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Sole Mandate - Apartment complex with 16 apartments
R 10,500,000
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General Details
Location:
For Sale By:Agency
Dwelling Type:Apartment
Bedrooms (#):6+
Bathrooms (#):4+
Parking:Covered
Description
DEVELOPMENT OPPORTUNITY!
Sole mandate - Apartment complex with 16 apartments in Somerset West close to vibrant Bright Street.
This incredible Heritage site, build in 1905 as The Somerset West Hospital, situated on a spacious 3229 sqm erf, offering a plethora of possibilities and a fantastic investment opportunity. This site boasts three unique buildings consisting of a total of 16 units. These units range from cozy bachelor apartments to spacious one-bedroom apartments, with rental income ranging from R6000 to R7500 per month per unit.
In addition to the Heritage buildings, the surrounding area has been cleared and approved for development. With proposed plans in place, this GR2 zoned site is ready for a potential two-three story building. Located across from a school and nearby all necessary amenities, this site is perfectly situated for a variety of uses. As it’s close to the railway station, parking spaces per unit are forfeited, a huge advantage for a developer.
Viewings by appointment only.
Property Reference #: CCH263
Agent Details:
Hennie Van Heerden
Cape Coastal Homes
Shop 9, Melcksloot Village, Cnr of Reese Road & De Beers Avenue, Somerset West, 7130
Sole mandate - Apartment complex with 16 apartments in Somerset West close to vibrant Bright Street.
This incredible Heritage site, build in 1905 as The Somerset West Hospital, situated on a spacious 3229 sqm erf, offering a plethora of possibilities and a fantastic investment opportunity. This site boasts three unique buildings consisting of a total of 16 units. These units range from cozy bachelor apartments to spacious one-bedroom apartments, with rental income ranging from R6000 to R7500 per month per unit.
In addition to the Heritage buildings, the surrounding area has been cleared and approved for development. With proposed plans in place, this GR2 zoned site is ready for a potential two-three story building. Located across from a school and nearby all necessary amenities, this site is perfectly situated for a variety of uses. As it’s close to the railway station, parking spaces per unit are forfeited, a huge advantage for a developer.
Viewings by appointment only.
Property Reference #: CCH263
Agent Details:
Hennie Van Heerden
Cape Coastal Homes
Shop 9, Melcksloot Village, Cnr of Reese Road & De Beers Avenue, Somerset West, 7130
Id Subtitle 1269367357
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Estimated monthly repaymentR 113,790
Total property loan amountR 10,500,000
Total interestR 16,809,418
Total repaymentR 27,309,418
Interest rate at 11.75% for 20 years *
* The interest rate is by default set to the prime lending rate. Banking institutions may choose to lend to individuals at a rate above or below this prime rate.
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