Though the rate of new development has slowed dramatically in most parts of the country on the back of the economic downturn, Hatfield in Tshwane (Pretoria) remains a relative hive of residential and corporate activity.

According to Johann Basson, principal of Realty 1 International Property Group in Hatfield, the suburb stands out from others as truly cosmopolitan, filled as it is with street-fronting restaurants, bars and shops. Its pavements have a character of their own with street vendors, artists, students and suit-clad executives providing an endless source of interest to el fresco diners and other watchers. That said, it’s also a suburb on the move. "Hatfield is experiencing ongoing development, both in the form of new residential construction and conversions of old houses into offices which are then being bought by or let to head offices and corporates," he says.

Hatfield Gautrain station

Driven in part by unflagging demand for student accommodation and partly by its status as host to a large collection of international embassies and trade missions, Hatfield’s growth received an additional boost when it was chosen as a site for a Gautrain station, Basson adds. "Located close to the N1 and N4 freeways, Hatfield is well on its way to fulfilling the municipality’s vision of being a desirable and user-friendly environment which will ensure its ability to retain existing business and attract further investment. This in turn is ensuring that property values do not depreciate."

Among the many projects currently underway there is the Hatfield Gautrain station, which Basson envisages playing a significant role in helping grow the CID (city improvement district) and attracting mixed-use developments. Further, construction on a new high-rise block of studio units near Hatfield Square — intended for students and young professionals — is about to begin.

On the corporate side, a 'stunning' 4000m² office block on Duncan Road is nearing completion. According to Basson, office space can be purchased or rented at very competitive prices. Plans are also afoot for a new 4500m² office block on the corner of Schoeman and Festival Streets, which will be developed in line with tenants’ requirements.

Ongoing refurbishment of existing buildings

In addition to new development, he says the refurbishment of existing buildings, including blocks of flats and shopping centres, is ongoing. Examples include The Fields, a recently completed City Property Project in Burnett Street, which boasts an assortment of shops, restaurants and state-of-the-art rental accommodation.

Among the most expensive corporate properties on Basson’s books right now are a 5000m² office block with a price tag of R50-million and a smaller office block for R26-million. Both close to the Gautrain Station, the pricing indicates where demand is currently focused, he says.

Residential accommodation starts at around R480 000 for a studio unit, though some of the newest ones are priced at R1-million or more. One bedroom flats range from R600 000 to R1-million, he continues, while two bedroom flats can fetch as much as R1.3-million. For an average house 'typical of Hatfield 50 years or more ago', one can expect to pay anywhere from R1.3-million to R3.5-million or more. It’s a case of supply and demand, he explains, since no more new houses are being built. Instead, the trend is for the old ones to be demolished and replaced with blocks of flats or offices.

The best investment buys on Basson’s books include a three bedroom, two bathroom house with a separate, modern unit built to accommodate seven students. Considering its location — within walking distance of the Gautrain station — and the ease with which it could be turned into a guest house in time to meet 2010 FIFA World Cup demand, the R3.8-million price tag is very reasonable, he says. Another excellent investment prospect is a 36-room student dormitory on the market for R8.5-million. Close to both the University and Loftus, it is fully let with a monthly nett income of R55 000.

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