.
Set to stand tall above La Lucia Mall, one of Growthpoint’s oldest retail assets in north Durban, the Kent development will look over the suburb’s landscape, forming part of the holistic development plan for the mall itself.
Kobus Blom, Growthpoint’s Regional Development Manager says the development consists of sixty-three apartments in the sought after La Lucia suburb, offering first-time buyers and investors the opportunity to acquire property at affordable prices.
“The overall development totals approximately R142 million which will further enhance and stimulate La Lucia Mall supporting Growthpoint’s vision to diversify and to stay on trend with the ever-changing property market” he says.
Growthpoint plans to turn the mall into a complete 360 integrated lifestyle which will see apartments and office space making it the first of its kind in the La Lucia area. Worth more than R1 billion, the mall is Growthpoint’s most valuable retail asset in the province. As part of the bigger development plan, a significant R70 million refurbishment of La Lucia Mall itself was completed last year.
“The prime location and surrounding suburbs lend itself to an upper-end residential development. An in-depth market research study done by Rainmaker Marketing highlighted the shortage in residential properties in the La Lucia area,” says Blom.
While the exterior of Kent blends with the neighbourhood aesthetics, visitors will be met with internationally inspired home designs. Kent introduces New York-style, urban one, two and three-bedroom apartments from R1.6 million. Each apartment enjoys ample natural lighting and ventilation, including a separate laundry drying area. Boasting open-plan spaces, exposed brick features, and unique semi-industrial interiors, Kent creates a trendy, modern home, unlike any other residential offering in the La Lucia area.
All upper floor units boasting balconies overlooking magnificent sea views, while ground-floor units have gardens. The development will be situated directly across the road from the public park, which will be maintained and secured by Growthpoint with Pam Golding Properties managing Kent’s sales.
“Our vision is to make life at Kent as simplistic as possible. You need only to step outside your door to capture the essence of life and explore your neighbourhood. Just an elevator ride away from the resident pool and entertainment area, Kent will be your haven to escape to unwind,” concludes Blom.
Construction is anticipated to commence later this year, with completion of the development expected by September 2022.
Source: Propertywheel.co.za | https://propertywheel.co.za/2021/04/growthpoint-launches-its-first-residential-development-in-kzn/