The iconic Thibault building in Cape Town’s bustling city centre has been reimagined as a contemporary multi-use building – a 5% deposit secures R1m tax deduction, so make sure to invest before 30 June to take advantage.
One Thibault boasts a beautifully designed apartment space that offers exceptional value for money. Better yet, as a Section 12J-compliant development, those who invest before June 30 2021 will receive a 100% tax deduction on their invested amount – and it takes just 24 hours to sign up.
As the world-wide trend of urbanisation continues and more young people move into the cities to maximise on professional and social opportunities, multi-use buildings are fast becoming the norm – offering residents any number of convenient amenities within their own building and a sense of community through co-living and -working spaces. Meeting this need, One Thibault has been transformed by award-winning Vivid Architects into studio, one- and two-bedroomed apartments, with 24-hour manned security, a concierge, co-working spaces, laundry, common lounge areas, a restaurant and bar, and rooftop pool deck. “We wanted to create a luxurious experience of city living that is affordable. The apartments have been intelligently designed to optimise space, creating a sanctuary that’s safe, convenient and offers incredible views of Cape Town Harbour and Table Mountain,” says Steve Herring, Director of Thibault Investments.
One Thibault offers 180 apartments, ranging from 19m² to 60m² one- and two-bedroom apartments and studios, all with spectacular views. The apartments can be bought fully furnished, with bespoke furnishings that maximise the minimalist glamour of the building. “The location of One Thibault couldn’t be more convenient – it’s within walking distance to the CTICC, the V&A Waterfront and the local Virgin Active gym. There’s a MyCiti bus terminal close by, as well as the Cape Town train station. Cape Town’s city centre offers so much more as well – from quick access to the stadium, the Table Mountain Cableway and, of course, the myriad restaurants, bars and galleries,” says Herring.
TAX-EFFICIENT PROPERTY INVESTMENT
A huge incentive for buying into this development is that it qualifies as a Section 12J investment. Thibault Investments has collaborated with Cape-based Flyt Property Investment for the opportunity. In partnership with well-known Section 12J investors Anuva Investments, Flyt will be providing investors with an advantageous tax-efficient structure that allows them to use their Sars tax refund towards their investment and assists them in financing the rest. Investment into One Thibault will be through the Flyt Select Fund. “Not only do you have the choice of purchasing a pre-approved unit priced from R895,000, but you can also qualify for a 100% tax deduction,” explains Zane de Decker, CEO of Flyt Property Investment.
Section 12J was introduced by Sars as an incentive to stimulate investment into businesses that create jobs and grow the economy – One Thibault’s serviced apartments, with their fully-managed solution, on-site meal options as well as the range of other services and facilities, qualify for this incredible incentive. Hospitality management company WINK Aparthotels will provide on-site administration of all the units giving investors a well-managed, hands-off investment with access to a host of other benefits over and above a guaranteed rental income of 6% for the first year. However, the window of opportunity for this tax incentive is closing soon as Section 12J ends on June 30 2021. De Decker urges investors to take advantage of Government’s generous incentive before the deadline. “Not only are you able to invest in property in a sought-after location for good value, but you can write off your tax investment amount against your tax liability for the 2021/2022 tax year,” he says.