Vacant Land For Sale in Westville Central

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)

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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.


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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)

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Property Reference #: CL298

Agent Details:
Craig Murphy
Point Waterfront Realty
Shop G-01 The Sails
14 Timeball Boulevard
Point Waterfront
Durban
4001