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Tuesday Aug 20, 2013

Sandton property on market for record R60m

Need a new home and have R60 million to spare? An apartment in Morningside, Sandton, has broken records after it was given this price tag.

The interior of the apartment in Morningside features electric blinds and plush carpets.

But the luxury property could be on the market for quite some time as estate agents try to find a potential buyer.

The previous owners took an already finished property and poured millions of rand into reconstructing it in its entirety.

In the process they put in extras that would put many moguls to shame.

Two of the apartment's nine garages have been converted into a refrigerated wine cellar; a home cinema was installed with audiovisual equipment of up to R1m; a bronze statue on one of the balconies was valued at R1.1m; while an art deco light fitting set back the previous owners R500 000.

The exterior of the complex in which the penthouse is situated.

The property has a total size of 585m 2, which equates to a little more than R100 000/m2.

Pam Golding Properties Hyde Park joint area manager Jon Davies says that in 2009, a property in Sandton fetched R35m, the highest price an apartment in the area has fetched so far.

There are four bedrooms and six bathrooms.

The penthouse, which is being sold fully furnished, has been described as an entertainer's dream, with a rooftop cocktail bar, a heated swimming pool and steam room.

Wayne Venter, the Pam Golding Properties agent responsible for selling the 'not-so-bachelor' pad, says the property is likely to attract the interest of foreigners.

'The apartment is on sale for the equivalent of approximately £4 million, which is well within the reach of the world's wealthy,' he says.

'That said, a buyer could also emerge locally - perhaps a top executive who wants a luxurious lifestyle but who appreciates Sandton's centrality.

'It is going to be very interesting to see who fits with this penthouse,' Venter adds.

The Star


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