Nedbank finances student accommodation development in Rosebank, Cape Town
Nedbank Corporate Property Finance provided R25 million finance for an upmarket student housing development in Rosebank, Cape Town that was completed last month.
Although predominantly aimed at students at the University of Cape Town (UCT), the development is also ideally placed for students attending Varsity College, AFDA, CPUT and Damelin.
The development is conveniently located on Durban Road, which borders Mowbray and Rosebank between Liesbeek Parkway and Main Road. The four storey building comprises 55 two-bedroom apartments, each measuring between 34 and 36 m² in size.
Bedrooms are fully furnished to a high standard of specification, and all kitchens are equipped with stoves, fridges and convection/microwave ovens. Wifi access is available to all tenants.
The building has a laundry room, while the first floor courtyard serves as an attractive open-air communal space. Two lounges, each equipped with TV's, are located on the top floor.
The development also provides state-of-the-art security, including a 24-hour concierge service, biometric access control systems and CCTV camera monitoring.
Since acquiring the erven in 2007 and 2008, the developers – Jeremy Chaitman and Shamus Fitzhenry – engaged UCT in negotiations to provide a solution to the dire need for more student residences.
The developers have let the units privately and at the time of publication the occupation level of the building is over 80%.
“The skills and experience of our professional property consultants ensure that Nedbank Corporate Property Finance can structure tailor-made financial solutions for financing commercial, industrial, retail and residential developments across a range of property markets.
In this particular instance, our finance team worked closely with the developers to structure a financial solution that would allow the opportunities presented by the demand for student accommodation in the area, coupled with the severely restricted supply, to be harnessed to the benefit of all the stakeholders involved,” comments Richard Thomas, regional executive Nedbank Corporate Property Finance, Cape.
Potential tenants can contact Marion on 074 330 4222.