Phase 1 of Green Meadows Lifestyle Village development complete

According to Barry Chapman, head of property equity at Sasfin Capital, the demand for quality, affordable housing for both the student and lower-income residential markets had exceeded the initial expectations of the developers. “It was evident that the student housing market had been underserviced in and around the North-West University campus,” says Chapman.

Currently, there are no vacant units out of the 162 completed, and in particular; the provision of a shuttle service, the security at the complex, the gym including squash courts and indoor swimming pool and the size and quality of the units have proven to be major drawcard for prospective tenants.

North-West University gains students

North-West University has seen a high-volume influx of predominantly Afrikaans-speaking students over the past two years, primarily due to fewer tertiary institutions being able to offer lectures in Afrikaans. The other major factor for the influx was that Potchefstroom was relatively unaffected by the #Feesmustfall protests that took place at most other major universities around the country.

Chris Surtees, a co-investor alongside Sasfin Capital, and the lead developer on the project, ascribes the success of the initial take-up to this influx and to the modern facilities that are in short supply in other university towns around the country.

“Potchefstroom is an academic-orientated town. Apart from the main North-West University campus, other educational institutions in the vicinity include the Potchefstroom College of Education, the Technical College of Potchefstroom, the Agricultural Centre, CTI Education Group, Potchefstroom Akademie, Potchefstroom High Schools for Girls and Boys and Potchefstroom Gimnasium, all of which require housing for both students and staff,” he adds.

“Renewable energy generation is a big focus in the development. Green Meadows is aiming to offer a total ‘off the grid’ solution. Solar panels and battery backups are planned, meaning that the development will be equipped to function off the grid for a substantial period during normal operations.

“Additionally, the development has two boreholes allowing for own water supply and incorporates backup water tanks throughout, which in turn, could also be used to utilise rain water,” he concludes.

The project will house 24 residential blocks and a laundromat, and is estimated to be completed by the end of 2019.