Welgedacht Estate – where homes are demolished to rebuild new ones
Homes in the well-established and upmarket Welgedacht Estate, which borders Tygerberg Hills Nature Reserve in Cape Town’s Northern Suburbs, are being acquired at high-end prices only to be demolished. This is done to make way for luxurious, new houses at an additional investment from R3m to R6m or more.
Comprising some 568 homes, entry-level properties currently available are in the region of around R4,5m.
“With landscaped parks and luxury homes, prestigious Welgedacht Estate has a special country living feel despite being only a 25 minute off-peak drive from Cape Town,” says Annien Borg, MD for Pam Golding Properties in the Boland and Overberg regions. “With no plots left, it is remarkable how much people are prepared to invest purely to acquire a stand and secure their spot to build a brand new home. In October 2014 a house on a plot of 2,153m2 sold for R7,371m to be completely demolished.
“As the plot was at quite an incline, soil was brought in to create a level stand and a completely new home built from scratch. In effect, one could say the buyers purchased a plot at R7,371m plus demolition and levelling costs – such is the high demand for this prime estate, considered one of the most sought after in Northern Suburbs.
“A more recent sale to secure a ‘plot’ occurred in September 2015. In a prime position overlooking the dam, the 430m2 house and 1,200m2 erf sold for R8,441m. The house was completely gutted and is being rebuilt more or less with only the foundations retained and one or two walls.
“Currently, there are many other homes on the estate being completely renovated either for existing owners or buyers moving onto the estate and carrying out their own renovations to suit their own requirements and taste. As a result, a lot of the older homes are being snapped up as they are ideal for this purpose.”
Homes sold for over R10m
With 19 properties changing hands in 2015 (to November), the two highest prices achieved on the estate for the year to date were concluded by Pam Golding Properties for R11m and R10m respectively. The highest price ever achieved on the estate was for a spacious family home set on three consolidated plots which fetched R12,5m in 2012.
In 2015 the lowest price for a property in Welgedacht Estate was R3,8m. During the three month period from August to October 2015, the average selling price was just over R5,15m, while in the price band over R3m, the average selling price was slightly in excess of R6,3m.
According to Lightstone, just over half the homeowners have lived in the estate for 11 years or more. Younger buyers too are embracing this way of life with 57% of recent buyers (over the past year) in the age bracket from 36 to 49 years.
With three designated children’s play parks, family life is complemented by six high quality schools within easy reach: Kenridge, Welgemoed and Durbanville Primary Schools and DF Malan, Durbanville and Fairmont High Schools. In addition, a shuttle service makes schools in Paarl, Stellenbosch and the Southern Suburbs highly accessible. The University of Stellenbosch Business School and Satellite Campus are just over 3km away with the Academy of Advanced Technology less than 4km.