The northern suburbs, particularly Bellville and Parow, have shown massive growth in the residential rental market over the past 10 years, and property developers and other investors will have an opportunity to get into this ever-growing market when two apartment buildings go under the hammer at ClareMart Auction Group’s next multiple auction.
Sanjeev Boyjoonauth, ClareMart senior auction agent, says the first property - Adriaan Court, at 101 First Avenue, Glenlily, Parow - comprises 12 apartments: three three-bedroom and nine two-bedroom units.
The erf spans 1083m², with parking bays. The complex is fully secured and has lots of potential, he says.
“The property has a potential gross annual income of just over R900000, with the scope to increase by up to 15%, in my view.”
The second property, Kempleigh Court, is at 3 Middel Road, Bellville. “It is fully secured and well-managed, and also comprises 12 apartments that are tenanted,” Boyjoonauth says.
“This block, with an erf size of 595m², has a gross annual income of nearly R650000, which, I believe, can further increase by up to 15%.”
He says neither property has been sectionalised.
Apartment block in Bellville. Picture: ClareMart Auction Group
Boyjoonauth says being close to businesses, shops, public transport infrastructure and other amenities, the locations of these buildings are excellent for the residential market.
“The demand for rental stock continues to soar, so we anticipate a highly competitive auction.”
Both properties may be viewed between noon and 2pm on September 22.
They will be auctioned at ClareMart’s multiple auction at the One&Only Hotel, at 12.30pm on September 26.
A 5% deposit and auctioneer’s fee of 10% excluding VAT will be payable by EFT on the fall of the hammer, with the balance payable on transfer.
For more details, email Sanjeev Boyjoonauth on [email protected] call 0214258822 or 0712239552 or see www.claremart.co.za