Overview
- Updated On:
- June 9, 2020
An ideal investment opportunity-a stunning property (in extent of 857 sqm), comprising of 6 immaculate apartments, in the beautiful suburb of Knysna. Each unit is currently used for residential purposes, however business use is also permissible.
The property has dual entrances from 20 Pitt Street and 27 Spring Street, both fitted with remote controlled sliding gates and sensor spotlights in the driveway.
The property has undergone extensive improvements between 2015-2016, to an estimated value of R800 000-00.
Each unit offers the following features:
Unit 1: 1 Bedroom, Lounge, Kitchen, Bathroom, separate Garden/ BBQ Area, Parking.
Unit 2: Bachelor, Kitchen, Bathroom, Communal BBQ Area, Parking.
Unit 3: Bachelor, Kitchen, Bathroom, Communal BBQ Area, Parking.
Unit 4: 1 Bedrooms, 1 Study, Lounge, Kitchen, Bathroom, Communal BBQ Area, Parking.
Unit 5: 1 Bedroom, Lounge, Kitchen, Bathroom, separate Garden/ BBQ Area, Parking.
Unit 6: 2 Bedroom, Lounge, Kitchen, Bathroom, separate Garden/ BBQ Area, Entrance & Parking.
Existing tenants occupy the premises on an annual lease, and have been in long term occupancy (5 years +). Total monthly rental income: R26 675-00.
Unit 1 – R5 000-00 pm
Unit 2 – R3 800-00 pm
Unit 3 – R3 360-00 pm
Unit 4 – R5 000-00 pm
Unit 5 – R3 515-00 pm
Unit 6 – R6 000-00 pm
Reserve price: R2 800 000-00
Auction closes 26 June 2020.
The property adjacent to 20 Pitt Street is also for sale, and is known as 22 Pitt Street. The property can be viewed via the following link:
22 Pitt Street also has existing tenants, with a total monthly rental income of: R16 500-00. This is made up of the home R12 000 pm, and the bachelor flat of R4500 pm.
The two adjacent properties have the following possible options;
- Join both properties Erf 1053 & Erf 3526,
- There is an allowance to develop a block of apartments/ commercial/ business offices to a height of 4 floors,
- The 6 apartments in 20 Pitt Street, and house (4 bedrooms) and separate bachelor flat in 22 Pitt Street, could be further dived into four separate dwellings- for long term rental or to facilitate guest house services with pool, bar, restaurant etc.
- Develop an open plan living area by removing the internal precast wall.
- Convert residential rentals to business use/ rentals.
