TIME TO INVEST IN PROPERTY IS RIPE
THOSE on the hunt for largescale residential investment opportunities should look no further than Park Village Auction ’ s upcoming property auction.
In March, PVA will bring to market 248 fully serviced, residential one and two zoned stands and 120 freestanding homes at Grootvlei Residential Estate in Strubenvale, Springs, on Grootvaly Road.
The stands range in size from 394m² to 1 220m² and will be auctioned in lots of five. A number of mixed use stands will also be made available at Extension 3. The homes range in size from 97m²m to 216m², feature up to four bedrooms and sit astride stands measuring up to 1 699m². The rental income on these properties currently stands at about R400 000pm, which could conceivably be increased to R550 000pm.
Approval for the development of 99 retirement units and a frail care building has also been granted. The estate is fully walled and features 24-hour access control, tarred internal roads and driveways, a pool, squash courts and parks.
The area ’ s retail prospects were also boosted of late. Development of an R850-million “Springs Mall ” got under way in 2014. Upon completion in 2016, the mall will add 52 000m² of mixed retail space to the area and create between 1 200 and 1 500 permanent jobs.
Interestingly, the estate also lies within close reach of the internationally renowned 350 hectare Grootvaly Wetland Reserve, which accommodates some 450 bird species and a number of antelope.
According to PVA ’ s Louise Visagie, a number of the homes are already tenanted.
Viewing of the stands and houses can be arranged by appointment. The stands will be auctioned on site on March 11 and 12 at 11am, while the houses will be auctioned on site on March 18 and 19 at 11am.