Nedbank finances successful Thornbird development in the city of saints

Lindisfarne development in Grahamstown.

The unique features of Victorian preserved Grahamstown has seen a peak in demand for residential property with the most recent being the successful development by Thornbird Trade and Invest 55 (Pty) Ltd, Lindisfarne, financed by Nedbank Corporate Property Finance.

With its elegant English heritage and beautifully preserved architecture, Grahamstown is one of the best-preserved Victorian colonial towns in the world. It is also the City of Saints, a diocese of the Anglican Church in South Africa and home to many faiths, whose church spires and buildings of worship define the skyline. But Grahamstown is better known as a centre of education, arts and culture, the host of the popular annual National Arts Festival and home to some of the country’s finest institutions of learning, including Rhodes University, St Andrews College, The Diocesan School for Girls, Graeme College and Kingswood College. 

“Given all these unique features, it is no surprise that there has been a significant demand for residential property in Grahamstown,” comments Richard Thomas, regional executive Nedbank Corporate Property Finance, Cape. “Recognising the opportunity this presented, our long-standing client, Thornbird Trade and Invest 55 (Pty) Ltd, has provided Nedbank Corporate Property Finance with another opportunity to provide tailor-made funding and transform this development into a success story.”

Thornbird Trade and Invest 55 (Pty) Ltd, under the capable management of Russ and Amanda Broom, has successfully completed a number of sectional title residential developments in Grahamstown, including the Kingsview Estate, Somerset Corner, Summer Place, Aquitaine Way and Briar Rose sectional title developments, as well as Kings Gardens, which features 64 freehold townhouses.

The company’s most recently completed development in Grahamstown is the Lindisfarne, a three-storey apartment block developed with parking below the first level, situated on the corner of St Aidens Avenue and Kings Close, just 600m from St Andrews College and a kilometre from Rhodes University. This superbly located block of flats features 10 units on each floor, each with two bedrooms and two en-suite bathrooms. All 30 units have already been sold out as a result of the excellent location, the demand for this form of accommodation, the quality of the units and the potential return on investment.  Occupation by the new owners and tenants commenced in October.

“Lindisfarne is the third Thornbird development financed by Nedbank Corporate Property Finance, and another development is already in the pipeline,” comments Thomas. “This ongoing, mutually-beneficial partnership reflects    our ability to provide financial solutions that anticipate and fulfil the requirement for growth and expansion for our long-standing clients – an approach which has ensured that Nedbank Corporate Property Finance maintains its leading position in commercial property finance in South Africa.”