Liquidation sale of Umhlanga Residential Development Site

AUCT-001170 | SOLD

Liquidation sale of Umhlanga Residential Development Site

1 Ilala Drive, La Lucia, Umhlanga, KwaZulu Natal

LIQUIDATION SALE - Residential Development Opportunity. 1 Ilala Drive, La Lucia

Sea Edge Investments (Pty) Ltd (In Liquidation)

Master's Reference No.: D13/2018

Extent: ± 54 772 m² | 180⁰ Sea views | Set in upper La Lucia / Umhlanga | Rare residential development land | Fronts onto Umhlanga Rocks Drive & Timavo Drive | Portion of the property offering commercial opportunities

LOCALITY

This perfectly located development site offers 180 degree sea views in the prime upper La Lucia / Umhlanga Rocks area, located 2 km south of the Gateway/Umhlanga New Town Centre and 2.5 km inland of the Umhlanga Rocks Beachfront. The property is located directly across Engen Petrol Station, Spar, Woolworths, and the Sunningdale Pharmacy, and enjoys easy access to the N2, M4 and the M41 freeways.

The property is an elevated site with two road frontages, from Umhlanga Rocks Drive which slopes down to Timavo Drive and the Victory Christian Academy, and a shorter road frontage on Ilala Drive that leads off Umhlanga Rocks Drive to the gated estate of Ilala Ridge.

This location is complemented by surrounding upmarket residential homes, which include The Executive, The Grand Floridian, Glen-Keys, Key West, Cardea Mews and others.

To the north of the property is the La Lucia Ridge Office Estate precinct, with corporate offices such as RMB Private Bank, BOE and FNB buildings. On the southern boundary is the upmarket residential suburb of La Lucia and La Lucia Gardens gated estate. Across Umhlanga Rocks Drive (inland/west) is a mix of residential (Somerset Park) and office park developments (Morelands Headquarters, ex Tongaat Hulett headquarters) and further north are the corporate headquarters of Unilever and the “Big 4” accountants and major attorneys.

The area is in close proximity to all amenities including many public and private schools, medical facilities including a hospital, as well as beaches and restaurants along a picturesque coastline.


PRIMARY USE

Set in a sought-after location at the top of Ilala Ridge, is this undeveloped property, which is one of the last remaining elevated residential development sites measuring 5,4772 hectares. This area is an established and secure neighbourhood, that has attracted developer interest as well as a sustained demand from home buyers.

Plans for a proposed off-plan residential development has been prepared for this site by Elphick Proome Architects in compliance with the Ilala Ridge Provisions. The architectural designs lean on Italian and Floridian influences in a prestigious gated estate. The plans comprise:

• A low-density Sectional Title village – named variously as ‘Villa Amore’ / ‘Donatella Villas’ and comprising 16 proposed luxury villas with average size of 400 m² placed along the east facing slopes below Ilala Palms, each with double garage and pool;
• A medium-density apartment complex – named ‘San Raphael’ and comprising 30 luxury apartments (with 3 bed and 4 bed options) with average size of 160 m² located in the curve below the Nursery area and including 45 basement parking bays;
• A medium density apartment block – named ‘Bella Vista’ and comprising 16 luxury apartments with 24 basement parking bays – located east of San Raphael.

In terms of the Town Planning scheme for Ethekweni, the property falls within the Ilala Ridge Precinct Plan 21, with the benefit of the following controls:

Zoning : Limited Residential (south portion)
Medium Density Residential / Apartments (mid-section)
Open Space (east section)
Nursery and Ancillary Uses (the north-west corner of the site adjoining Umhlanga Rocks Drive)

As per the Title Deed, notwithstanding anything contained in the Town Planning scheme or elsewhere, no development of the property shall exceed 12 467 m² or be less than 9 700 m².

The subject property may not be alienated, leased, subdivided or consolidated, rezoned or its use changed without the written consent of the Ilala Ridge (Phase IV) Management Association.

The Purchaser must become a member of the Ilala Ridge (Phase IV) Management Association.

The property is subject to various servitudes.

Residential Type:
Development
Web Reference:
AUCT-001170
Final price:
POA
Address:
1 Ilala Drive, La Lucia, Umhlanga, KwaZulu Natal
Property Extent:
±54772 m2
Auction Venue:
Durban Country Club
Isaiah Ntshangase Road

Auction Date:
17 March 2020 11:00 am



Auctioneer:
Andrew Miller
Auction Terms and Conditions:
R 50,000.00 refundable registration deposit. Strictly by bank guaranteed cheque. No cash. ID Document is required

Bidding opens in


Auction Date: 17 March 2020 11:00:00am


Luke Hearn
                                                         In2assets Representative

Property Agent


Luke Hearn
Show number
[email protected]


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