Property features

R15 000 000

Property Details

The building stands 18 stories high, with roof rooms for staff which could be converted into additional self enclosed units with epic views of the city line. Comprising of 82 sizeable apartments plus ground floor retail space and basement parking. With a floor size estimated at 10900 square meters under roof the property hold significant upside. Unit typology, and mix: - RETAIL SECTION * 1 - 3 Bed * 25 Units - 2 Bed * 39 Units - 1 Bed * 18 Units The purpose of this description is to highlight the value of the property as it stands today, “VOETSTOOTS” while simultaneously looking at the potential investment value which the building holds for would be investors or other interested parties. Potential income which can be unlocked is R8.220.000.00 p.a. approximately, For NORMAL MIXED USE with Resi. The numbers change dramatically for the option of STUDENTS ACCOMODATION. Projected Income, works out to R 16.500.000.00 p.a. +/- which represents huge upside. The acquisition of the building extends beyond 20 years. MARKET ASSESSMENT: 82 APARTMENTS + RETAIL SECTION Ownership Type: Sectional Title Floor Size: 10900 +/- Number of Units: 82 RESI SECTIONS RETAIL: 1 (size 363 sqm with potential for 1000 sqm +/-) Balconies: 82 Services: DISCONNECTED Rates & Taxes: UNDER BODY CORPORATE Basement: 18 BAYS +/- Land Size: 1485 Zoning: RESIDENTIAL 4 Occupation: VACANT EARNING POTENTIAL R16.500.000.00 per annum (Students Accommodation)