Description

Accepting Offers. DESCRIPTION: Just one block from the beachfront lies this spectacular block of 28 big sectionalized apartments with stunning modern finishes. Fantastic views all around. Sea and Mountain views. Potential for retirement complex, ground floor has a departure for a frail care centre. Ideal for a hotel , self catering or sell off the sectional title units individually. PROPERTY INFORMATION: • Large 28 apartments: • 10 x 1 Bed 1 bath apartments From 61m² to 75m² • 14 x 2 Bed 2 bath apartments from 88m² to 90m² • 4 x 3 Bed 3 bath apartments 121m² each • 10 Rooms with plumbing (toilet and basin) provide a variety of options could be made into further accommodation, etc. • Sectionalized block Buyers already interested in purchasing individual sectional title units. • Reception • Communal lounge • Dining area with bar. • Industrial kitchen • Parking for ±32 cars • Plus visitors parking • 8 Storerooms • Manager's office • Laundry • 2 x Toilets • 2 x Outdoor storerooms • Ground floor has a departure for a frail care centre. • Current rental income of ±R 238 000 per month, with a few vacancies. The property has the potential for further current income. • Zoning GR6 • Rates: ±R 11 400 per month AVERAGE PRICES FOR THE AREA: • 10 x 1 Bed 1 bath apartments From 61m² to 75m² ( average m2 on new apartments are 49m² – 55m² ) ±R1700 000 each (±R17 000 000) • 14 x 2 Bed 2 bath apartments From 88m² to 90m² (average m² on new apartments are 56m² – 66m² ) ±R2300 000 each (±R32 200 000) • 4 x 3 Bed 3 bath apartments 121m² each (average m² on new apartments are 75m² – 85m² ) ±R3200 000 each (±R12 800 000) • This you could push up much more as there is a shortage of 3 beds all over Cape Town. • 10 Rooms on ground floor that can be converted to studio apartments – ±R999 000 each (±R9 990 000) • Total– ±R71 990 000 (conservatively) DETAILS: • Erf no: 32683, Strand • Erf size: 2124m² • Zoning: General Residential 2 DISCLAIMER: The information supplied in this advert does not constitute a warranty of any kind or nature by the Sellers of the property or by the Auctioneers. Bidders must conduct their own investigations prior to bidding.