JSE-listed Growthpoint Properties launches first residential development in KZN
11-05-2021
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An exciting new residential development, above La Lucia Mall, has been released in KwaZulu-Natal to satisfy the fast growing demand for residential property in the area.
With no further development space available, JSE-listed Growthpoint Properties, well-known for innovative and sustainable property solutions, turned to La Lucia Mall to make use of the opportunity within spaces that already exist to meet the ever-growing demand for residential property.
The development, Kent, will mark Growthpoint Properties entry into the residential market in KZN and it is set to change the dynamic of the small town of La Lucia.
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Kent will stand tall above La Lucia Mall, one of Growthpoint Properties’ oldest retail assets in north Durban, and will overlook the suburb; forming part of the holistic development plan for the mall itself.
“The development consists of 63 modern residential apartments in sought-after La Lucia, offering first-time buyers and investors the opportunity to acquire property at affordable prices,” says Kobus Blom, Growthpoint’s regional development manager.
He says the overall development totals roughly R142 million “which will further enhance and stimulate La Lucia Mall, supporting Growthpoint’s vision to diversify and stay on trend with the ever-changing property market”.
Growthpoint plans to turn the mall into a complete 360-integrated lifestyle development which will include apartments and office space, making it the first of its kind in the La Lucia area.
The mall is Growthpoint’s most valuable retail asset in the province, worth more than R1 billion. As part of the bigger development plan, a significant R70m refurbishment of La Lucia Mall itself was completed last year.
“The prime location lends itself to an upper-end residential development. An in-depth market research study done by Rainmaker Marketing highlighted the shortage in residential properties in the La Lucia area,” Blom says.
While the exterior of Kent blends with the neighbourhood aesthetics, the design inside is internationally inspired.
Kent introduces New York-style urban one-, two- and three-bedroom apartments from R1.6m.
Each apartment has ample natural lighting and ventilation, including a separate laundry drying area.
Boasting open-plan spaces, exposed brick features, and unique semi-industrial interiors, Kent creates a trendy, modern home, unlike any other residential offering in the La Lucia area.
All upper floor units have balconies with magnificent sea views, while ground-floor units have gardens. The development will be situated directly across the road from the public park, which will be maintained and secured by Growthpoint.
“Our vision is to make life at Kent as simple as possible. You need only step outside your door to capture the essence of life and explore your neighbourhood. Just an elevator ride away from the resident pool and entertainment area, Kent will be your haven to escape to unwind,” says Blom.
Construction is anticipated to commence later this year, with completion of the development expected by September 2022.
Note: Kent sales are managed by Pam Golding Properties.
* Growthpoint Properties is known for developing key office, retail and industrial opportunities throughout South Africa. As a real estate investment and property development company, their portfolio is around R166.7bn.
This is listed on our database as PPA23752
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