A R80 million warehouse being built near Mount Edgecombe golf estate has raised fears that property values will plummet.
|||Durban - Durban’s upmarket Mount Edgecombe golf estate is one of the most sought after residential estates in the country and a R80 million steel-framed warehouse being constructed 20m from the boundary will result in plummeting house values.
This is according to two estate agents who operate in the area, who this week said they were concerned about the outcome of the pending court case as it could negatively affect their business. Another estate agent, who also resides in the area, however said the row was much ado about nothing, saying residents were exaggerating the issue.
Angry residents of the estate this week approached the Durban High Court seeking to stop the construction of the five-storey warehouse, which they described as a “disturbing, unnecessary eyesore”.
Residents said the owners of the adjacent property, Moss Ridge Properties, were building without any consent from the municipality and have been ignoring “stop work” notices issued by the city.
However, the financial manager of the company, Yacoob Cassim Salot, said yesterday that residents had “greatly exaggerated” the impact of the frame, saying it was barely visible from most houses.
Myles Wakefield, Wakefields chief executive, said the warehouse was unsightly and would impact negatively on housing sales. “The Mount Edgecombe country club estate is one of the most sought after residential estates in the country,” said Wakefield.
A RE/MAX agent said she was already receiving concerned calls from clients in the area.
However, a Pam Golding agent, who’s also a home owner in the estate, said while it might have a “slight” impact, residents had blown the matter out of proportion.
The matter has been set down to be argued in court next week.
Independent on Saturday