3818 m² Land available in Westville

R 15 000 000

Craig Murphy

PWR Industrial & Commercial

3818 m² Land available in Westville

R 15 000 000

Land Area 3818 m²

UKZN Westville Student Accommodation Development Site

This prime development site, has been consolidated and zoned for student accommodation as follows :

The application to re-zone the 2 properties zoning to GR4 from GR3, was submitted on the 19th September and approved and minuted on the 29th January, 2020.

GR2 zoning was approved on 6th February, 2020.

Consolidation of the two sites was granted and approved on the 11th February, 2020.

Additional draft paperwork for the prime student accommodation development property, is available on request from sellers.

Key financial assumptions available in attached Powerpoint presentation

Draft plans approved for accommodation for 528 students.

Annualized Income Projection : R19,218,684

Importantly this site is situated only 500 meters from the UKZN entrance gate, UKZN Westville Campus, making it a prized investment acquisition.

Development site price : R15 million (I do believe that this price may be slightly negotiable)

Herewith, the very latest updated information on the UKZN Westville development site, which has now been fully re-zoned and consolidated to GR2.

In summary the development and building opportunity is as follows :

Developer can build high density residential, student housing, hotel & retirement, with ground floor retail

No limit on the number of units

No limit on the minimum size of the unit.

No height restriction

Services to the site.

Site area 3818

Bulk 1,6 totalling 6108m2

Coverage 40%, so floor plate maximum is 1527m2, estimated 500 plus, students

Additional coverage of 10% to be utilized for parking, so the maximum floor plate will be 1909m2

Original Draft plans already in place for GR4 & GR3 development.

500 m from UKZN Westville campus.

Certificates from university.

SITE LOCATION & SURROUNDING DEVELOPMENT

The arial plan attached below, shows the locality and position and the specific municipal zoning of the surrounding properties, in relation to the development site and the UKZN Campus.

Please note that the shacks are more than 1 kilometre away from the property and importantly, it is the cities intention to change this mango plantation settlement, into a social housing project, as part of the clean up of the areas inhabitants, who have been living there for over 30 years. There is also bush and a buffer row of residential properties between the shack dwellers and the development site.

The housing across the road and up the hill, from the development site, has been established there for many years and in fact, there is also a portion directly across the road from the developement site, that has already been developed for and is currently operating as, student accommodation. (See clause 2 in the Commentary Document below)

The vacant land that is closer to and alongside the varsity campus, is actually owned by the UKZN and has specifically been zoned for non-residential purposes. Parts of these two sites are also specified as demos, so it can never be built upon, due to indigenous grasses and local flora.

The following documents and plans are available on request :

1.Site Location Maps x 2 - relative to UKZN Westville Campus

2.Power Point Presentation of The ACRES Student Homes Opportunity with the old zoning of GR3 & GR4 - (NB. Now changed to GR2 zoning, so will need to be looked at again as more options available now as GR2 )

3.Current Zoning - GR2 building controls this is fundamentally changed the opportunity on the Site

4.Site Commentary - Strategic planning comment regarding desirability of Site location, for Student housing.

5.Site Consolidation Decision Notice

6.Plan of Site Location relative to surrounding development and land allocations

7.Detailed land survey

8.A sheet from the Powerpoint presentation on the property, with the information outlining the demand for student accommodation in UKZN.

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Experience Westville

Westville offers an array of different property types, sizes and styles. All in the same street one could find a dutch styled home next to a modern home with a large garden, alongside an apartment block block offering a lock-up-and-go lifestyle. This area appeals more to families, with many great schools available. However, it also appeals to young professionals, singles and the elderly who appreciate the joys of living in a quiet, peaceful neighbourhood.

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3818 m² Land available in Westville

R 15 000 000

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