Property Developments

PIXLEY HOUSE

Client: Propertuity
Value: R30,000,000                           Size: 123 Apartments (6,000m2)

  

 

URBAN REGENERATION IN DURBAN

Pixley House pays homage to its namesake, Dr Pixley Seme, and is situated on Dr Pixley Kaseme Street in central Durban. Dr Pixley Seme was the founder and president of the South African Native National Congress (SANNC) in 1912, known today as the African National Congress (ANC). As South Africa’s second black African to qualify as an attorney, Pixley Seme’s life was dedicated to both academic excellence and the honing of his powerful intellect to service the struggle for justice in apartheid South Africa.

Pixley House, built in 1938 for the Payne’s Bro’s Department Store, was inspired by Durban’s iconic Art Déco architectural movement. Later renamed Prefcor House, it became the head office for the Game department store. Game still features as the anchor tenant on the ground floor of the building.

The cornerstone of Propertuity's returns are the strategic locations that underpin each of our investment opportunities. They typically invest in areas with solid fundamentals that, anywhere else in the world, would be amongst the most expensive inner city location. Urban regeneration is also cyclical, so what may be considered a lower cost of entry now, will present itself as prime property in time to come. Propertuity has recently offered its first investment opportunity in Durban in Pixley House which sold out in record time pre-construction. The level of demand surrounding the building and willingness to support Propertuity's urban regeneration efforts in Durban suggests that Durban's local investors will experience similar returns to those enjoyed by investors in Maboneng.

Propertuity has to date, only invested in areas that are part of the Urban Development Zone (UDZ) tax incentive, recently extended to 2021. The tax benefit allows a buyer to reclaim 30% of the purchase price as a tax deduction against taxable profit over 5 years (6% per annum) where it is linked to the buyer's business. The result effectively boosts yields by approximately 2% per annum over each of the first 5 years of an investment, providing the investor does not sell.

SERVICES AND OUTCOME

Full project management and principal agent service.