An apartment block comprising 30 sectional title units in Riverpark in Kuils River, about 25km east of Cape Town, is going on auction on Wednesday, 24 August, as one lot.
This apartment block in Kuils River comprising 30 units is going on auction with a guided price of R550 000 per unit - click here to view.This is according to Tanya Jovanovski, franchisee of Rawson Auctions Western Cape, who says the units, which are in close proximity to UWC and CPUT, show an excellent and attractive investment return.
The block is situated in Riverpark on the corner of 1st Avenue and Hoop Street, Kuils River.
Unit sizes are about 61sqm, and 27 of the units have since been converted into three bedroom flats, leaving the remaining three as the original two bedroom units. Jovanovski says the 27 flats with an extra bedroom differ in only that regard. The extra room is tiled, while the original two bedrooms have built-in cupboards and carpets - this also goes for the three units without the extra room.
The rest of each unit is made up of a bathroom with a shower and bath and kitchen with built-in cupboards.
“It is estimated that together the units will bring in a rental income of R219 000 per month. The two bedroom units go for a monthly R5 500, whilst the three bedroom units generate about R2 500 per room, per month,” says Jovanovski.
“Two units in Block A are currently tenanted on a month-to-month basis.”
She says each unit is allocated one parking bay, and the complex is surrounded by a perimeter fence with a manned security entrance.
“It is estimated that together the units will bring in a rental income of R219 000 per month. The two bedroom units go for a monthly R5 500, whilst the three bedroom units generate about R2 500 per room, per month,” says Jovanovski.The rates are approximately R300 per unit per month, and levies are R807.19 per unit per month.
“The seller is registered for VAT - thus zero-rating a possibility,” says Jovanovski.
The auction will be by silent tender, comprising written offers in a sealed envelope, with tenders closing on Wednesday, 24 August 2016 at 12h00.
“The guided price is R550 000 per unit, however, all offers will be reviewed,” she says.
Jovanovski says she highly recommends this investment.
“Considering the monthly rate of return and the given guided price, it is such a great investment. Not to mention all the great, attractive things Kuils River brings to the table, such as a burgeoning society, shops, restaurants, wine farms and so forth.
Jovanovski says there is no registration fee to bid, however, 5% of the purchase price as a deposit, 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 by the seller.
Bidders are required to be registered and must have certified copies of their identity documents and proof of residence with them.
For more information and to view the property, click here.
