Style on The Spectrum
Formerly regarded as Cape Town’s industrial epicentre because of its proximity to the CBD, Salt River is now home to a growing number of businesses, residential properties and schools. In addition, it offers easy access to world-class attractions like Signal Hill, the Kirstenbosch National Botanical Garden, the V&A Waterfront and the Cape Town International Convention Centre.
Salt River and The Spectrum
The Spectrum – on which the developers break ground this year – is a 306-apartment residential building. Here, smart design integrating contemporary architecture and eye-catching pops of colour meet affordability. Units are north facing, with Table Mountain as backdrop and Table Bay ahead. Just off Nelson Mandela Boulevard, the site’s central position offers easy access into the Cape Town CBD, the Southern Suburbs and the N2 outbound towards Cape Town International Airport. Furthermore, it’s also mere minutes from the N1.
Crowning the building is a raised swimming pool, offering spectacular views of Cape Town’s famous mountains and busy harbour. The building also houses a trendy ground floor coffee shop that will cater for its residents, and it is within walking distance of trendy ‘Obz’ and The Old Biscuit Mill. It ticks many boxes for the Millennial property buyer.
Emanuel Nicolas Germanis, CEO of Cape Town-based real estate sales, letting, and property development agency Evo Property says that the area has grown steadily over the past 10 years, with significant growth over the past 24 months. “With the entry of American listed edutech company 2U and Amazon up the road, we have yet to see what the area has ahead for investors,” he says. “Much like Salt River, its neighbouring suburbs – Woodstock and Observatory – are booming and attracting private education, trendy restaurants and celebrated local brands that are forming a community where residents are choosing to live in rather than drifting from the inner city due to unaffordability.”
Fit for Millennials
Germanis says the property is particularly attractive to the Millennial market as they consider the property’s relevance to them from a home or investment perspective. Ideally, they prefer efficient, well-priced, centrally located and accessible spaces. “With The Spectrum we have created smaller, yet efficient spaces that are priced competitively, yet do not comprise at all on quality, centrality or amenities.”
What’s in it for Millennials?
Pet-friendly facilities
Access-controlled apartments
High-speed internet connectivity
Coffee bar
Co-working spaces
Gym
Electric vehicle charging points
Storage facilities
Investment prospects
Many are purchasing apartments at The Spectrum for investment and rental purposes. In fact, Germanis says the most lucrative property investment products globally are those that are turnkey and flexible. “At The Spectrum, we offer investor landlords the option to either long-term let their apartments through Evo Property or short-term via Nitely. Maison and Marble offers each purchaser the choice of buying a well-designed, curated and affordable furniture pack,” he says. “When it comes to returns, Millennials’ expectations are higher, no doubt. These apartments generate net yield returns similar to those of outlying areas. The investment opportunity in a central Cape Town context is unmatched.”
Indicators show that 75% of early buyers are purchasing apartments at the property for investment purposes; the balance being bought by residents for immediate occupation. “What I have found very interesting is that many investors are buying for their kids to use the property when they get to the tertiary education stage, but are intent on keeping it rented out once their child graduates,” says Germanis. “This is a similar purchasing philosophy to those investors who buy into student-concentrated areas such as Stellenbosch. The sweetener here for landlords is that there are several educational options in close proximity – never mind the large labour force looking for an apartment to live in, near to their places of work.”
With accessibility and flexibility at The Spectrum’s core, micro, studio, one-bedroom and two-bedroom units are priced from R595,000.
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