Neighbourgood opens sales on 60 Corporation Street flats from R2,1m
The former Townhouse Hotel site becomes the operator's first sectional title development, with launch pricing that undercuts much of the Cape Town CBD.
Moneyweb reports that The Lennon, a new sectional title development at 60 Corporation Street in the Cape Town CBD, will open sales online on Wednesday, 7 October at 1pm, with suites priced from R2,1 million and a R100 000 discount for buyers who reserve on the day. The full report is at Moneyweb.
The building is the former Townhouse Hotel, which Neighbourgood bought in 2021 as its first significant acquisition. It is now being redeveloped as the company’s first sectional title project, and Neighbourgood will manage it.
What is on sale, and at what price
The stock runs across three unit types. Suites start at R2,1 million. One bedroom apartments start at R2 990 000. Two bedroom apartments start at R5 090 000.
Standard finishes include essential kitchen appliances. Buyers can add a furniture and fit-out package put together by the Cape Town interior design studio Terrā Design, which turns the unit into a property that can be lived in or let out without further work.
Reservations open online from launch day for a R10 000 fee. Buyers can register before the launch, look through floor plans and shortlist units.
The management model is the pitch
Neighbourgood already operates more than 1 000 units across Cape Town and the Cape Winelands. The company’s model bundles residential property, hospitality, workspaces and community, and it is the reason the developer is presenting the building as something other than a standard buy-to-let.
Owners who let their units out can offer tenants and short-stay guests access to Neighbourgood’s amenity spaces and work clubs across the city, not only the facilities inside 60 Corporation Street. The development is designed to support both long and short stay rental strategies, subject to the applicable regulations.
On site, the building is planned around a rooftop pool and bar, a gym, a café and bakery, reception and concierge services, laundry facilities and optional cleaning and room service. Residents also get access to the Neighbourgood community, which the company says runs about 300 curated events a year.
The tax question buyers will ask
The site falls inside Cape Town’s Urban Development Zone. That matters for qualifying purchasers, because the Section 13sex incentive can allow an accelerated income tax allowance over 11 years on newly constructed residential property used to produce income, subject to the requirements of the legislation.
A separate provision can give deductions to taxpayers who own five or more qualifying new residential rental units. The units do not have to sit in the same development, but conditions apply. Any buyer weighing these up should get independent professional tax advice before assuming a position applies to them.
Why the address carries the price
The location is the investment case. Bree Street’s restaurants, cafés and bars are roughly three minutes away, Harrington Street’s nightlife is close by, and galleries and museums are about five minutes off. Signal Hill, Table Mountain, the V&A Waterfront and the Atlantic Seaboard are minutes away by car, and MyCiTi bus routes and major transport links are nearby.
That spread of demand, from professionals and students to tourists and longer-stay visitors, is what the developer is selling alongside the bricks.
The Lennon is a partnership between Neighbourgood, Silk Road Developments and Terrā Design. Moneyweb notes that the article was brought to readers by Neighbourgood and that the outlet does not endorse products or services in sponsored articles on its platform.
Source: Moneyweb. Read the original item.
