| IDEAL FOR A MOTEL DEVELOPMENT OR STUDENT ACCOMMODATION |
Going on Auction: Wednesday 27 November 2024
Reserve Price: R21 000 000.00 (All offers will be reviewed)
Expected Opening Bid: R19 000 000.00
Non-refundable 10% commission plus VAT over and above the purchase price to Rawson Auctions on fall of the hammer (Payable by the buyer)
Potential monthly rental income R196 000.00 per month.
STUDENT ACCOMMODATION WITH 28 ROOMS & TWO-TOWNHOUSES.
The double story building consists of 28 Secure en-suite rooms with kitchenette in prime location with high visibility and easy access. Zoned for a motel and overnight accommodation. Currently used as a student residence, it can house 56 students and is affiliated with several local universities and colleges, ensuring a consistent income stream. There are three additional townhouses on the property, each with two bedrooms, one full bathroom an open plan kitchen, lounge and dining area and undercover parking. The adjoining fully let three-unit townhouse complex which is offered as a package adds significant value and flexibility for future development and given the proximity to the city centre, colleges and essential amenities, makes it a highly attractive investment. Two townhouses are fully let and part of a townhouse complex on the adjoining property, one townhouse is licensed as a guest house, and other serves as the administration and reception area for the student residence while also able to accommodate five more students.
Rawson Auctions (Southern Region) are obligated by law to market the property at the Reserve Price as listed herein. A “Reserve Price” is a minimum Rand amount the Seller will accept as the winning bid, and is not necessarily the property’s market value, nor the amount the property is likely to be sold for on the day of the auction. The Seller reserves the right to consider all offers.
ERF Size 2,384 m²
Building Size 1190m²
Rates R1,800 per month
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Tanya Jovanovski
c. 0799803457
tanya.auctions@rawson.co.za
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