8 Bedroom Property for Sale in Witfontein R2 370 000. 05 Feb 2025

Property features

R2 370 000
8 Bedrooms
6.0 Bathrooms
0 Living Room/s
Garage for 3 car/s
Outside Parking for 4 car/s
Rates R1500 pm
Fibre
Pet Friendly
Outdoor pool

Property Details

Current rental income: Virginia Waters features multiple living quarters, including 5 cottages, a manor house, and additional outbuildings such as wedding venue, games room and much more. The property currently generates rental income of approximately R30,500/month, with the potential for an additional R7,000/month from the current owner's simplex once vacated. Virginia Waters is located in a developing area of Randfontein, recognized for its tranquil surroundings and strong community vibe. The property market here has experienced steady growth, fueled by rising demand for affordable housing and proximity to essential amenities and transport links. Local Amenities: Within a 5 km radius, residents can access reputable schools, shopping centers, supermarkets, and healthcare facilities. Parks and recreational options enhance the community's appeal. Transport Links: The property offers convenient access to major roadways and public transport, making commuting to urban centers and Johannesburg easy. Property Features: Virginia Waters boasts scenic views and natural vegetation, making it ideal for residential development. The plot presents opportunities for expansion or subdivision, subject to zoning regulations. Investment Potential: The positive growth trajectory of Randfontein indicates potential property value appreciation. Virginia Waters is a solid investment for first-time buyers and investors looking to tap into the residential market. Market Comparables: Similar properties in the area have seen significant price increases, reflecting heightened desirability. Recommendations: A site visit is recommended to evaluate the land's potential. Consulting with local authorities on zoning and development will maximize investment opportunities, while market trend analysis will aid in pricing strategies. Historical Use: Previously a sought-after wedding venue, Virginia Waters features picturesque gardens and elegant spaces. Revival Potential: The property can be revitalized as a function venue, capitalizing on the consistent demand for unique wedding locations. Renovation of existing infrastructure, collaboration with local vendors, and effective marketing can attract clients, with compliance to zoning regulations being crucial.