The pool area at La Cabrière Country House in Franschhoek, which is for sale at R13 million.
Franschhoek’s property market is rather diverse, from an agent’s perspective, as agents need to work the residential market and be adept in commercial, development, agricultural, sectional- and fractional title property, where prices range from R1 million to R80million, say Bev Malan and Kevin Layden, of Lew Geffen Sotheby’s Franschhoek office.
Until the mid 1990s residential property was owned mainly by old Boland families, with the odd foreign or local owner buying mainly for holiday or weekend purposes. It was around this time that foreign and local investors started buying property with intent in the valley. The tendency affected residential and farming land and the upward spiral started.
At that time, the market was limited to childless and retired folk and the only option for schooling was either in Paarl or Stellenbosch. A group of parents with great foresight identified the need for schooling in the valley and set about establishing Bridge House Independent School. The advent of the school opened up the valley to a host of investors who would otherwise not necessarily have considered Franschhoek as an option.
The demographics changed for residential and farming property, as well as commercial property, and there was the need for further developments to accommodate the ever-increasing demand for property. The demand was further driven by the desire to benefit from country living and to enhance the overall lifestyle elements, so restaurants, boutique wineries, art galleries, specialist retail and coffee bars mushroomed. Franschhoek is also home to a contingent of “swallows” who own property and enjoy only the summer months in the valley.
Franschhoek has a quaint village atmosphere juxtaposed with the sophistication of fine dining, boutique hotels, five-star guest houses and wine farms.
During the economic downturn, sales decreased from the high of R565 million a year to just over R2 million last year. Fortunately, prices remained firm and increased by a solid 6,11% last year. Since November 2009, there has been an increase in sales and demand is strong, especially from foreign buyers.
An entry level two-bedroom flat can be had for around R1,3 million whereas a small three-bedroom house will fetch around R3 million. A mid level home on 1 000 m2, with three to four bedrooms will sell for around R5 million. There are a few exclusive homes on the market for around R30 million; these have four or five en suite bedrooms, wine cellars, exquisite finishes and most likely, spectacular views.
Franschhoek is an excellent location to invest in as demand is always high for property in the village. However, the entry level prices are high.
Place Vendome, a lifestyle centre comprising boutique shops and a champagne bar, has recently opened and two more centres are under construction.
For sale is La Cabrière Country House, a four star guest house and separate owner’s home built in the traditional French Provencal style, on 9 000m² of land nestled among vineyards with spectacular views of the mountains. Although out of site of the village this home is only a six minute walk to the high street, with its many shops and restaurants, so it enjoys one of the finest positions in the Franschhoek valley.
In addition to the newly renovated guesthouse, with a pool, a lounge, a kitchen and three en-suite bedrooms with terraces, there is a separate owner’s home with four en-suite bedrooms, three of which have lovely views. There is also a lounge with three double sets of French doors leading onto the covered terrace and private pool with outstanding panoramic views.
The guest house generates earnings of just under R2million a year, providing a private home, idyllic lifestyle and a generous income, says Malan.
“There are approved plans to extend the guesthouse to 10 en suite bedrooms with terraces and a large lounge, a library and a kitchen. Also the owner’s house has plans to be extended to a luxurious double storey four bedroom manor house. The estimated costs for all the above improvements, including extensive landscaping and large new guest pool is approximately R7 million.”
The furniture and the plans will be included in the R13 million price of the guest house.
Call Bev Malan on 082 901 6966 or Kevin Layden on 082 300 9446, or email bev@sirwinelands.co.za or kevin@sirwinelands.co.za.
