PE getting luxury development

PE getting luxury development
2008/06/27

Port Elizabeth and Perth, Australia, are joining forces and spending R300m to develop 45 luxury residential units.
The Jutland Point development is a partnership between Len Whittal, a native from the Eastern Cape, and Ian McDonald, a property developer from Perth, who together own 4Front Investment Holdings.
It will be 4Front's fourth development in Port Elizabeth, apart from its retail properties and office and storage developments in Deal Party, Groenbossies and Newton Park.
During the launch in Port Elizabeth, MacDonald said they are positive about the future of the metro and will be investing R500m in the city's property market over the next two years.
Investors will be paying between R4m and R20m for a unit in Jutland Point. The sizes of the units range from 110sq m to 346sq m.
Every unit will have a view of the harbour, city and Baakensvallei and have at least one private balcony.
The 13-storey building has two parking levels. Additional features include a diesel power generator, broadband internet access and CCTV cameras.
MacDonald says the development will be completed before the start of the 2010 Soccer World Cup.
The developers say Jutland Point will have some of the most luxurious units that Port Elizabeth has ever seen. This development will breathe new life into the historic CBD.
Jutland Manor on the premises, which used to be a famous restaurant and dates back to the 1920s, will be retained.
Jutland Point will be covering 30% of the premises, while the rest will be rehabilitated by planting indigenous plants, MacDonald said.
Asked why such a development was undertaken in Port Elizabeth, Macdonald said: "Why not?"
The city reminds him of Perth 10 to 20 years ago.
"Port Elizabeth is ready for investment and development. It will soon have two operating harbours and receive unmatched publicity during the Soccer World Cup in 2010. Several companies also export successfully from here, and there are nature reserves, beaches, as well as colourful people and cultures." – Riana de Lange, Sake24

PE getting luxury development