A property listing recently advertised a single-bay residential garage in Bantry Bay for R2.2 million, revealing the ‘exorbitant prices paid’ for parking in Cape Town, Cape {town} Etc reports.
The 18m² lock-up space off Victoria Road carries an additional R473 monthly levy, which quadruples the normal price for garages along the Atlantic Seaboard, where prices range from R250 000 to half a million rand.
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On Monday, Pam Golding announced that the garage listing, which can fit a small car, has subsequently been withdrawn after having been on the market since last February.
According to IOL, DG Properties advertised the property as a ‘rare opportunity to purchase’ in its listing:
‘The high ceiling allowed the construction of a mezzanine storey which has created an additional storeroom level above the parking space. Suitable for small to medium cars due to tight vehicular access.
Situated in a secure, gated enclosure directly off Victoria Road.
A valuable ancillary asset to the homes and apartments along Victoria Road, Bantry Bay, which would benefit significantly from owning a lock-up garage plus storage facility […] Being a 5-minute walk from Clifton, this rare offering
would also serve as an ideal accessory to the many homes and bungalows in Clifton which have no parking.’
For motorists in the CBD, parking costs R6 for 30 minutes, while in Buitenkant Street, some monthly rentals for a garage can go up to R1 300.
In Green Point, it costs around R5 000 a month.
Double.D Property consultant, Jacques Weber, remarked that apartments along the Clifton/Bantry Bay stretch had limited or no parking at all.
‘Consequently, the demand for off-street parking is exceptionally high and increases as you move closer to Clifton. A few years ago, a parking bay in Clifton sold for R1.5m, highlighting how parking spaces or garages, especially in areas like Clifton, can reach such high prices,’ said Weber.
‘Parking bays in new developments in Sea Point are sold for about R250 000 to R500 000, but as you move into Clifton, these prices increase significantly,’ Weber added.
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In June 2020, a parking bay off Victoria Road, Clifton, went on sale for R1.1m, that amounted to approximately R78 500 per square metre.
The parking bay, located at San Michele, was about 14m² and included levies of R500 a month. According to reports, the bay carries a bond cost of R8 694 over 20 years.
Meanwhile, the City of Cape said it had ‘no intention of providing more on-street parking bays’ in Bantry Bay or Clifton.
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Luthando Tyhalibongo, City spokesperson, said the City would charge landowners rates and taxes for their properties/land and for ‘services provision’.
‘A garage is immovable property, as such, rates will be charged accordingly,’ said Tyhalibongo.
Also read:
Property prices skyrocket in Clifton with parking bays selling for R2.5m
Picture: Gallo SA Editorial / Gallo Images
