10162 m² Commercial space in Clayville
POA
Floor Area 10162 m²
Land Area 1 ha
Rates R 2244
Development Opportunity
Accepting Offers
Description:
Clayville is a strategic area from which to run a business in Olifantsfontein along Olifantsfontein and Old Pretoria Road, Midrand. The property is undeveloped and serviced to the boundary, and is well located and bordered by existing developments. It is a suburb in which residential meets light commercial, and in which it is possible to both live and work and with easy access to the N1, R21, R562. In addition, the area is well loved for its affordable property listings and close proximity to everything that makes life convenient, from shops and schools to arterial roads and other industrial hubs. The current zoning on the property is residential 3 (85 units per Ha). The Town Planner has quoted R180 000 to change the zoning to increase the number of units from 85 to 120. The land is 1.0162HA.
DETAILS:
11 620 m2 Cadastral: 1.0162 Ha (10 162 m2)
Zoned - GR3 (General Residential 3) with Ekurhuleni Town Planning Scheme and with Council.
Allowable Bulk 30%, Height allowance 3 storeys density of 85 units per hectare.
FINAL SDP layout reflecting:
40 x 2 bedroom units semi-detached (44m)
24 x 2 bedroom units duplex (40m)
21 x 1 bedroom units double storey (22m)
TOTAL F.A.R 3040m
RENTAL POTENTIAL:
A quick extrapolation at R3500 (1-bed) and R6000 (2-bed) would yield a total of R457 500/m R5 490 000/year = R54 900 000 value at 10% yield.
SALES POTENTIAL:
Midrand for prices: R750 000 to R900 000
Coverage is currently 30% (50% allowable). 105 Parking bays are included 125 is required at 1,5 per unit awaiting Council response as we may have to apply for a waiver.
Details:
Erf no: 3577
Erf size: 11620m
Rates p.m.: R2244.00
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Midrand, also known as the Halfway House, was established as a municipality in 1981. It is a very vibrant, accessible area that is growing at a rapid rate. Families flock to the area to take advantage of the laid back lifestyle and variety of amenities. There is plenty of employment nearby, with many large businesses taking advantage of Midrand's convenient location between big cities. Vodacom, Cell C, Neotel, Altech Autopage and many more large companies have offices situated here, and with its growing residential areas this is one of the up and coming areas in South Africa.
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