A look at the R157 million house that just sold on South Africa’s most expensive street

The property is in the exclusive suburb of Clifton, where properties can sell for well over R100 million.

Speaking with News24, Lance Cohen, owner of Lance Real Estate, said that the sale price was over R157 million, slightly below the asking price of R160 million, as the property has been on sale for several years.

This year, South Africa’s most expensive property sale will see new homeowners move into the country’s most expensive street.

Although Cape Town’s luxury areas have seen an influx of international buyers, the Pentagon was sold to a South African buyer. The sale is final, and a 10% deposit has been paid.

The property was designed by award-winning architect Stefan Antoni, known for striking contemporary designs.

The home has a double volume entertainment area that merges with a garden on the mountainside. The large terrace features a 16-metre heated infinity pool that overlooks Clifton.

The floor-to-ceiling glass ensures that people can enjoy most of the beautiful scenery. The property features five en-suite bedrooms and two self-contained staff quarters.

The property also features four parking bays, air conditioning, a cinema room, a gym, a laundry room, and central and elevator access to all floors.

Seeff previously said that Nettleton Road, perched up against Lion’s Head, is the most expensive street in South Africa. It offers privacy and unparalleled sea views; houses have sold for over R100 million.

Most expensive street in South Africa

Nettleton Road is known as being the most expensive street in South Africa, given its natural beauty and easy access to other parts of Cape Town.

The road slopes up Lion’s Head mountain, and is known as the pinnacle of luxury living. Case in point, two empty plots along the road recently sold for a combined R170 million.

Annette Hepburn brokered the sale of the empty land from Pam Golding Properties, who said the sale highlights the willingness to spend to get a foothold on the stretch of the Atlantic Seaboard.

“This is one of a few remaining vacant sites in this highly sought-after address. When properties become available, finished homes often sell for more than R150 million,” said Hepburn.

Clifton, the suburb surrounding Nettleton Road, is one of the country’s most tightly held and recognisable pieces of real estate. 

The area is known for being short on parking and long on demand, especially during Cape Town’s sweltering summer months when locals and tourists flock to its four Blue Flag beaches.

Hepburn said that the R170 million buyer, a multinational based in several countries, doesn’t plan to develop the land into apartments, even though there is planning permission for nine.

Instead, it plans to build one enormous, showpiece home to capitalise on the views stretching from the Twelve Apostles mountain range to the white sands of Clifton below.

The road is the most expensive in the country, given it has a limited number of large, iconic homes that offer what high-net-worth buyers are after. 

She added that the privacy, rarity, lifestyle, and spectacular views mean that it is incredibly rare for anything to go on the market, including empty land.

Jo Lombard, a luxury property specialist from Seeff Atlantic Seaboard, said the prices for properties in the area could even climb to R200 million, as the economy recovers and buyer confidence returns.

Images of 5 Nettleton Road

Issued on BusinessTech by Luke Fraser | https://businesstech.co.za/news/property/833760/a-look-at-the-r157-million-house-that-just-sold-on-south-africas-most-expensive-street/