Property developers Pieter Muller and Louis Schlebusch together with Lew Geffen Sotheby's International Realty launched a new property development at Henry Ate restaurant recently.
Property developers Pieter Muller and Louis Schlebusch together with Lew Geffen Sotheby's International Realty launched a new property development at Henry Ate restaurant recently.
Louis Schlebusch, one of the developers said, "We chose Grahamstown for the gap it has in middle income earners and we will also be using Grahamstown locals as labourers. It is a very safe investment for a first time buyer because of the good return on the investment."
According to Marinda van Achterbergh of Sotheby's, they have already sold 17 of the 40 planned units. "The municipality has approved the project, which will consist of two bedrooms, two bathrooms, a dining room and a kitchen in one unit," said Steve Birt of Sotheby's.
"There will be a lift at the rear of the building for disabled people, an electric fence and gate for security. The units on the ground floor will cost R512 000 each and the ones on the top floors R465 000 per unit."
Rental income is expected to amount to R2000 per room per month. The development's architect Hennie Bezuidenhout said: "The old Victorian type of style had an influence in my design because I didn't want to fiddle with the vintage theme of Grahamstown buildings."
Kingswood Mews is expected to be complete before the end of next year and tenants are expected to be able to start moving in from 1 December.
