Property investors and first-time buyers have a significant opportunity to buy into a new flagship residential property development at Durban Point Waterfront – one of the most exciting and significant mixed-use development projects under way in KZN.
This project has already transformed a large portion of the prime 55 hectare site at the entrance to the city’s port. Durban Point Development Company is looking to release sites for a five-star hotel, offices and shopping centre adjacent to uShaka Marine World.
Colin Sher, head of special projects for PROP247 Real Estate Agency, says the residential development, Wharfside, will be strategically located on the prime site of the once-popular Cosmopolitan Action Bar in Durban’s historic Point (Mahatma Gandhi) Road.
Not only will it offer close walking proximity to the newly completed uShaka beachfront promenade extension, the new MSC passenger Line Terminal and uShaka Beach and Marine World, but is also on the doorstep of the “people mover” bus service which offers safe and secure (CCTV) transport in air-conditioned buses to numerous facilities and points of interest. These include the Durban ICC, sports stadiums, Greyville Race Course and Florida Road entertainment strip.
Sher says the 111 “very affordable” high-quality, air-conditioned Wharfside apartments will be on top of a four-storey residents-only parkade, while the fifth storey will be taken up by the pool, clubhouse and additional flats. Another eight stories of flats – with either harbour or sea views – will be constructed above this.
“Wharfside’s fifth-floor entertainment deck comprises a resident’s gymnasium and entertainment facility which opens out onto a large swimming pool and sun terrace that offers magnificent views over the working harbour. The apartments on this floor will have spacious patios,” says Sher.
The development caters to first-time owners, retirees and families with studio one-, two-, and three-bedroom options available from floors five to 12. There are eight private penthouse flats that feature rooftop gardens.
“For the first time at the Point Waterfront, all apartments are sold at cost, giving investors an opportunity for great capital appreciation over the 18 month building period as well in years to come, when the Waterfront will mature into Africa’s world-class must-see, iconic development,” Sher says.
The building and planned operation of Wharfside will be fully compliant with section 12J of the income tax act and therefore provide qualifying investors the opportunity to unlock lucrative incentives associated with this act.
Other incentives include the Urban Development Zone allowance which gives investors additional tax benefits. An extension of this incentive is under review by the National Treasury.
“Wharfside offers great annual investor returns of approximately 15% on short-term holiday and corporate lets. PROP247 will not only manage and market short- and long-term rentals on your behalf, but furnish to Tourism Grading Council standards, making it a hassle-free process for investors.”
The unit prices start from R1 million, including VAT, with no transfer duty payable. Completion of the project is scheduled for July 2022.
Sher, who has numerous years’ experience in property marketing, investing, management and development, has always has a huge passion for the Point Waterfront area and, recognising pent-up demand in this precinct, approached developer FWJK with his idea for the R200m Wharfside residential development.
“The large scale of this project required the best developer with substantial professional resources to make this a reality. FWJK Developments – a PMR Property Developer Diamond Arrow award winner – has the credibility, expertise and professional resources to make this a successful turn-key project from the initial design and project management to key handover.”
He adds that the FWJK co-development “at cost model”, which has delivered almost R9 billion worth of residential and commercial property nationwide, allows people to buy at cost with no development profit. This makes affordability a huge driver, especially for first-time homeowners. The model also allows buyers to resell their units at market-related prices for a profit.