Home RSS
Real Estate

Record price achieved for open stand in Clifton

Record price achieved for open stand in Clifton

An open stand in Cape Town’s Clifton area has been sold for R11,25 million, in what is believed to be the highest price per square metre ever achieved for undeveloped property in South Africa.

Rob Stefanutto, Managing Director, Lew Geffen Sotheby's International Realty, Atlantic Seaboard, confirmed that the , effectively?property, measuring 449m realised more than R25 000 per square metre.

“The stand is situated on Clifton’s famous second beach. As one of the very last areas of undeveloped land in this most desirable location in the country, the sale generated significant interest from potential buyers both locally and internationally,” he said.

It is believed that an offer was received from, amongst others, former South African Formula One racing car champion Jody Schekter, but that the stand was ultimately bought by an American investor.

All the properties in the area are wooden bungalows - many of which were originally constructed after World War One as fishermen’s cottages or for returning servicemen - and any new development must conform to the regulations imposed by the Clifton bungalow owners’ association.

Stefanutto says that the record price achieved for the stand follows the sale earlier in the year by Lew Geffen Sotheby’s International Realty of a Clifton apartment for R34 million, believed to be the most expensive of its kind in South Africa.

It is gratifying to note that Lew Geffen Sotheby’s International Realty continues to achieve record sales in the various categories. We ascribe this success to Sotheby’s International Realty network of national and international contacts and to the emphasis we place on providing our clients with exceptional service,” he concludes.


Disclaimer: The information presented and opinions expressed herein are those of the authors and do not necessarily represent the views of Estates Report and/or its partners.