A coming together of three brains within one family provides the winning formula for property development on the Ridge, writes LESLEY VAN DUFFELEN
Chico Premjee, Rasik Soni and Nitesh Premjii are the brains behind Trapezoid Investments and the successful launch of One on Herrwood, a residential apartment development in Herrwood Drive.
They are all related and at one stage were all jewellers. Rasik moved into construction while chartered accountant Chico and third partner Nitesh run Premjis Jewellers at Gateway, Pavilion and Musgrave Centre. From a small office above their shop they run Trapezoid Investments.
The trio teamed up in 2003 to form Trapezoid – at the time, it was the start of the property boom and they were ready to take advantage of the opportunity to build flats within the Gateway precinct. “When we opened our shop in Gateway in 2001 there was nothing around it. Then the residential and office component started and we identified an exciting opportunity,” said Chico.
From the start, Trapezoid set out to create value for the client: today, its buildings are preferred when it comes to leasing or buying in Gateway.
“There is no compromise. A lot of buildings are just apartments and we wanted to go the extra mile regarding the common areas. We design grand foyers, have 24 hour CCTV security throughout the building and highly visible guards. It is also evident in the high quality of finishes and fittings in all the apartments,” says Chico.
The three started small with Platinum Towers, a development of 30 flats, and as they gained experience and saw their projects succeed they became bolder and their buildings bigger.
Il Palazzo, a mixed use development of 50 flats, 25 offices and shops, followed, as did The Quartz, a similar mixed used building, while a cluster of eight houses at Izinga Ridge was the fourth venture.
One on Herrwood, a fully residential building of 104 apartments, is the fifth development in the stable. It is not only one-of-a-kind in this street, as its address suggests, but there is absolutely nothing else with which to compare it. Apart from the developments on the beachfront, there are no other brand new developments with top quality finishes which offer uninterrupted sea views from all of the flats.
There is a choice of one, two or three bedrooms coupled with open plan living areas, and choice finishes from porcelain tiles to imported sanitary ware, bath accessories and fully fitted kitchens with granite tops and glass top hobs. A chic entrance lobby, a large rim flow swimming pool and poolside entertainment area that provides a coffee bar atmosphere and top notch security measures complete the package.
Priced from R995 000 for a one bedroom to R5.85 million for a penthouse these compare well with similar flats in Gateway without the views.
“No one is building in Umhlanga right now and One on Herrwood is the first development to be launched in a long time,” says Rasik. Which begs the question: why be contrary to the market?
“One on Herrwood, with its spectacular sea views, captivated us,” says Chico. “We couldn’t resist the opportunity to put our development on that site. We completed the Quartz in 2009 and have just completed our development in Izinga Ridge.”
But the timing of the One on Herrwood launch was perfect, says Keith Wakefield, CEO of Wakefields Estate Agents, which markets the residential apartment complex.
“Investors are tired of sitting on the fence. The market is turning up and the transfer of the apartments will take place only at the end of 2011. It’s an excellent opportunity. Investors have seen it and within four days of the launch, more than 40% of the apartments were sold.”
Prices have held well in Gateway and over time it is expected that One on Herrwood will prove to be a very good investment. As the development has been well received, construction could start around August with the completion date expected at the end of 2011 or early 2012.