Insolvent Bloemfontein suburb acquired by foreign investors

Posted On Thursday, 28 June 2012 09:18 Published by eProp Commercial Property News
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Indian and Russian investors have purchased the balance of the Vista Park suburb of Bloemfontein and will shortly be installing the last of the services for phase 4 in a move that is punted as creating 'an ideal new South Africa suburb'. A vaiety of business and community opportunities also present themselves to investors

Property-Housing-ResidentialIncluded in the deal for the purchase of the insolvent estate from Standard Bank were a number of church and school sites. Also included is a 3.5 ha business site which they are looking to develop as a modern shopping centre (see layout plan below). Already enquiries are reportedly being made regarding anchor and supporting tenants for the new project. With some 6500 people currently living in the area and further development to the west recently announced the suburb offers great potential for investors.

Three smaller business sites are also available to smaller local investors. Apart from three church sites  which will also be sold there are two educational sites. The smaller one will be available for sales as a crèche  while the large one is being considered as a campus for private educational colleges on a multi franchise bases with each college having its own campus and facilities.

The design for the new high tech homes has been completed and most of the homes will be of duet design (two homes on one erf) ranging from two to three bedrooms and costing between R500,000 and R750,000. Prices will include unusually  high quality finishes for homes in this price range and are intended to include solar energy panels, ovens and closed garports. Platinum Global has been appointed the sole selling agents for the entire project but will make use of BEEE sub agents to market the residential properties.

“Benchmark” as the local company will be known is headed by Sunil Gandhi from Mumbai and Vladivostok where he is involved in the cutting of polishing of diamonds on a large scale and the manufacture of commercial diamonds.

His partner Douglas Lund has a life time of experience in the redevelopment of large scale projects including the total redevelopment of central Newcastle in the UK and Red Square in Moscow.

The company is set to introduce high tech alternative building methods including Airiated concrete and double glazed uPVC windows and doors as part of their energy efficiency based projects. Local manufacturing of these new age materials will start shortly. They have negotiated a 4000 sq m factory for this purpose at Thaba Nchu.

These new eco-friendly materials will be used in all the structures to be developed in Vista Park by the company and from experience overseas, will save tenants and owners in excess of 50% of their current energy costs.

The Benchmark group has plans for extension and are already in discussions for additional building material plans in the George/ Knysna/ Mossalbaai area. 

Last modified on Friday, 16 May 2014 18:05

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