A four-unit apartment block in Cape Town Vredehoek will go on auction on Wednesday 21 July.
“Vredehoek has, since the completion of the High Cape and other projects, undergone a remarkable transformation,” said Tanya Jovanovski, Rawson Auctions CEO.
“This has resulted in its becoming one of the preferred residential areas for UCT staff and city professionals.”
The apartments in this complex, said Jovanovski, are “almost Edwardian” in that they are, with 123sqm of floor area, at least 50% larger than most brought onto the market today. They have high ceilings, wooden floors and fireplaces and an attractive communal garden with an outdoor braai facility.
“The current lease agreements have all expired, and tenants are currently on a two-month notice arrangement. Rentals, the managing agent informs us, are at R17,690 per month but these could, we believe, easily be increased to R25k per month as tenants are paying well below the average rate for a building of this kind.”
Jovanovski said that she expects to receive opening bids from R4,5m.
“At a time when so many investors are returning to rental properties, this is the sort of worthwhile middle income bracket complex that can be relied on to attract tenants under any conditions and give good returns from day one. The opening of a sectional title register and the sale of upgraded units in the years ahead could secure substantial capital growth for the savvy investor.”
For more information contact Tanya Jovanovski on 082 411 9599.
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