NEW OFFICE DEVEOPMENT
Ridge 7 is a office development marketed by Wakefields Gateway, its co-development at cost methodology and will provide 7 700 m2 of primly located premium grade office space in Tongaat Hullett Developments new Ridgeside Office Estate in Umhlanga, Durban. This development will enjoy panoramic sea views from all office levels and will be sold at cost to its investor base and end user purchasers.
We are now offering the remaining Ridge 7 office suites for sale on a co-development at cost basis.
The selling price will be in a range of R25,500 sqm to R26,500 sqm plus VAT with deposits being calculated on the higher of the two figures and where cost savings are effected, refunds will be made to shareholders as has been the case on most of our previous Co-Developments. The deposit will be 34,2% where the investor will contribute a short term equity loan of 4.2% which will be refunded to the shareholder as soon as the VAT refund has been paid back by SARS to the development company. This price includes for parking but excludes stores which are listed in the feasibility study and are all currently available. We strongly recommend that your client should take storeroom/s as there is always a big demand for storerooms in these types of multi tenanted office blocks.
The selling price of R26,500 sqm is a future price for two years hence and if discounted at 9% per annum for two years, the current comparative selling price in December 2016 equates R22,300 sqm.
50% has been sold
We expect construction to commence before June 2017 with completion in December 2018.
The Umhlanga coastline incorporates the well know Umhlanga Rocks village, which was originally part of the sugar estate of Sir Marshall Campbell. The iconic lighthouse in front of the Oyster Box Hotel is often photographed and an historic landmark in the area. The famous “Pearls” development has taken Umhlanga Rocks into the next century. The architecture and position of the Pearls, has no...
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