Highest Pending Offer is R 17,000,000
REDEVELOPMENT OPPORTUNITY – STUDENT ACCOMMODATION!!!
All tenants out in order to complete renovations!
Ideal for conversion to student accommodation; distribution centre; call-centre; mini-mall; community centre; etc, etc.
The first floor and mezzanine (1633m2) used to house a gym and it is proposed that this area be converted to 109 bedrooms, which should generate R218000/m to R327000 (with male and female bathrooms and a communal kitchen). Existing 14 flats on top floor were let pre-renovation for R80000. 7 retail shops were let at R100000 pre opening up to one single retail space (1000m2). Total projected income is R507000/m. Not taken into account: conversion to China-mall concept could add another R150000/m to the rental income.
Rental of R507000/m gross reflects a value of R50,7mil at 12% yield.
Selling at 40% yield gross; 35% nett.
Four storeys double volume with erf size 1246 m2, floor area 3452m2, and GLA of 3280m2 of retail and residential (top floor, 14 flats). Sectional title register (PARKFAIR) has been opened so you could sell off the flats for R6 million.
All sections have pre-paid water and electricity meters. Recently renovated, rewired, replumbed, etc, etc.
Private sale. VAT applies. Contact me for rentals, SG diagrams, sketch
plans for additional 109 flats, etc.
Click here for the Owner Contact Details
This sectional title is for sale in Elsies River. This is a private property sale. The following description of this suburb will give you a better idea of Elsies River. Elsies River is a suburb of Cape Town. The firs railway station was built in 1905 and today there are 3 within the municipal area Elsies river, Goodwood, VascoContinue reading...
This 4 storeys' sectional title floor area was measured at 3452m2 and erf size was measured at 1246m2.
This sectional title has monthly rates or ground taxes payable to the amount of R 5,000.
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