An investment opportunity for a property developer/investor: Property Company for sale with Riverview Development Land and 8 income-earning Apartments with river views (apartments already built and fully tenanted), in Tiger Bay, Port Elizabeth. An extra 18 apartments can be built on the undeveloped portion of land. No transfer duty is payable. This is a VAT Inclusive sale.
Development Land
Approximately 3000m2 of undeveloped land with approved plans for a further 9 double-story, 2-bedroom apartment units (Extra 18 apartments for future development) giving a potential R1.5million rental income per year when fully developed.
Total erf size including the 8 apartments is 4842m2.
Apartments
Four modern, double-story units built three years ago, with a Northerly orientation and low maintenance face brick and aluminum windows & sliding doors (8 built apartments in total). Fully tenanted at the moment. Each apartment with its own unspoiled view of Tiger Bay, Swartkops River.
Each apartment consists of 2 bedrooms, 1 bathroom, and an open-plan kitchen and living room. Each apartment is +/-57m2. Solar geysers installed. Undercover parking is provided.
Current rental per apartment +/- R5000 per month.
Conditions of Sale
The Land and Apartments to be bought as a unit in one sale agreement.
No Transfer duty. This is a VAT Inclusive sale.
Looking for serious investors who want residential development land with the bonus of income-generating properties from day one.
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