Posted on March 12, 2021
Price : R 93 500 000
Listing Type : Commercial Property
Location : Western Cape
Size : 1 246 m2
Floor Size : 4 789 m2
Rates & Taxes : R 16 125 pm
Ref no. : 2721

This development, which is ideal for student accommodation or the general residential market, is for sale.

100 Residential apartments (total 2896 m2):
1 Bed 30m2 x 18 = 540 m2
1 Bed 27m2 x 60 = 1620 m2
1 Bed 21m2 x 2 = 44 m2
2 Bed 35m2 x 12 = 420 m2
2 Bed 34m2 x 8 = 272 m2

The Department of Higher Education and Training estimates there is a shortfall of approximately 250,000 student accommodation beds in SA. This increases three-fold if you consider the needs of students attending Technical and Vocational Training (TVET) Colleges. The government’s intention to increase tertiary student enrolments
to 1.5-million by 2030 will result in a need for student accommodation to almost double over the next decade. From Business Times 8th February 2019.

Projected incomes well in excess of R800 000 per month: R606 000 from the rooms (80 * R5700 plus 20 * R7500); plus R200 000 from the retail floor (754m2 lettable space plus additional income from add-ons such as ATM’s, laundry, cellphone towers, – this is by far the tallest building in the area – etc.). Retail floor: Rentals in excess of R100/m2 are envisaged (R150/m2 if single tenant to R350/m2 if mall concept). The new Aquacor development 200m from Parkfair are doing residential rentals from R7350/m.

Ground floor: 929 m2 (754 m2 retail; 175 m2 foyer/admin; 48 m2 refuse)
Residential: 3860 m2 (942 m2 per floor; 1 store of 4m2; 74 m2 circulation * 4
floors; 80 single plus 20 double flats in total = 100 flats; 240 beds).
First floor: 25 single flats (15 * 27m2 + 9 * 30m2 + 1 * 21m2); 1 double (35m2)
Second floor: 25 single flats (15 * 27m2 + 9 * 30m2 + 1 * 21m2); 1 double (35m2)
Third floor: 15 single flats (15 * 27m2); 9 double flats (5 * 35m2 + 4 * 34m2)
Fourth floor: 15 single flats (15 * 27m2); 9 double flats (5 * 35m2 + 4 * 34m2)

Features
Lift Access
Retail Floor
* Yaseen Omar – LP – Cape Town S.Suburbs
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