3 965 m² Land available in Morningside Manor

Most development sites are sold as a promise. This one is sold with the paperwork done and the first structures already standing.

9 Gary Avenue is a 3,965 m² stand inside the East Road Morningside enclosure, one of the northern suburbs'' established boomed precincts, where access is controlled at the entrance and the streets behind it are quiet, tree-lined and, at the moment, without new stock. The original house has been demolished and the site is clear. The front boundary wall is built. The guardhouse is built. A developer walks onto a site that is ready for civils, not one that still has a demolition permit ahead of it.

THE APPROVALS

The stand carries zoning for ten units. A Site Development Plan for eight freehold-style cluster homes, designed by SPS Architects, has been approved by the City of Johannesburg. Eight is the plan that has been through council ten is the ceiling the zoning allows, for a developer who prefers a tighter product. Either way the years of town-planning risk that usually sit between buying land and starting a development have already been absorbed by the seller.

THE NUMBERS

At R12,000,000 for eight approved homes, the land component is R1,500,000 per home, and for a VAT-registered developer the effective cost is R10,434,783 after the R1,565,217 input VAT is claimed, or R1,304,348 per home. Because the sale is VAT inclusive there is no transfer duty on the purchase. Add the wall and guardhouse already in the ground and the site comes to the table with a meaningful head start on the civils budget.

THE POSITION

Morningside Manor sits between Rivonia Road and the Sandton CBD, with Morningside Clinic, Crawford Sandton and Redhill within a short drive and the M1 and Grayston interchange close by. Inside the East Road enclosure, the address carries the security premium that buyers in this market pay for without hesitation: a manned boom at the precinct entrance and, at the site itself, a private guardhouse at the gate.

WHAT YOU ARE BUYING

A cleared 3,965 m² stand, front boundary wall and guardhouse complete, approved SDP for eight homes with SPS Architects'' drawings, zoning for ten. A ready-to-build development inside a boomed enclosure, at a land cost per home that leaves room for a premium product.

R12,000,000 VAT inclusive. The seller is open to offers. Full approval pack, SDP and architectural drawings available to qualified developers on request.