Three purchasing options

Approved Durbanville residential development

A RESIDENTIAL complex approved for development in Langeberg Glen, Durbanville, will go under the Rawson Auctions Western Cape hammer on July 26.

The proposed 1.45 hectare development, Vida Unico Residential Estate, will offer 56 exclusive residential units with high-end modern finishes.

“The apartments would be ideal for any young professional or couple,” says Tanya Jovanovski, franchisee of Rawson Auctions Western Cape.

The units, housed in 14 apartment blocks with four to each block, will range in size from 101m² to 218m², and most will have two bedrooms and two bathrooms. Each unit will also have its own garden.

The pet-friendly development will include ponds with water features, children’s play areas and landscaping incorporating established trees on the site.

The estate is situated at 16 Barb Street, close to shopping malls, gyms, Cape Gate MediClinic and quality primary and high schools.

Jovanovski says the residential estate will be sold in its entirety as a proposed development.

“However, the current sellers are still selling individual units off plan. A few have been sold and the signed offers will remain valid. The price of all units sold by the day of the auction will be offset against the total purchase price of the development.”

Prospective buyers will be offered three options:

Option 1: Land sale with approved site development plan – R36 million.

Option 2: Land sale with approved site development plan and construction drawings – R43m.

Option 3: Purchase of complete development, including construction costs – R113m.

Jovanovski says if an investor purchases the units off plan and sells on once building of the units is completed, the estimated resale price would be about 10% higher.

It is estimated Phase 1 of the development will be completed around August 2018, and Phase 2 by August 2019.

The auction will be by silent tender, with written offers to be submitted in sealed envelopes. Tenders will close at noon on July 26. No transfer duty will be payable.

No registration fee is required to bid. However, the buyer will be expected to pay a deposit of 5% of the purchase price, as well as 10% commission plus VAT over and above the purchase price, to Rawson Auctions on the seller’s acceptance of the bid. Bidders are required to be registered and must have with them certified copies of their identity documents and proof of residence.

All offers should be submitted on Rawson Auctions’ Offer to Purchase form, with its standard terms and conditions. A copy can be obtained from the Rawson Auction Western Cape office on info@rawsonauctions. com or 021 837 1700. Bids can be delivered to the Rawson Property Group’s head office at 222 Main Road, Rondebosch.

For details or an appointment to view the property, call Hans Buys on 082 964 6852, Josh Raisun on 078 888 9534 or Tanya Jovanovski on 021 837 1700.