Exceptional blocks on sale

OWNER MANAGED: FLATS IN BUDDING MAITLAND AREA HAVE BEEN WELL MAINTAINED

Three complexes are conveniently located for commuters, ensuring retention of tenants.

Nexus Property Group recently received instruction from one of its private clients to auction three large blocks of flats in Cape Town’s Maitland area as part of a family portfolio disposal. As this is the first time the blocks have been offered to the market in 30 years, having been personally managed by the family, they come under the hammer in a strong and well-maintained condition.

Located just off Koeberg Road, near the Voortrekker Rd district, all three blocks are conveniently located for commuters, ensuring a high retention of tenants. They are easily accessible from both the M5 highway and Black River Parkway, which caters to the ever-increasing demand of affordable accommodation close to the CBD and other areas of employment.

The first block, known as Sharon Court, is located on Royal Road and consists of six two-bedroom flats, while the two remaining blocks are located on one single erven on Coronation Street. These two blocks, known as Shemax Court and Livana Court, consist of six two-bedroom apartments and eight two-bedroom tenanted apartments, respectively – both of which have off-street, secure parking.

According to Nexus co-director Elias Tzouvanni, residential assets such as these are rarely released to market anymore because of their known reliability and consistency of rental income. “Driven by the need for safe, secure and affordable accommodation, areas further away from the CBD are benefiting from an effort by property owners and communities to uplift areas that were previously neglected. The introduction of the Maitland Improvement District has already resulted in significant area upgrades, in keeping with the improvements evident in the surrounding nodes of Bellville and Parow – both of which are also in the Voortrekker Road Corridor Improvement District.

“This has resulted in certain areas of these CBDs having seen property prices increase by as much as 15% over the past year,” said Tzouvanni.

The aim of the city, in line with the Maitland Improvement District, is to capitalise on this renewal with an emphasis on rejuvenating the area to one that can be seen as safe and desirable to both residents and those who are working in the area. With the sudden rise in the cost of accommodation in the City Bowl, Atlantic Sea Board and other established suburbs close to town, such as Woodstock and Observatory, home seekers have been forced to look elsewhere. This improves the investment potential for multi-unit residential property owners.

Tzouvanni believes that it is just a matter of time before Maitland is able to capitalise on the upgrades it is experiencing. “With its central travel location to and from the city as well as other outer-lying areas such as Bellville, Parow and Century City, Maitland currently offers investors the opportunity to buy and invest in property at an affordable price rate with the goal of seeing consistent growth year on year taking advantage of the current area upgrades.”