Description
We have the pleasure in presenting a fantastic site for the development of a student accommodation block. An erf size of 508m2.
Positioned on Main Road, Rosebank directly opposite the UCT Campus. The property faces The Baxter Theatre complex.
You cannot get any closer! No need even for the Jammie Shuttle.
Currently, the property comprises a large house accommodating post-grad students in UCT-approved facilities. This provides an income to offset holding costs, whilst development approvals are processed. It grosses R49,000 per month.
The zoning is GR4 so one obstacle is already removed. The subject property is perfect for a block of 22 to 24 units, each with a bedroom, en-suite bathroom and kitchenette.
If you move quickly, the facility can be ready for the 2025 academic year.
Student Accommodation Options:
Maximum 7 students @ R7000 p/m
=R49 000 gross per month
Holding costs 90% covered by rental while waiting for rights and SDP approval.
1min from the middle campus
3min from upper campus
Call today for a viewing great investment opportunity.
Joe Przygosnki and Tony O'Kelly are representatives of Real Estate Power CC, T/A RE/MAX PREMIER, an Independently Owned and Operated franchise of RE/MAX SA.
3
509m2
