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LIVE AUCTION :40 AND 48 BRIGHTON ROAD, WENTWORTH, DURBAN, KWAZULU NATAL RESIDENTIAL PROPERTY AUCTION IN MOUNT EDGECOMBE, KWAZULU-NATAL AUCTIONED BY IN2ASSETS PROPERTY SPECIALISTS

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MOUNT EDGECOMBE - RESIDENTIAL PROPERTY

LIVE AUCTION :40 & 48 BRIGHTON ROAD, WENTWORTH, DURBAN, KWAZULU NATAL

DESCRIPTION:

Student Accommodation Blocks With UKZN Lease In Place & Re-Development Land

Site Extent: ± 4 828 m² | Gross Annual Income: ± R3.3m | Accommodation for 126 Students within 3 Blocks | Furnished 3 & 4 Sleeper bedrooms | Entertainment Room, Study Room, Student Head Self Contained accommodation, Mangers Office & Laundry | Well maintained | Turnstille entrance, Biometric and CCTV cameras & Electric Fencing | ± 1 500 m² adjacent Re-development land

This well-maintained property positioned at 40 Brighton Road comprises of 3 blocks of flats that is configured and set out ideally for student accommodation. The property meets all the necessary requirements needed by recognized tertiary institutions and higher education institutes. As such safety, cleanliness, easy accessibility to transport / commuter routes with an on-site bus drop off zone and student facilities are offered by the property. The property is positioned on an elevated site. It is fully secured with palisade and electric fencing throughout, bio-metric access controls, CCTV cameras, turnstile access gates and there is an on-site security office. Each block has the necessary fire safety measures in place. Each of rooms that currently accommodates the students are sold with movable assets, some of which include the microwaves, stoves, fridges, single beds, desks and chairs. The movable items within the student communal areas such as the TV lounge and study rooms forms part of the sale.

The property comprises of the following accommodation:

36 Rooms within 3 buildings that accommodate a total number of 126 students. There are 10 full bathrooms and an additional 10 more toilets within the blocks. Block B further comprises of the TV room and the study room. There is a separate building on site that is used as the supervisor’s office and a communal laundry. Block C further comprises of a store room. The head of student committee has his own self-contained accommodation which comprises of a room with a kitchenette and bathroom. A breakdown of the accommodation is enclosed below. The property positioned at 48 Brighton Road comprises of a site of ±1 574 m² that currently occupied by 2 dilapidated and vandalised dwellings. This property should be regarded as a re-development opportunity which will be ideal for extending the student accommodation. A cession of lease was signed over from Wentprop (Pty) Ltd to the Seller (Vimtsire Properties CC). This Cession of Lease was signed based on 108 Students at R3 024.78 per student. Due to COVID19 lockdown, the property is currently only 85% occupied and as such the current monthly rental amounts to R277 674.80 ie: (R3 024.78 x 108 Students = R 326 676.24) x 85% occupancy.

The Lease agreement that exists is a full maintenance lease whereby the Seller is liable for the property Rates & Municipal expenses, Water & Electricity expenses, Staff and Management expenses, Security expenses, WIFI expenses and insurance expenses. A copy of the lease agreement is available on request. The properties are positioned on the western boundaries of the Wentworth Township, overlooking the industrial areas of Jacobs, Mobeni Industrial and Clairwood. Located opposite the popular “Booths Bottle Store Distribution Centre” on Brighton Road, the properties are easily accessed via Bluff Road which is the main road that runs through Clairwood Industrial and Mobeni Industrial. Bluff Road allows for quick and easy access to the Edwin Swales Drive (M7) as well as to the M4 Freeway (South and North bound). Alternate access to the property can be obtained from the rear road being Withernsea Avenue. The immediate neighbourhood has all necessary amenities and public facilities available within a 2km radius, which includes the Wentworth Hospital, Oxford & Bluff Towers Shopping Centre, Wentworth Fire and Poilce Stations and various primary and seconadry schools. Being on the border of the 3 industrial nodes, this property would be the perfect location for the blue collar employees of the the surrounding organizations. The property is positioned adjacent to the new development being the Department of Social Development and Youth centre, in close proximity to the Transnet Wentworth School of Rail and a short driving distance from UKZN Westville Campus and University of KwaZulu Natal. The Wentworth region and is surrounded by the suburbs such as Bluff, Clairwood, Brighton Beach and Grosvenor. Wentworth is essentially a residential node with middle to up-market freehold dwellings.

 

FEATURES:

Student Accommodation Blocks With UKZN Lease In Place & Re-Development Land

Site Extent: ± 4 828 m² | Gross Annual Income: ± R3.3m | Accommodation for 126 Students within 3 Blocks | Furnished 3 & 4 Sleeper bedrooms | Entertainment Room, Study Room, Student Head Self Contained accommodation, Mangers Office & Laundry | Well maintained | Turnstille entrance, Biometric and CCTV cameras & Electric Fencing | ± 1 500 m² adjacent Re-development land

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