Bishopscourt property on the market for record R88.5m

July 30, 2015

It's a pretty standard bungalow-style home, yet it carries a hefty R88.5 million price tag.

But this highest-yet asking price for a property in the upmarket suburb of Bishopscourt is because of the extremely valuable 19 056m2 estate on which the house stands.

The two- hectare property spans four combined erven, and the asking price is some R20m more than the previous highest price for a Bishopscourt property, that of a single dwelling on a 12 000m² erf that sold for R69m last year.

The R88.5m (excluding VAT) property, owned by a South African company, is on the market for three times the usual selling price for top-end homes in the suburb.

According to Barbara Manning, of Lew Geffen Sotheby's International Realty, entry-level homes go for roughly R10m, with top-end "luxurious family homes with lavish finishes" selling for R30m and up.

The north-facing property in Exeter Avenue, an exclusive part of the upmarket suburb, offers stunning views over the city. It includes a three-bedroom bungalow-style home, a two- bedroom manager's cottage, a tennis court, two swimming pools and a pool house.

It also has extensive parklike grounds dotted with tall pine trees and koi ponds, all protected by an advanced security system.

Manning said zoning and building regulations allowed for four houses to be built on the property. But because of its size, an application could be submitted to consolidate and subdivide further to accommodate five dwellings.

Most properties in the area are 0.4ha - a fifth of the size of the R88.5m property.

Manning described the sale as a "once in a lifetime opportunity" for a private estate, guest house, hotel or as development project.


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