A penthouse isn’t always on the top floor
The definition of what constitutes a ‘penthouse’ seems in a sense, to have come full circle. Today, a penthouse may not necessarily be an apartment on top of a tall building – it may even be on the ground floor, says Tania Smit, who heads up Pam Golding Auctions.
Says Smit: “Originally, it referred to a shed or small building with a sloping roof attached to the main building, on the side or at the rear, and was therefore situated on the ground floor. Centuries later, it came to describe a small, setback ‘house’ atop the roof of an apartment building, with a great view.
“Today, the term penthouse conjures up the vision of a spacious apartment the epitome of luxury, with unique attributes which far exceed those of other units in the building. Not only greater in size, a penthouse may have its own private lift and entrance plus security features par excellence, a large expansive patio or deck, private pool, Jacuzzi and private garden area, top tier finishes and fittings, huge windows and a great view, not to mention privacy from other residents.
“Whichever the case, with prestige the watchword, a penthouse depicts the ultimate in an exclusive, luxury lifestyle, and because of all these attributes, is sought after and considered of higher value than other apartments.”
A great example of a ground floor penthouse is a one-of-a-kind, 272sqm, three-bedroom, three-bathroom opportunity in an exclusive building at Menlyn Maine Residences in Pretoria. This exclusive apartment goes on online auction with Pam Golding Auctions from 18 August until 24 August (2022), during which time bids can be made online in live time. With a guide price of R12.8 million, this ground floor unit is unlike any of the other units in the small complex, which is situated among 5-Star hotels, malls, restaurants, corporate workplaces and Sun International’s new gaming facilities.
Smit says this is an ideal, value-for-money investment property, currently leased until October 2023 with rental income of USD4 635 per month. “Among other highly appealing attributes, it includes a beautiful open plan living area leading to a spacious patio and rim-flow, heated pool within a large private garden, three secure parking bays, a staff apartment and storeroom. The luxury apartments in Menlyn Maine Residences are extremely popular among embassies and the professional sectors.”
In Summerstrand in Gqeberha, a 391sqm, three-bedroom, three-bathroom, double-storey penthouse at the top of prestigious Kings Terrace in the exclusive enclave of Brookes Hill Drive offers panoramic 360-degree views across the ocean and surrounds from every aspect. Spacious open plan living areas flow seamlessly onto glass fronted patios, while other attractive features include a wood burning fireplace with exterior chimney which extends to the second level to a versatile entertainment room with a large built-in braai, spacious bedrooms and full en-suite bathrooms, a fitted beechwood and glass bar, second kitchen and living room plus additional dining zones for various entertaining and accommodation options, full scullery and laundry and a guest cloakroom on each level. This property is up for sale on the same on-line auction, with a guide price of R7.25 million.
Another penthouse on auction this month is a high-end, three-bedroom apartment in Umdloti Beach on the sought-after KwaZulu-Natal North Coast, with a guide price of R5.3 million. Comprising 283sqm, this luxury fully-renovated, double-storey home overlooks the beach with all three bedrooms en-suite and leading onto a wrap-around patio with sweeping ocean views, where you can enjoy spectacular morning sunrises and evening sunsets.
Features include stackable doors for free-flowing indoor-outdoor living spaces, a private Jacuzzi on the patio, outdoor shower, two store rooms, separate laundry, back-up inverter power and WiFi router on every floor and a double garage – an exception for a beachfront property in this prime location. In addition, the building exterior is currently being repainted and waterproofed so the apartment is move-in ready with no expenses looming.
Smit offers some useful tips to prepare to buy on auction:
- Ensure your finances are in place before making an offer or bidding, as the auction itself only allows unconditional cash bids
- Bear in mind that an auction sale is legally binding, so the successful bidder has to pay 10% of the property price within 24 hours. However, there is no buyer’s fee when purchasing via Pam Golding Auctions
- View the property in advance
- Read the legal documentation (available on the Pam Golding Auctions website) and do your due diligence
- Set your price limit and stick to it.
Posted by The Know - Pam Golding Properties