This complex in Douglasdale is close to the thriving Fourways Precinct.
Property values are sure to increase exponentially as development and demand increases in Fourways, says SAProperty.com agent Dennis Maroudas.
“Fourways has always been destined to become the alternative to Sandton from as far back as 2000, and over the last five years has experienced huge growth, commercially and residentially, due to its central location and easy access to highways,” he says.
“It is fast becoming the main business centre of the north, with the first phase of the redevelopment of this area by Accelerate Property Fund and the Fourways Precinct members well under way and scheduled to be complete by the end of 2018.”
This stage is to combine Fourways Mall with surrounding malls to create one large super-retail space – which will eventually have 178 000m2 of retail area under one roof. There are plans for the group to achieve a total of around 1 000 000m2 of rights in the future, positioning Fourways as a new CBD. It is reported that about R30 million was spent on the refurbishment of the existing Fourways Mall, and a further R270m will be spent on the adjacent road infrastructure around the mall.
Residentially, the standout growth precincts include Craigavon, which is in high demand and where prices were averaging between R750 000 to R1.5m but now can fetch prices from R2m and beyond, and property here is selling well. Other standout areas, says Maroudas, include Lonehill, Beverley, Douglasdale and Northriding which offer a large diversity pricewise.
Lightstone figures from a recent report indicate that the median price for freehold property in Fourways is R2.712m, and for sectional title is R1.5m. There is still vacant land to be acquired, and the median price of land available stands at R1.9m. Figures for 2017 listed the median prices of freehold property at R2.35m sectional title at R1.453m and vacant land at R1.475m.
The Fourways market has been buoyed by buyers in the younger age brackets, with 27% of recent buyers between 18 and 35 and 46% in the 36 to 49 bracket.
“We believe there is still a lot of room for growth in the area with massive investment still to be poured in and plans afoot for the Gautrain to run here, as well as additional office parks and hotels being built. I have operated in this area since 2003 and have seen tremendous growth take place and am very optimistic for the future of property sales in Fourways. In addition, I am increasingly getting enquiries from investors from across the globe looking for their slice of the action, which bodes well for future housing and commercial developments,” says Maroudas.
Call Dennis Maroudas on 083 649 7709 or email dennis@saproperty.com.
