This transaction consists of 7 stands, each 447 sqm, and a block of flats, which is hijacked.
It is situated within 800 m of satellite campuses of the University of Johannesburg.
All the stands are already zoned for Residential Level 4, ready for student accommodation.
Five of the stands, is directly adjacent to the captured building. Adjacent to the hijacked building, is a block of flats, which are already approved and occupied by students at University of Johannesburg. It is the same owners, and their planning was to expand their student accommodation exposure. They changed their portfolio to mining and are therefore selling their properties.
The average selling price of similar stands are R 900 000.00 per stand, with an average of 447 sqm per stand. The value of the stands adds up to R 6 300 000.00. The value of the captured building plus its stand, values approximately R 2 700 000.00 , totaling R 9 000 000.00 for all the properties on offer.
The block of flats is 3 storeys high and a total of approximately 820 sq. Please note that this building is hijacked. A month ago, another block of flats, close to this block, was cleared of the people hijacking it. I'm liaising with an origination that will clear the building within 2 weeks