R 57 000 000 | Commercial Property for Sale in Rietfontein

Prime location very good neighborhood - rietfontein.

Opposite jacaranda shopping centre and netcare hospital.

Next to a large neat park.

This property is sold as a cluster with a neighbouring property for R26M.
In total for both properties, the asking price is R83M.
Please enquire with us on the detail of the 2nd property.
Two adjacent buildings with dropped fences and shared security point.
Owner is selling both buildings together.

A+ grade residential building - twin buildings with parking in the middle
with rooftop garden area.

Occupied by normal families.
Less than 1% vacancies and waiting list of tenants.
All municipal accounts up to date.
Full maintenance plan to keep the property as a-grade.
Schindler lifts in working condition and upgraded.

Full title building: transfer duty payable (+-11%)
not vat registered.

Current gross income: r6 960 000.00 per annum
current net income: r4 800 000.00 000.00 PER ANNUM

+-5% Increase in July each year

102 X APARTMENTS WITH OWN KITCHEN, LIVING ROOM AND BATHROOM.

Mix:
30 x bachelors (43m2)
48 x 1.5 bedrooms (68m2)
24 x 2 bedrooms (83m2)
parkings:
102 x under cover parking; 5 x open parkings.

Student accommodation potential:
372 x student beds

(4 x students in a 1 bedroom; 4 x students in a 1.5 bed; 5 x students in a 2 bed)
8m2 per single room minimum; 14m2 per sharing room as per nsfas requirement)

large erf with space for student accommodation facilities, like laundry, entertainment, study, kiosk and gym.
Location: 3.4km to up prinshof; 3km to steve biko academic; 3.3km to tvet/tut
r18 600 000.00 potential student gross income p/a

seller requirement: proof of at least 10% deposit and 11% for transfer costs
no access will be given without this.

DISCLAIMER:
We made every effort to ensure the accuracy of the information on this property at the time of listing. It is advised that the purchaser does a thorough due diligence to verify the information. Should any cost or detail change, the broker cannot be held liable for any omissions, errors or differences.