Estate Living Magazine #liveyourbestlife - Issue 46 December 2019 | Page 34

D E V E L O P
&
I N V E S T
LELOKO
LIFESTYLE
AND ECO ESTATE
IN HARTBEESPOORT IS FOR SALE!
ProjectProp, which owns Leloko Lifestyle and Eco Estate in Hartbeespoort, is seeking
a solid new buyer, or buyers, for this idyllic estate following a resolution by the
shareholders to disinvest in the company through the sale of all of their shares.
Leloko is a mixed-use development comprising residential,
commercial, retail and educational facilities on 481 hectares, and
is worth about R300 million, according to a recent independent
valuation. Homes vary from two-bedroom sectional title apartments to
full title homes. ‘The plan was to get to 350 homes built – the
recommended minimum for a clubhouse – and eventually have
700 homes on Leloko,’ says Lebeloane.
‘The business model of the company has been to sell individual
stands to people who aspire to build their homes in Leloko as
well as to the developers who wish to build sectional title units,’
says Mmule Lebeloane, director of ProjectProp. Also, the current
business model does not unlock all the potential value that the
asset offers. Expanding the business model through the selling of
business packages will release the latent value, says Lebeloane. The school development project is well advanced. ‘Two years
were spent conceptualising the school development, which was
done in partnership with renowned education consultants and
a recognised engineering company. The project is at a capital
raising stage,’ says Lebeloane.
‘We are seeking a buyer or buyers – developers or investors –
with the capital to invest in this outstanding development, and
who can adopt a more robust building package model similar to
competing estates in the area,’ she says.
The residential component of Leloko Estate is fully developed,
with all the requisite water, electricity and road infrastructure in
place. There are nearly 200 homes built, and about 400 stands
to be sold, some as large as 1,200 square metres. We have seen
buyers who want even bigger stands, buying adjoining stands
and consolidating them into one.
The retail and commercial block stands are also available for sale
and have been zoned accordingly.
Location is one of the strongest selling points of Leloko, as it is
ideally situated on the slopes of the Magaliesberg mountains,
and the banks of the Hartbeespoort Dam, but within easy
access of the N4 Platinum highway to Rustenburg, Pretoria and
Johannesburg.
‘Also, Hartbeespoort has been steadily shifting its profile over
the last few years from mainly a holiday/weekend destination
to a primary residence village in the countryside, as it is only a
40-minute drive from Johannesburg and Pretoria, and only 30
minutes from Lanseria airport. Thus many of the higher-priced