Perfectly positioned directly opposite the UJ University Emporium, the building is on the corners of Beit, Height, & Nind streets. It is on the cusp of the Maboneng Precinct, and within the Ellis Park Stadium and Sports precinct. In addition, the property is ideally placed between the UJ Campus and the new UJ Engineering Faculty. The new ADOWA Student Housing is alongside it. Clearly, this property is set not only to hold its value, but to increase in value over time given its ideal position.
Features include: 11 retail shops with Beit street frontage, 60 student apartments on the 1st floor, accommodation for 90, large licensed club/bar/entertainment space of 400m2, excellent security.
As the property has a 7-floor height zoning, it can be further developed into approximately 10 080m2 GLA, or 500-800 student apartments
The owners will consider all proposals to enter into a Joint Venture in order to develop the property into 800 student apartments for an affordable housing project where the owners contribute the property to the JV.
The earning potential of the development will be in the region of R350 000 per month in accommodation and retail income
DOORNFONTEIN
The area, whose name means thorn fountain, was originally the southern part of a farm owned by Frederick Jacobus Bezuidenhout, and was proclaimed a public diggings after the discovery of gold on the Witwatersrand in 1886. The suburb was laid out in the late 1880s by Thomas Yeo, and became the first residential suburb of Johannesburg. In 1897 the freehold of the suburb was bought by the Johannesburg Consolidated Investment Company (JCI), owned by the mining magnate Barney Barnato. The suburb (and Berea) were developed by the company and the district became known as Millionaire''s Row. The JCI also built Norman House, a striking mansion home for Barnato. The property was situated near to the Irene Church with its front entrance on End Street. In his biography of Barnato, Harry Raymond wrote that as a practical proof of his faith in the permanency of the Gold Fields of the Rand he decided to build a large home for his own dwelling place and tenders were called for its erection. Afterwards the house was the residence of the mining magnate, John Dale Lace. It was subsequently converted into an institution known as Dale Lace house, a residence for senior citizens. The building has since been demolished.
Following the Anglo-Boer War, many of the wealthier residents moved north to Parktown, and Doornfontein, or Doorie, became home to many Jewish immigrants. During the Great Depression large parts of Doornfontein were bought up by property speculators and turned into slum housing or yards. These areas were cleared in the mid-1930s and became light industrial manufacturing areas.
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