SOLD

Block of flats for sale in Arcadia:

This prime piece of property is located in Arcadia and boasts a massive stand size of 2,320sqm. This property is ideal for any investor wishing to unlock value by the creation of a boutique hotel or a complete redevelopment to a block of flats stretching 19m high.

* architectual schetches for conversion to boutique hotel and zoning certificate available on request.

Property Improvements:

• Stand Size - 2,320m²
• Bulk - 4,640m²
• 31 x 1 Bedroom apartments (currently only 3 vacancies)
• 2 x 1 Bedroom flats
• 3 x 1 1/2 Bedroom flats
• 1 x 2 Bedroom flat
• Bar/Restaurant (waiting for liquor license - only soft drinks)
• All leases are on month to month absis

Gross Rental Income

• Rental Income from Rooms - R37,700/month

• Rental Income from Flats - R17,550/month

• Total Gross Rental - R55,250/month

Property Expenses

Rates, Taxes, Lights and Water - R13,000-R15,000/month

Security - R6,750/month

Total Expenses - (+/-) R20,750/month

Total Net Income/month - R34,500

Zoning Information:

• Maximum FSR: 2,0
• Coverage: 60%
• Height: 19m
• Parking: Office -2,5 parking spaces to 100m² gross floor area; Places of refreshmnet/restaurant - 6 parking spaces to 100m² gross floor area.

* The property is being sold in a C.C which is VAT registered allowing a purchaser who is also VAT registered to Zero Rate the transaction.

Macro-area Analysis:

Arcadia is a suburb in Pretoria which is well known for its historical buildings, embassies and hotels. The Union Buildings as well as the President's residence are situated in Arcadia.

The University of Pretoria is also near Arcadia. With a total of approximately 38 499 students, this university is the country's largest residential university. Arcadia is home to trendy shopping malls, nightclubs to satisfy the abundance of students, upmarket residential areas, world class restaurants and other entertainment facilities. The amenities as well as important monuments and fascinating architectural buildings make Arcadia a must to experience.

The property is also within 1km from the Steve Biko Academic Hospital and across the road from the Lebone College for Emergency Care and the Femina Maternity Hospital.