Multi-Tenanted Block Of Flats With Upside Potential

Bidding opens at R5,750,000

ONLINE AUCTION

Bidding Start Time: Tuesday 30 May 2023 @ 09:00

Bidding End Time: Wednesday 31 May 2023 @ 14:30

Registration is essential by Monday 29 May 2023.

Pre-Auction Offers may be considered. Auction Finance Available.

For more information, please contact the listing agent.

Description:

SOLE AND EXCLUSIVE MANDATE.

Request OTP via Whatsapp, call or email.

Corner block with huge potential, in a high demand area.  Just under 4000m², a total of 27 room residential block with additional buildings, fully occupied and currently generating over R645,000 per annum, this commercial opportunity delivers a minimum consistent net return of 10.75%! 

Potential upside to increase income by 20-25% through renovations adding towards total income of R874,000 per annum (±15% net return). NOTE: Property is unsectionalised, offering massive value add for the buyer.

Top Floor:

• 14 Bedrooms
• 2 x Storage rooms
• 2 x Bathroom - bath, toilet and basin
• 5 x Communal toilets with basin

Ground Floor:

• 6 Bedrooms
• Community hall (used by church as school)
• Communal laundry room
• 2 x Kitchens
• 2 x Communal bathrooms - 3 showers, 2 toilets and basin
• 3 x Storage rooms

Outdoor:

• 7 Bedrooms
• Communal bathroom - 3 showers and 3 toilets
• Church building - hall, entrance/lobby area, backrooms, toilets, kitchen

Additional features:

• Enclosed backyard area and vegetable garden
• Secured access on property
• Ample secured parking on-site for up to 20 vehicles, with plenty of surrounding additional ground space available
• Children’s playground
• All rooms including Church have their own pre-paid electricity meters

Details:

• Erf no: 9334, Grassy Park
• Erf size: 3926m²
• Rates:  TBC
• Zoning:  Single Residential 1

Web Ref:  610066

VAT Applicable

Payment Terms:

2.5% Deposit & 10% Auctioneers Fee (excl. VAT on fee), payable on the fall of the hammer by means of EFT only.  Balance payable on Transfer.

Sachin Boyjoonauth  |  068 259 2425  |  sachin@claremart.com

CONTACT DETAILS:

Auctioneer: Claremart Group

Contact No: +27 21 425 8822

Email: info@claremart.co.za