• 2
  • 1
  • 4 789 m2
  • 1 246 m2

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Mun. Rates & Taxes: ZAR 10000.00

Monthly Levy: ZAR 0.00

Property description

DEVELOPMENT OPPORTUNITY !!!

75% Completed Commercial Property For Sale

BARGAIN BARGAIN BARGAIN

PRICE DRASTICALLY REDUCED TO SELL

ASKING PRICE

1) As is: Reduced from R85 million (plus VAT) to R75 mil and again to R55m
plus recovery of all development costs from date of acceptance of OTP to transfer.

Projected cost to completion as per QS is R10 million.

2) Turnkey: R65 million (plus VAT); transfer on granting of Occupational

3) On a projected turnover of R850 000 and overheads of 20%, selling at a yield of 15,69% gross and 12,55% nett.

All architectural diagrams, Bill of Quantities, etc done to date will be made available once an OTP has been received.

DESCRIPTION OF BUILDING

Internal demolition is complete; floors and columns have been cast.

Sectional title scheme now demolished and rezoned to GB5 to allow for additional floor.

Builder/architect plus all additional costs to completion is R10 million

Land area: 1246 m2

Zoning: GB5

Coverage: 82.46%; 100% allowed

Floor factor: 3.98; 4.0 allowed

Floor area: 4789 m2; 4992 m2 allowed

Height: 16,5 m; 25 m allowed

Ground floor: 929 m2 (754 m2 retail; 175 m2 foyer/admin; 48 m2 refuse)

Residential: 3860 m2 (942 m2 per floor; 1 store of 4m2; 74 m2 circulation * 4
floors; 80 single plus 20 double rooms in total = 100 rooms; 240 beds).

First floor: 25 single rooms (15 * 27m2 + 9 * 30m2 + 1 * 21m2); 1 double (35m2)

Second floor: 25 single rooms (15 * 27m2 + 9 * 30m2 + 1 * 21m2); 1 double (35m2)

Third floor: 15 single rooms (15 * 27m2); 9 double rooms (5 * 35m2 + 4 * 34m2)

Fourth floor: 15 single rooms (15 * 27m2); 9 double rooms (5 * 35m2 + 4 * 34m2)

Note: “Rooms” mean 1-bed flat and 2-bed flat.

RENTAL SCHEDULE

Projected Incomes
well in excess of R850 000 per month are projected: R590 000 from the rooms (80 * R5500 plus 20 * R7500);

Plus R250 000 from the retail floor (754m2 lettable space plus additional income from add-ons such as ATM’s, laundry, cellphone towers, – this is by far the tallest building in the area - etc.).

Retail floor: Rentals in excess of R100/m2 are envisaged (R150/m2 if single tenant to R350/m2 if mall concept).


The actual areas are as follows:

• 1 BED 30m2 x 18 = 540 m2

• 1 BED 27m2 x 60 = 1620 m2

• 1 BED 21m2 x 2 = 44 m2

• 2 BED 35m2 x 12 = 420 m2

• 2 BED 34m2 x 8 = 272 m2

• TOTAL: 2896m2


For access please contact :

Shaun 0614997872

shaun@remax-impact.co.za

Property Details

  • 2 Bedrooms
  • 1 Bathrooms

Property Features

  • Scenic View