This transaction consists of 7 stands, each 447 sqm, and a block of flats, which is hijacked.
Although it is hijacked, 2 companies offered their services to , with a Court Order, evacuate the people within 2 weeks.
It is situated within 800 m of satellite campuses of the University of Johannesburg.
All the stands are already zoned for Residential Level 4, ready for student accommodation.
A complete business plan, with Financials , site plans and layout diagrams, are already been drawn up, to build student facilities on the other stands. It will then make provision for 444 students. The current rate per student per month, is R 5200.00
Five of the stands, is directly adjacent to this building. Adjacent to this building, is a block of flats, which are already approved and occupied by students at University of Johannesburg. It is the same owners, and their planning was to expand their student accommodation exposure. They changed their portfolio to mining and are therefore selling their properties.
The average selling price of similar stands are R 550 000.00 per stand, with an average of 447 sqm per stand. The value of the stands adds up to R 3 850 000.00. The building is evaluated at R 3 300 000.00 , totaling R 7 150 000.00 for all the properties on offer.
The current block of flats are 3 storeys high and a total of approximately 820 sq. Our estimation is there is about 8 , two- bedroom flats. A developer that was interested to buy, mentioned that this building is of good , solid structure. He also mentioned that these units, will be very spacious, providing the new owner with the benefit of converting the living areas also in a bedroom. This is allowed by the University. It will then provide you with a total revenue of R 208 000 pm , equalizing a total of 5 students per flat.
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