Developer at Beach Break set to make N$300m

The last of the best – This is how the newest beachfront development in Swakopmund located at pebble beach is being marketed – and it comes with a hefty price: Apartments are going between N$2 and N$7.2 million, while the reserve price for six beachfront erven to be auctioned soon stands at N$3.5 million each. Should all properties sell, the developer is set to generate N$300 million from the property.
The new development is located on the huge erfplot 66 in Ocean View, bordering Stint, Plover and Shearwater Street and is being developed by the Spiranti and Lewies Family Trust. Initially the owner of the erfplot intended to develop a new hotel, but has now instead opted to develop apartments and houses and sell the remainder. For the past two weeks interested parties can buy their dream home for a small fortune and, surprisingly, to top things – four apartments were sold in the first couple of days after marketing commenced.
“This is testimony that there indeed is a huge demand for very high-class property in Swakopmund,” Verena Mostert from Pieter Moster Architecs said to namib times.
The entire erfplot measures a couple of hectares and has been subdivided into various smaller erven, measuring between 12 732 and 2 816 square metres. According to Mostert all erven have been rezoned to general residential 1 and as such offer a great variety of development opportunities.
The biggest subdivided erf is a long, large beachfront area on which the trust intends to develop a variety of apartments. One-bedroom flats will go for N$2.7 million, while the upper-class apartments or Penthouses (three bedrooms) will sell for N$8.5 million.
“We have already sold a couple of units and the interest is quite astounding,” Mostert says. All apartments include two parking bays and extra reserved parking bays will cost an additional N$100 000 each.
As part of the development, six beachfront erven were chosen to be sold on an auction to be held on 1 July this year. Purchasers can thereafter choose between a couple of house design options from a template to ensure unison with the entire development.
These erven, although they are comparatively smaller than many conventional erven, also come at a hefty price.
The erven measure between about 450 and 500 square metres and a reserve price of N$3.5 million for each was set.
The remainder of the property was sub-divided into eight “developer erven”, which will also come under the hammer on 1 July. The sizes vary considerably with the smallest measuring 2816 square metres and the biggest being 5308 square metres.
The reserve price for these properties ranges between N$9.4 million and a whooping N$ 17.7 million.
“The beach area won’t be affected by the development and the developer (the trust) will construct a boardwalk on the high water mark and ensure sufficient parking for members of the public visiting the beach area,” Mostert continued.
If the developer does indeed sell all apartments and all erven for the reserve price at the auction, the trust is guaranteed to make a killing.
If you add all properties together the mini-mum generated income from “Beach Break” will amount to about N$300 million.
Efforts to enquire when the property was bought and how much the original purchase price entailed remained unsuccessful.