Nedbank finances phase III of Rondebosch Oaks
This development is a continuation of a very successful working relationship between Nedbank and the Rawson Group, says Richard Thomas, regional executive at Nedbank Corporate Property Finance
Following the finalisation of a R55-million finance deal through Nedbank Corporate Property Finance, Phase III of the immensely popular Rondebosch Oaks sectional title development is underway.
“This development is a continuation of a very successful working relationship between Nedbank and the Rawson Group, both for this residential property, as well as a number of other residential developments,” says Richard Thomas, regional executive at Nedbank Corporate Property Finance, Cape.
“In October 2006, we approved funding for the purchase of the land and top structure for Phase I and II of the Rondebosch Oaks development, comprising 150 apartments, all of which were sold in record time.
Now, Nedbank will again back this well-known and respected property group as Phase III of the development is undertaken, demonstrating the efficacy of Nedbank’s hands-on approach to providing financial solutions that anticipate and fulfil our clients’ requirements for growth and expansion.”
“Contemporary suburban living” is an apt description of this development situated on Rouwkoop Road in Rondebosch, one of the most sought-after suburbs in Cape Town. Located in a prime position close to the University of Cape Town and a number of good schools, the property is also within easy walking distance of the Rondebosch station from where the UCT Jammie Shuttle operates.
The location of the development, as well as the sophisticated yet affordable lifestyle it offers, has resulted in a significant demand, particularly as an investment opportunity for parents who have children at the university. In fact, at the launch of Phase II, 71 units were sold within six days.
To satisfy this demand, the development will be extended to include another 106 two-bedroomed apartments of 48 – 50m² as well as133 parking bays. The units will comprise a total of eight freestanding or semi-detached buildings with either two or three storeys to be constructed on the available 8 000m² land.
The property will be developed by Gromat (PTY) LTD, the main operating company of the Rawson Group. Anchored by well-known property industry figure, Bill Rawson, the company has completed a number of successful developments over the last 10 years, all project managed by Carl Nortje and Paul Henry.
The group is currently busy with the following developments: Grassy Park, comprising of 70 affordable housing units in Olive Grove; Rondebosch: Rivers Edge, featuring 84 apartments close to Liesbeeck River; and The Rondebosch which will comprise of 166 one and two bedroom apartments.
Prior to these developments, the Rawson Group developed in Durbanville, comprising of 12 apartments known as Village Walk; and Tokai, comprising of 55 town houses known as High Grove and 16 town houses known as High Trees. They were also highly active in the burgeoning Parklands/Table View area, completing numerous sectional title developments comprising of a couple of hundred apartments.
The highly experienced professional team for the development of Phase III at Rondebosch Oaks includes Rawson Developers & Homebuilders as the project manager, Rawson Home Builders as the contractor, Urban Dynamics as the town planners, as well as Gordon Hart Architects.
Thomas confirms that the marketing of Phase III at Rondebosch Oaks commenced at the end of last year, directed mainly at the investor market. “There is little doubt that the additional 106 units will enjoy the same demand as Phase I and Phase II of this popular development did,” he concludes.
