Potential student housing with approved expansion plans
A five-bedroom, double-storey house, close to Cape Town College in Zonnebloem which could serve as student accommodation, will be brought to auction on May 30, offering bidders “an excellent investment opportunity”.
This is the view of Tanya Jovanovski, franchisee of Rawson Auctions Western Cape, which will offer the property at its multiple property auction in Rondebosch next month.
As it stands, the property could house five students, she says. “Plans have already been approved for an additional level to be built to accommodate five more bedrooms. If each of the rooms was potentially let out at R5500 a month, the property could generate a total monthly income of R55000. The existing sun room could also be converted into a bedroom.”
The downstairs section of the house comprises one bedroom, a guest toilet, an open-plan lounge and dining room and two kitchens, one of which is being used for catering purposes, she says.
The remaining four bedrooms are upstairs, as are the sun room, two en-suite bathrooms and one communal bathroom.
All the bedrooms are equipped with air-conditioning.
An alarm system, a panic button, burglar bars and CCTV cameras have been installed.
The property also includes a small garden, a pool, a single garage and an indoor braai area.
Jovanovski says the rates and taxes for the property are low, at R1120 a month, and the potential monthly rental income is high.
“The latter could be driven even higher if the proposed building alterations and conversion of the sun room were to be carried out.”
The property will go on auction at noon on May 30. The reserve price is available on application, but all offers will be reviewed. The seller is registered for VAT, so transfer duty will not be payable.
No registration fee is required to bid with Rawson Auctions. However, the buyer will be expected to pay a deposit of 5% of the purchase price, as well as 10% commission plus VAT over and above the purchase price to Rawson Auctions on the seller’s acceptance of the bid. Bidders are required to be registered and must have with them certified copies of their identity documents and proof of residence.
All offers should be submitted on Rawson Auctions’ offer to purchase form, with its standard terms and conditions. A copy can be obtained by contacting the Rawson Auctions Western Cape office on firstname.lastname@example.org or 0218371700. Bids can be delivered to the Rawson Property Group’s head office at 222 Main Road, Rondebosch, which is also the auction venue.
For more details or to book an appointment to view the property, call Derek Grant on 0823775599 or Tanya Jovanovski on 0218371700.