A LUXURY lifestyle apartment building called Adderley Terraces has just been launched between Adderley and Parliament streets in the city centre.

The building will be brand new, as opposed to a converted office block, and will be constructed on top of the Adderley Park development.

The joint sole agency is held by Seeff City Bowl and Atprop Holland. The 42 terrace apartments, which will range in size from 49m2 to 179m2, will be built in a horseshoe style around an outdoor deck area with a swimming pool and gym.

Construction is due to start early next year. Apartments will have individual terraces with views of the city and Table Mountain and stressing outdoor living and extensive greenery.

Parking is available in the garage below. A lift will take owners to the apartments, set on four levels, and another lift will take them down to Adderley Street.

The apartments are being sold off-plan. Prices, which include VAT, range from R515 000, which includes one under-cover parking bay.

10% is payable upon signature, with the balance only due upon completion and transfer, which is expected to be from December 2004.

Adderley Terraces is a joint venture between the Adderley Development Syndication and Nedbank.

 Bernice Musikanth of Seeff City Bowl said: "The design of Adderley Terraces is wholly lifestyle and outdoor oriented. The developers made sure that parking is not a problem. Without it this new building and other projects in the area would simply not be viable.

"Adderley Terraces' commitment to outdoor living is very strong. It's also very central, excellently positioned, and it offers lock-up-and-go convenience. Buyers are able to choose from a range of upmarket finishes," said Musikanth.

"It is thanks to developers and buildings such as these, as well as the work of the Central Improvement Districts (CIDs), that city centre living is becoming a strong trend, and that this area is taking off.

The established upmarket eateries, galleries, museums and office buildings are further clear signs of strong confidence in the area. "There are also plans in the pipeline for the pedestrianising of certain streets and for increased greening of the area."

Chammy Holland, of developers Atprop Holland, said buyers would have the option of putting the apartments in a rental pool, especially for holiday letting.

She said buyers were aware that there were a lot of new apartments coming on to the market in the city centre, which could make it difficult to find tenants in a rental market which was already flat because of falling interest rates.

"This is a concern, but holiday letting in the busy Cape Town season offers one solution," said Holland. l For further information, contact Bernice Musikanth or Jeanne Hingston of Seeff City Bowl on 021 423 9146, 083 444 3434 or 082 888 1630, or Chammy Holland on 083 555 4466