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 ref # 646

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R 7 900 000 (457 971 EUR*)

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45
10
4
± 595 m2

Property Features
Access Gate
Built In Cupboards
Built-in-Braai
Clubhouse
Electric Fencing
Entrance Hall
Family/TV Room
Fence
Furnished
Kitchen
Lounge
Paving
Satelite
Scenic View

The Cannon - Student Accommodation

*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)

Expenses R20K

Other R5K

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 .

  • Sleeps 45
  • Profit R50k per month
  • Zero Rated Rated Transaction
  • Fully Registered with NSFAS
  • You still can put your in put into the refurbishment


Message Agent

Riccardo Zappia - Candidate Property Practitioner, estate agent


+27 (0)66 208 2059
+27 (0)21 569 5300
 whatsapp agent

  riccardo@propertymave... riccardo@propertymaverick.co
View all agent properties

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