Property
Description

Property Description

This fully let apartment block is in pristine condition and is located in the heart of Pretoria. The site consists of 14 simplex units, 1 duplex, a large house, and a flatlet. The current tenants have rented accommodation for many years and are reliable payers. The property has been exceptionally maintained, and the face brick structure offers low maintenance. Units are equipped with prepaid meters and excellent security. The property contains 12 garages and 6 carports.

Potential:

• Rental upside: The property offers a significant upside due to market rentals being below average (the owners have not increased rentals since before COVID-19).

• Development upside: There is potential to develop additional apartments by extending the development to the adjacent stand.

There are plans in place for the construction of 21 additional apartments on the property. The property is surrounded by tall apartment blocks in all directions; this may imply that a similar scheme may be developed if appropriate measures are taken.

Features

Fully Let, Low Maintenance Property

Long-standing tenants

Upside to develop an additional 21 Flats

14 Simplex Units and 1 Duplex

3 Bedroom House and Flat

12 Garages

Borehole

Gross Annual income R1 312 800

Area Description

The property is ideally situated in Rietfontein, an established residential and commercial node in Pretoria. The immediate area comprises of medium LSM residential accommodation, retail, office, and commercial properties. The property is located within close proximity to main arterial routes including the M29 and N1 Highways, large schools, churches, shops, Loftus, and other major points of interest. There is strong demand for residential accommodation due to the properties' proximity to well-networked transport routes and businesses in the area.

Area Amenities

N1 Highway access 5km

Rietfontein centre 0,5km

Jakaranda Centre 1km

Wonderboom Nature Reserve 3,7km