SA Affordable Housing September / October 2018 // Issue: 72 | Page 7

NEWS
A new Loftus Park development in Arcadia will include one-
bedroom flats.
Loftus Park a boost
for local real estate 
A new Loftus Park development in Arcadia will boost the demand for
homes and rental accommodation close by and the neighbouring suburb of
Sunnyside; this includes one-bedroom flats starting at R200 000.
“T
his part of Tshwane is already highly popular
among students, but we foresee that the presence
of this new centre with restaurants, convenience
stores and offices will also make it fashionable among young
professionals and entrepreneurs, embassy staff, academics
and sports administrators and give rise to a whole new
live-work-and-play precinct,” says Gerhard Kotzé, managing
director of estate agency group RealNet Holdings.
“Deeds Office figures show that the local property market
is already on the move, with more than 600 apartments in
Sunnyside having changed hands in the past year (at an
average price of R380  000).
“In Arcadia, which is where many foreign embassies are
located, more than 280 flats have been sold in the past 12
months and the average price has risen from R370  000 to
R410  000,” says Kotzé.
The first phase of Loftus Park which recently opened
includes 34  000m 2 of A-grade office space complemented by
an open-air piazza and various restaurants including Casa
Bella, Turn & Tender, Salsa, Rocomamas, Vovo Telo and
Seattle Coffee Company.
It also has conference facilities, convenience retail and a
Virgin Active gym – all just a short distance from the Gautrain
station in Hatfield and the Tshwane Rapid Transport (TRT)
public bus route, and close to the Pretoria High School for
Girls and Pretoria Boys High School as well as the University
of Pretoria.
According to developers Redefine and Abland, additional
phases will also include a 152-room Protea Hotel by Marriott
and a private hospital for the precinct as well as more office
space.
“The development will therefore add highly accessible
work-play-and-live elements to the local environment,” says
Kotzé. “This is bound to create additional housing demand
from young professionals and executives who increasingly
prefer integrated lifestyle areas where everything they need
on a daily basis is within walking distance of home – and
there are currently some excellent real estate investment
opportunities in the area.”
Prices for studio and one-bedroom flats in Sunnyside start
at R200  000 and those for two-bedroom units at around
R240  000, while rentals for two-bedroom units start at
around R4 000 a month. In Arcadia, studio and one-bedroom
flats are available at prices from R250  000, while two-
bedroom units start from around R350  000 and rentals for
two-bedroom units start at about R5 000 a month.
Highly sought-after two- to four-bedroom townhouses are
also available at prices from about R700  000.
SEPTEMBER - OCTOBER 2018
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