Property developments rise

2016-03-15 06:00
 Upper Sea Point, along with having it’s own distinct character, is also home to buried treasures, such as this restored magazine underneath one residential property.

Upper Sea Point, along with having it’s own distinct character, is also home to buried treasures, such as this restored magazine underneath one residential property.

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Sea Point offers many property options – from starter flats and quaint cottages which range in price from R1.3m to R7m, to modern penthouses and designer mansions which often fetch more than R10m.

Lower Sea Point is the bustling hub of the area with thriving commerce and wide variety of property choices. Upper Sea Point above High Level Road is characterised by larger private homes, most of which are still freestanding.

According to Vivienne Gottlieb, area specialist of Lew Geffen Sotheby’s International Realty, although about 90% of properties in the area are still single title properties, there has been a noticeable increase in development over the past few years with several new flat developments underway in the Upper Sea Point area.

Peter Simmons, Gottlieb’s partner area specialist, says densification may have been a little slow to start, but there has been considerable renovation and modernisation of older houses over the past decade, with original properties now being a rare find.

“Prices in Upper Sea Point generally range between R6m and R14m, but properties for under R7m are now very scarce and are snapped up.”

Upper Sea Point also has a secret: some houses are built on significant historical sites. This history was exposed in 2003, revealing that one house was built directly above the forgotten Sea Point Gun Battery on the slopes of Signal Hill. It took several years to excavate the remarkably preserved underground magazine. A narrow spiral staircase of period design was fitted for easy access to a wine cellar.

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