Boschendal could bring development worth R3,8 billion
2005-03-10
THE full extent of the new owner's ambitious development plans for the 2 240ha Boschendal Estate has not, as yet, been grasped by the general public, says Clive Venning, CEO at Boschendal, and Graham Johnson, now MD of the Boschendal Property Development Company.
Anglo American sold the property to a consortium for R323 million last year. Nedbank Corporate will help fund the purchase and the development work.
"The leader of the new consortium, Clive Venning, and his team propose a development programme that could run for ten years and that could result in R2 billion worth of land sales and in a staggering R3,8 billion in total property development.
"It is likely, also, to promote substantial employment within the area. Boschendal, in short, is set to become the premier upmarket residential precinct of the Western Cape."
The first phase of the new owner's plan involves bringing 20 Founder's Estates of about 20 hectares each to the market from between R15 and 25 million. These are being developed on the 917ha of the Boschendal section of which the new owners have already taken transfer (Rhone and Good Hope).
The Founder's Estate owners will be able to use this cottage as a guest house and club premises. They will too be entitled to receive a quota of the wines produced and to have their bottles labelled with their names.
Phase 2 of the new owners' plan involves taking over the remaining 1,337ha. This will be done once planning permission has been received which could take another 18 to 24 months - but it is on this section that large-scale residential development will take place.
The new owners will be developing a 300 unit retirement village and some 400 farmyard style villages on the footprints of 30 existing farm villages which will in most cases be demolished, but some will be renovated.
In essence, says Johnson, this means that Boschendal will be a premium, low density development which blends and complements the surroundings, has a very low impact on the landscape and is sensitive to the environment and local community.
A unique feature of the take-over is the preservation of the "integrity" of the farming operation. The entire agricultural unit continues to be managed and farmed by Boschendal and this is entrenched through a notarial lease on the land.
The plots will vary in size from 1 250 sq/m to 10 000 sq/m and will be selling between R2 and R8 million. The homes built on them, says Johnson, will in all probability cost as much or more, giving an average value for the plot and homes around here of around R4 to R5 million.
"I predict that these farmyard village homes will become some of the most sought after in the entire Western Cape," said Venning.
The properties are marketed by Pam Golding Franschhoek.
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