Press Releases - 05 July 2010
Queensgate: Stellenbosch retirement village auction promises development possibilities
Press Release
July 5, 2010
Stellenbosch Retirement village auction promises development
possibilities
The Agape Retirement Village on the corner of Ds Botha and Hammanshand
roads, Stellenbosch is to be sold at auction later this month.
The project, which is 65% complete, offers a remarkable opportunity for
developers who want to break into the booming retirement centre industry.
The Agape liquidation auction will be held on July 15, 2010. It is part
of the process of disposal of the assets of the Queensgate group of companies,
well known in the hotel and leisure sector. Queensgate’s financial woes have
brought about outstanding opportunities for developers to take advantage of the
various properties now being put up for auction.
“Retirement accommodation is in short supply all over the country –
particularly for middle income earners – and Stellenbosch is an ideal town in
which to retire,” says Samantha James of the Michael James Organisation, the
auctioneering firm that will be conducting the auction.
“It has a modern town shopping hub with most of the national retailers
as well as restaurants and amenities like hairdressers and libraries within
walking distance. There are also first class medical facilities including
Stellenbosch Medi-Clinic and a host of top private practitioners.”
Phase 3 of the Agape development being auctioned comprises of approved
plans for 64 retirement units (sixteen 26m² units and forty-eight 34m² units)
as well as an eight-bed frail care centre and a dining area that accommodates
40 people.
The 2 090 m2 property is zoned ‘institutional’, which
includes homes for the elderly. All municipal services are already available
including water, electricity and sewerage and copies of the approved plans are
available on request.
Developers who have been hard hit by the decline in demand for
residential property during the recession are starting to focus fresh attention
on the under-supplied retirement village market, particularly in the less
traditional retirement areas.
The fact that the first two phases of this retirement village are fully
tenanted indicates that Stellenbosch is in desperate need for affordable but
superior type accommodation linked to a frail care centre.
Although there is still an over-supply of conventional cluster and
sectional title homes, the shortage of retirement homes remains acute,
particularly the more affordable units. It’s common cause that waiting
lists are long and entry costs are high, even under life rights purchase.
Clearly developers, municipalities, architects, building suppliers and other
stakeholders need to rethink their approach to meeting the demand for
retirement villages.
One solution is to seek out suitable rural towns such as Stellenbosch
and capitalise on their established infrastructure, quiet lifestyle, security,
and lower development costs. This has already happened in places such as
Marquard in the Free State, Dundee in the KwaZulu-Natal midlands, Naboomspruit
(Mookgophong) in Limpopo, Bedford in the Eastern Cape, Stilbaai in the Western
Cape and some Karoo towns.
The auction will take place on site at the Agape Retirement Village in
Hammanshand Road, at 11.15 am on Thursday, July 15 2010. Viewing is by
appointment only and additional information packs are available from Samantha
James of Michael James Organisation.
Call Samantha James on 021 851 7007 or email samantha@michaeljames.co.za.
Issued by HWB Communications (Pty) Ltd
For more information please contact:
Martin Slabbert
HWB Communications (Pty) Ltd
Tel: 021 462 0416/ 079 500 1503
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