Investment Or Redevelopment Opportunity!

Bidding opens at R4,500,000

ONLINE AUCTION

Bidding Start Time: Tuesday 25 April 2023 @ 09:00

Bidding End Time: Wednesday 26 April 2023 @ 14:30

Registration is essential by Monday 24 April 2023.

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

For more information, please contact the listing agent.

Description:

Calling all investors and developers! This is the one you've been waiting for!

Conveniently situated in the most central pocket of Mowbray, this 10-bedroom, 3-bathroom GR4 zoned house, can be found within direct line of sight to the Mowbray taxi and train stations.

For Investors:

Having 10 bedrooms with a total of 16 beds between them, this property once run as a UCT compliant student accommodation, is ideally situated for students to commute to and from their home and their campus. On a yield basis, previous owners charged between R3,350 - R4,850 a month per bed having an average turnover of R492,000 per annum. Pre-Covid, the turnover per annum sat at R546,711 per annum.

For Developers:

This property has GR4 zoning allowing for 1.5% floor factor with 60% coverage and a max height of 24m from the floor to the roof pitch. Currently, only 50% of the site has been covered, with 267m² of bulk left to build. There are also plans for development of 17 units and 17 bathrooms with a total of 12 parking bays available, which have previously been approved by the City of Cape Town.

Property Details:

As you enter the property through remote controlled gates, you find yourself looking down a fairly sizable driveway enough to park 4 cars in tandem with an additional garage sitting at the foot of the driveway. Passing through a neat little garden area, you will find the entrance to the main house with 2 bathrooms in the front just off a little entrance area, after which you will find a corridor with Oregon Pine flooring of which 7 of the 10 bedrooms set up all along the corridor. At the end of the corridor, you'll notice a little kitchen as well as an additional enclosed entertainment area.

Outside of the entertainment area, you are greeted with a healthy sized yard area and a separate entrance with 3 bedrooms, a kitchenette as well as the 3rd bathroom.

Situated in Strubens Road, 2 roads parallel to Liesbeek Parkway, there is ease of access to the N2, M5 and M3 highways, diagonally opposite the Mowbray taxi rank, travelling from this site could not be in a better position. Being 5 minutes from St Peters Square shopping centre and 10 minutes from Cavendish Square, coupled with a number of local convenience stores, bars and restaurants within touching distance, many schools and tertiary institutions in the surrounds and all necessary amenities - this property could not be more conveniently located.

Property features:

• 10 Bedrooms
• 3 Bathrooms
• Secure parking for 4 cars
• 1 Garage
• General Residential 4 zoning
• Fibre ready
• Perfect location
• Development ready
• Previously approved plans

Contact Tariq or Zaneeq for your exclusive viewing today!

Details:

• Erf no: 28904, Cape Town
• Erf size: 535m²
• Rates:  TBC

Web Ref:  608512

Transfer Duty 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.

Tariq Mohamed  |  064 527 6396  |  021 425 8822 |  tariq@claremart.com

Zaneeq Osman  |  064 507 4900  |  021 425 8822  | zaneeq@claremart.com

CONTACT DETAILS:

Auctioneer: Claremart Group

Contact No: +27 21 425 8822

Email: info@claremart.co.za