Opportunity
We are offering a block of flats in the heart of Pretoria North CBD. The building has 23 units of which 21 are Residential and 2 are Retail.
This building is ideal for student accommodation owing to the growing demand for student housing, the central location (close to schools and educational institutions), and easy access to necessary amenities, medical facilities, and transport routes including public transport.
The building is currently leased to a single lessee who has an agreement to provide student accommodation to students from Tshwane University of Technology (TUT).
In 2009 the seller had Surveyor General Diagrams drafted for the sectionalizing of the property in a Sectional Title scheme. These diagrams have been approved; however, the Sectional Title Scheme was not registered. The purchaser has an opportunity to proceed with the establishment of a scheme.
This property has the potential to be used as mixed rental residential apartments and has two big offices (234sqm + 439sqm) which can be used for retail shops.
Property Description
The property has 21 residential units of various configurations, from bachelor apartments to 2- & 3-bedroom apartments. The 2 retail units on the ground floor.
The on-site facilities include a common entertainment room, and there are laundry facilities throughout the building. There are 28 parking bays on site enhancing the living experience and maximizing occupancy rates.
Headlease
There is currently a 1-year headlease agreement between the seller and a lessee which started on 1 January 2024 to December 2024, in which the headlease lessee is letting the facility solely for student accommodation. The lessee is responsible for administration, maintenance, and repairs of the building. The tenant is also responsible for the payment for the water and electricity consumed on the premises.
The monthly rental income is R140,000 per month.
The property consists of:
- 5 x Bachelor apartments
- 14 x Units comprising of two-bedroom apartments
- 2 X Units comprising of three-bedroom apartments
- 1 Common Entertainment Area
- Two large office spaces / retail shops,
- 28 parking bays on site.
Area Summary
Pretoria North refers to the general area to the North of the City of Pretoria and includes the Wonderboom area to the east of Lavender Road and Akasia to the west of Daan De Wet Nel Drive.
There are various educational institutions, colleges, and universities in the area such as Tshwane University of Technology (TUT) and the Onderstepoort campus of the University of Pretoria Faculty of Veterinary Science which attracts a high density of students. The Wonderboom Airport is also nearby.
Pretoria North is an ideal suburb to stay in as the area has been transformed into a lively neighborhood with hospitals, shopping centers, restaurants, and coffee shops and the area has a sound infrastructure with accessible shopping facilities and amenities.
With transport being its main industry, Pretoria North has two automobile sales corridors in the form of Rachel De Beer Street and Gerrit Maritz Street which are home to over 50 car dealerships. Transport is the core of Pretoria North's industrial activity.
Pretoria North offers easy access to the N4, M1, and R101 for commuters traveling by car to either Midrand, Kempton Park, Johannesburg, Krugersdorp, OR Tambo International Airport as well as Lanseria Airport.
Pretoria North is central to several schools including Laerskool Danie Malan, North Park Primary School, Laerskool Rachel de Beer, Hoërskool Gerrit Maritz, and Laerskool Voortrekker Eeufees.
