A portion of vacant land in Kuils River with development potential is going on auction on 28 September 2015.
This 1.2690ha erf in Kuils River is going on auction with a guided price of R3.75 million - click here to view.Tanya Jovanovski, franchisee of Rawson Auctions Western Cape, says the erf in question - the remainder of Erf 20924 - covers an area of 1.2690ha, and comes with architectural plans for a third block of flats to be constructed on the original mother erf, which comprises two blocks already.
The new block, which will be subdivided, would consist of a minimum of 57 units. Additionally, the piling, which is already in place, has been valued at R2.5 million and included in the price.
Jovanovski says the property is piled to house six storeys and the 57 units. The erf is sandwiched between two well-known roads in Kuils River - Van Riebeeck Road and 1st Avenue.
The seller is registered for VAT, meaning no transfer duty is payable. The offer is subject to rezoning, and as mentioned before, subdivision - both of which will be payable by the seller.
“This block will be ideal for student accommodation. Units are expected to resell at R550 000 per unit,” says Jovanovski.
“The three bedroom units are expected to yield an income of R6 600 per unit. The area is close to highways such as the N1, N2 and R300.”
The auction will be silent by tender, comprising written offers in a sealed envelope, with tenders closing on Wednesday, 28 September 2016 at 12h00.
“The guided price is R3.75 million, however, all offers will be reviewed,” says Jovanovski.
In following with the terms of Rawson Auctions, there is no registration fee to bid. However, a deposit of 5% of the purchase price, as well as 10% commission plus VAT over and above the purchase price is to be paid to Rawson Auctions by the buyer on acceptance of seller.
Bidders are required to be registered and must have with them certified copies of their identity documents and proof of residence.
For more information, or to view the property, click here.
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