Conveniently located and with large properties on the market for under R2million, Lyndhurst is where savvy investors and developers should be shopping
Lyndhurst is a good place to make an investment at the moment. Investors and developers have an opportunity to purchase a large stand with a view to developing sectional titles – there’s every reason to believe their initial investments will be repaid handsomely down the road.
Acutts Estate Agents realtor and Lyndhurst resident Zanele Ncube recently witnessed a property of more than 3 000m² sell for just R1.45 million in a deal she views as partly the result of the prevailing buyer’s market.
“I’d encourage more developers to take an interest in the area as I believe more value can be derived from converting the large land spaces into sectional title schemes. The Lyndhurst area has been fully developed and there isn’t much space to develop townhouses unless one purchases one of the bigger stands and changes it into a sectional title scheme.”
She says the houses are of a superior build quality compared to most modern developments and reckons the suburb was developed around 1900. Lyndhurst is predominantly freehold, although this looks set to change as more freeholds make way for intensive land-use developments such as sectionals and clusters, as is happening in most parts of the city. The few developments to have occurred in Lyndhurst so far have been mainly for letting, says Ncube.
“The stand sizes are quite generous, ranging from 1 487m² to 3 067m²,” she says, noting that a stand sold for less than R1.5m was 3 007m² in size. The maximum paid for a property transfer in the suburb in the past months was R1.65m, the minimum R450 000, says Ncube.
“Lyndhurst is experiencing a buyer’s market, as is the rest of the property market in South Africa and, therefore, has seen quite a few sellers having to compromise on their initial asking prices or risk having the properties sit on the market for more than a year.”
The most expensive properties are likely to top out at R1.8m, in line with the predominant LSM for the area, and these have elicited little interest, given the current economic climate, says Ncube.
“The general population in Lyndhurst belongs to LSM 9 with an average household income of between R30 000 and R40 000 a month. Like the surrounding areas of Glenhazel, Sydenham, Highlands North and Fairmont, Lyndhurst has a considerable Jewish community and maintains a balanced demographic.”
Apart from its relative affordability, Lyndhurst also attracts interest for the essential amenities close by such as Balfour Park Mall, Lyndhurst Square and schools such as Eden College and Lyndhurst Primary School.
“Lyndhurst is also central and, therefore, allows for reasonable travel times to almost any part of Joburg when commuting to and from work. The area also has the coverage of Community Active Protection which helps make the area safer,” says Ncube.
Max Mpofu’s favourite places and things to do
1 Jay Jay Meat
Suppliers This is a buy-and-braai outlet. It’s lively and a great hangout in the neighbourhood. Pretoria Road, Lyndhurst. 011 882 7048
2 Gillooly’s Farm
There are lots of things you can do, from playing golf to picnicking and bird watching, to name just a few. 47 Boeing West Road, Bedfordview. 0860 543 000
3 Lyndhurst Square
You get every kind of outlet to allow for a convenient lifestyle. There’s a supermarket, a liquor outlet, pharmacy, car wash and other shops. Old Pretoria Road, Lyndhurst. 0118820517
4 Virgin Active
It offers the full health complement and is a great place to work out. It’s relaxing. Balfour Park Shopping Centre, corner Louis Botha Avenue and Athol Street, Balfour Park. 0114404770
5 Schaffler’s Nursery & Under the Trees
Breakfast, outdoor seating, cosy. 28 Johannesburg Road, Lyndhurst. 011 786 0323
6 Niri’s Curry Bar
Cash only, casual, vegetarian options. Corner 2nd Avenue and Johannesburg Road, Lyndhurst. 081 809 0979