R 8 500 000 | retail property for sale in south beach

Property Description


The subject property comprises a 4 storey block of flats known as Kensington Court and positioned approximately 250m from the beach. There are 2 retail shops situated on the ground floor with street frontage onto the busy Rutherford Street. There are 8 flats situated on the first second and third floors. A secure tarred. Onsite parking area is available at the rear that accommodates 8 vehicle, however 5 bays are undercover. First Floor-2x one bedroom & a two bedroom flats Second Floor 2 x one bedroom & a two bedroom flat Third Floor-a two bedroom flat and a three bedroom flats All of the flats comprises of open plan lounge & dining room and a balcony The building has been refurbished, upgraded and is in excellent condition. Each of the residential flats are fully tiled and all of the kitchens fitted with granite tops and top notch building cupboards. All bathrooms have been upgraded with new fittings and fixtures as well. On Inspection it was noted that all of the bedrooms including the 1 bedroom flats are very spacious and comfortably fits up to 7 single beds. Prepaid electricity meters are currently being installed into each flat. Four storey High buiding South Beach Currently used for student accommodation for 70 students . 8 Flats all fitted with bic and modern bathrooms 2 Shops at the ground floor street facing Income potential is - R70 000 currently if students pay R2400 a month then income would be higher. After expenses you could get return of -20 %. Rates :R7000


Property Details

Purchase PriceR 8 500 000

Building Size490 m2

Price Per SQMR 17346 m2

Type of PropertyRetail

Last Updated30 Nov 2018

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Agent

Zakaria Seedat

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