Description

Accepting offers. DESCRIPTION: Calling All Investors & Developers Don''t Miss Out On This. Tenanted commercial and residential block of flats converted to student accommodation opposite Northlink College, Offering: • Ground floor offers: 4 X Huge commercial units - Total rent R39,585 p/m or R474,420 p/annum • First and second floor - Student Accommodation • Flat 1 - R 9000 p/m - Private tenant • Flat 2 - R12,000 p/m - Private tenant • Flat 3 - R8,500 p/m - Private tenant • Flat 4 - R9,500 p/m - Private tenant • Flat 5 - R16,100 p/m - Students • Flat 6 - R23,395 p/m - Students • Outbuilding : R5500 p/m - Private Total income from apartments is R89,495 p/m or R1,073,940 p/annum, Total Gross Income= R1,548,360 EXPENSES: • Rates: R3090 • Armed services: R408 • VCID: R526 • Insurance: R3200 • Plus students expenses (10 x R1000- water , internet & cleaning) = R10,000 • Total Expenses: R17,224 p/m Net Income: R106,300 p/m or R1,275,672 p/annum FOR REDEVELOPMENT OPPORTUNITY: • Option 1: Add one floor of 10 apartments. • Being Zoned GB4 with a total bulk of 1875m² and with balance of about 500m² bulk still available you can easily add one more floor of 10 x 45m² apartments and boost your income by 10 x R6000 = R60,000 per month or R720,000 per annum. Bringing total income to R1,275,000 + R720,000 = R 1,995,000 per annum Open for offers from R7.250 mil plus Claremart fee with net YIELD of OVER 15% DETAILS: • Erf no: 7230 • Erf size: 625m² DISCLAIMER: The information supplied in this advert does not constitute a warranty of any kind or nature by the Sellers of the property or by the Brokers. Buyers must conduct their own investigations prior to purchasing.