*EXCLUSIVE SOLE MANDATE*
If your an investor and looking for student accommodation then The Cannon is the place to be.
or it is GR4 Zoned.
Currently undergoing a full refurbishment to make it NSFAS compliant and to meet the needs of the discerning students The Cannon is sure to deliver.
A 2-storey high Student Accommodation block situated in Maitland
Owned since 2012 which undertook extensive renovations to renovate the existing 6 apartments and add two studio apartments to total 8. Additionally, the Caretaker and his family occupy a 3 bedroom ‘wendy style’ house on the premises which could be used for additional rental income.
Configuration of the apartments as follows:
TOTAL CAPACITY = 45 STUDENTS
MAXIMUM MONTHLY RENTAL INCOME
R162 000.00 (@R3600 per bed x 45 beds) MONTHLY RENTAL FOR STUDENT MIX. Could Be higher with private rooms*
Fingerprint reader with turnstile at the front gate is an excellent, additional feature. Approximately 4 parking bays on premises.
Rates are approx. R1800 per month
The company is VAT registered so any sale price would need to factor in 15% VAT (which any VAT registered entity who buys the property is able to claim back this expense of course). But if you buy in a company this can be a zero rated transaction meaning you get it all back!
The property is also Zoned GR4 so potential to knock it down and resell after development is another option.
Purchase Price R 7.900.000 plus vat
Bond - Based on 100% is R 87K pcm ( 10% interest rate over 20 years)
Estimated Profit R50k per month
This building will come with al furniture and all signed up to Universities and NSFAS
I look forward to showing you around the property .