Lucrative student accommodation on sale

STUDENT accommodation is a market sector that is rapidly expanding all over the world, and the auction of a property in Little Mowbray will provide an opportunity for local bidders to benefit from this growing trend, says Sanjeev Boyjoonauth, ClareMart senior auction agent.

Little Mowbray is especially popular among students and young professionals because of its proximity to the UCT and Cape Peninsula University of Technology campuses, shops, restaurants, the Baxter Theatre and other amenities. “Quick access to the N2 freeway is also a plus.”

The house to be auctioned is built on a 387m² erf and has GR4 zoning. It currently serves as student accommodation.

“There are six bedrooms, a large functional kitchen, a spacious living room and three full bathrooms. The stoep area offers the potential to add two more bedrooms.”

The garden is spacious and there is sufficient room for a swimming pool.

Boyjoonauth says there is also redevelopment potential for an apartment block and suggests that, as the demand for rental properties continues to grow, this could be a great investment.

The property – at 5 Gloucester Road, Little Mowbray – will be on show between 2pm and 5pm on October 16, and auctioned on site at noon on October 18.

A 5% deposit and 10 percent% auctioneer’s commission (excluding VAT on commission) will be payable on the fall of the hammer. The balance will be payable on registration of transfer.

For more details email Sanjeev Boyjoonauth at sanjeev@claremart. co.za, call 021 425 8822 or 071 223 9552 or see www.claremart.co.za.

This house in Little Mowbray currently serves as student accommodation and has the potential for expansion or redevelopment into an apartment block. It will be auctioned on October 18.