2009/01/21

A sign of the potential of the current rental market is the buoyancy of rentals at a mountain security estate overlooking the Constantia Valley.

"In one week this month we signed up five tenants whose leases have a capitalised value of just on R1m," said Mark Steyn, CEO of Stonehurst Properties, the sales agency for Stonehurst Mountain Estate.

Rentals of between R11k and R19 000 per month are now being fetched for townhouses at the estate, while those who are letting out houses can expect rentals from R25k per month – with the latest rental being concluded at R30k per month.

Right now, he said, close to 50% of the estate has approved plans from the SMEOA Design Review Committee and around 30% is complete or under construction.

Steyn repeated that for a majority of buyers Stonehurst's big drawcard is its security.

A R15m lifestyle centre has also been brought on stream at the estate.

"This facilitates daily personal training, Pilates, Yoga, and spinning sessions," said Steyn.

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