Landmark Cape building turns into R600m property development

CAPE TOWN - The Pinnacle building in the heart of Cape Town will offer 239 well-priced apartments with 48 already sold off-plan in the first two months.

"The concept behind micro-living is creating a neighbourhood within the building, and at The Pinnacle, we've done just that," said Dawie Swart, the chief executive of asset-management company Investicore.

Features of the development include a rooftop swimming pool, on-site restaurants and retail spaces, wifi with hot desks, and meeting rooms. Security is top-of-mind for most South Africans, and The Pinnacle's lock-up-and-go apartments are complemented by 24/7 security.

Emanuel Germanis the managing director of Evolution Properties said, "The Pinnacle is creating a work-play-live lifestyle that speaks to the millennial, they are seeking a place to live that is close to work and has all the necessary conveniences, be it to get a bite to eat or entertaining friends on the rooftop." Evolution Properties has the sole-mandate to sell apartments at The Pinnacle.

The micro-apartments at the development start at R1.251m while the studio apartments start at R1.742m. While one and two bedroom apartments start at R1.861m and R3.18m respectively.

Grant Gillis the interior designer of the apartments and the chief executive of Delta International Design Studio created spaces that feature the comforts of modern living coupled with innovative spaces that move and adapt to their inhabitants' needs. Mutable furniture transforms into smart storage units.

"Electricity and water usage is something that Capetonians need to be aware of, and we considered these factors in the design and construction of the apartments," says Swart. The apartments are kitted out with brand-new kitchen appliances and LED lights, helping to keep energy usage as low as possible.

The micro-apartments offer cost-effective levies, and the rates and bond repayments are manageable. What's more, "At The Pinnacle there are no transfer costs, which is a great help to first-time purchasers," says Germanis.

"We're seeing huge interest by city workers anxious to spend more time enjoying their spare time and less time commuting," says Germanis.

Cape Town is a popular tourist destination of the country, short-term letting is a great way for people to get a higher return on their investment. "Many homeowners are going this route to make a profit and get those bond repayments down," he says. Totalstay will provide a short-term hospitality management offering at The Pinnacle, making it even easier to rent out your apartment.