Commercial - Student Accommodation on Auction in Durban Central

Description

ONLINE AUCTION Bidding Start Time: Wednesday, 28 October 2026 @ 09:00 Bidding End Time: Thursday, 29 October 2026 @ 14:30 Registration is essential by Monday, 26 October 2026. Pre-Auction Offers may be considered. Auction Finance Available. For more information, please contact the listing agent. THE PROPERTY CONSISTS OF: Fantastic property running as student accommodation with 5 years of accredited student accommodation by NSFAS. Accommodation comprises the following: • 8 "VIP" Rooms - 3 beds @ ±R 5,400 per month (24 x beds = ±R 129,000 per month) • 42 Standard Rooms - 2 beds @ ±R 5,450 per month (84 x beds = ±R 457,800 per month) • 6 x 2-Bedroom Flats - 6 beds @ ±R2,400 per month (36 x beds = ±R 86,000 per month) • Total Gross Income: ±R 673,000 per month or over ±R 8,000,000 per annum • Current Total Expenses: R 153,300 per month or ±R 1,839,600 per annum • Current Net Income: R 520,100 per month or ±R 6,241,000 per annum • 75% Partially Tenanted (120 beds) to Durban University of Technology (DUT) Students @ NSFAS & 50 x beds to private individuals • Maximum capacity of 220 beds could generate ± R 990,000 per month • Additional bulk of ±1,250m² available, potentially allowing for 3 additional floors • The property has a liquor license as well. • Massive Nett ROI DETAILS: • Erf size: 650m² • Zoning: General Residential 5 PAYMENT TERMS: 2.5% Deposit & 10% Auctioneers' fee (excl. VAT on fee); Payable on the fall of the hammer by means of EFT only. Balance payable on transfer. REGISTRATION REQUIREMENTS: To bid at the auction, you need to provide a copy of your identity document and current proof of residence (not older than 3 months), as well as a R20,000 refundable registration fee. 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.