Commercial for sale at 405 And 408 Rietfontein Street
Vibrant urban living minutes from universities, hospitals and Jacaranda Mall, offering secure communal life with a garden and adjacent municipal park — 142 apartments with 150 parking spaces.
EXCLUSIVE SOLE MANDATE
INCREDIBLE INVESTMENT OPPORTUNITY!
3 X FULL TITLE BUILDINGS
2 X TITLE DEEDS
EXECUTIVE SUMMARY
3 X Full title building in RIETFONTEIN PRETORIA which consist of 142 apartments and 150 parkings/garages.
Currently let to working tenants with families.
High potential for Student Accommodation with a very close proximity to Universities like TUT, UP, TVET and Steve Biko Hospital for SMU Students. Buildings are in VERY GOOD condition and in a safe area close to amenities like schools, shopping centres, place of religion and transport nodes.
PRICE
Asking price is R84 000 000,00 negotiable.
Estimated replacement cost: R180 000 000.00
Respond to receive the full investment pack with a breakdown of the income and expenses.
Total Gross Income: R10 640 000.00
LOCATION
Located in RIETFONTEIN - east of Gezina towards Montana.
Close to the following amenities:
Medical facilities – walking distance to hospitals, clinics and medical facilities.
Educational facilities – primary and secondary schools, Universities and Colleges
Shopping facilities – 500m
Religious facilities – 300m
Transport facilities – Gautrain, taxi ranks, Bus Rapid Transit station
Fuel stations – 200m
Landmarks - Opposite the newly revamped Jacaranda Shopping Center.
ENTITY
Property is registered in A COMPANY.
The company is NOT for sale as a share Transfer.
The company is NOT registered for VAT.
TRANSFER DUTY IS PAYABLE.
SPECIFICATIONS
AGE OF THE BUILDING: 30 Years
CONDITION: Building is well maintained. Apartment interior upgraded and renovated before any new tenants move in.
NET LETTABLE AREA: 9 586m2 (excluding garages, common areas and walkways)
TOTAL ERF SIZE: 7 700M2
APARTMENT MIX:
142 x Apartments in total.
Each apartment has a kitchen, stove, geyser, bedroom/s with built in cupboards, bathroom, open plan dining area and lounge.
- 30 x Bachelors (43m2)
- 78 x 1.5 Bedrooms (70m2)
- 24 x 2 Bedrooms (83m2)
- 10 x 2.5 Bedrooms (85m2)
LEVELS: Ground floor + 6 Residential floors.
PARKING:
- 28 x Lock up Garages
- 118 x Under cover parkings
- 5 x Open parkings
TENANT MIX: Currently leased to normal working-class tenants, mostly families.
ZONING: Res 4
ASSETS: A stove in each apartment is included. No other assets are included.
HERITAGE: Not subject to PHRA-G as the building age is below 60 years.
If a property is older than 60 years, it is subject to Section 34 of the National Heritage Resources Act. A permit from the relevant provincial heritage authority must be obtained for any renovations, demolition and alterations. The municipality will not approve plans without the PHRA-G consent.
BUILDING PLANS: Approved Tshwane plans are available.
VACANCIES: Currently fully occupied with no vacancies. When a tenant relocates, the owner upgrades the apartment and lets it the following month. Tenant waiting list secured for this building. High rental demand.
FEATURES AND FACILITIES:
- Caretaker apartment with bathroom, kitchen, lounge and bedroom
- Reception area and counter
- Office and storeroom
- Dustbin storage area
- 5 000 litre Water tanks on the roof
- Washing line area
- Certified Fire Equipment
- 2 x Vehicle Entrances and 2 Pedestrian Entrance
- Biometric Access Control with security counter
- Slam lock gates at each front door
- CCTV Camera Surveillance on ground floor
- Electricity prepaid meters for each apartment and one for common area
- Garden area with massive municipal park next to 3rd building
- 3 x Schindler Lifts and emergency fire escape staircases
FINANCES
An income and expenses statement will be provided to successful buyers during their due diligence.
General Monthly Expenses
- Waste Removal
- Lift Service
- Maintenance, plumbing, pest control, electrical, roof repairs, paint, geyser, gardening, cleaning, etc.
- Caretaker/Cleaner salary
- Property Management
- Building Insurance
- Bond repayment and bank charges
- Municipal costs (rates, water, electricity, sewer and refuge)
- Electricity consumption in common area (tenants pay own consumption)
- Security
CAPITAL EXPENDITURE ITEMS (CGT deductable)
- Solar, Hot-water Boiler and Borehole Installation
- Building extensions
- Major refurbishments
- Lift replacements
- New security system
UPSIDE
1. Student Accommodation (Private and NSFAS)
The location of this building allows for a Student Accommodation Opportunity.
Conservatively calculated, 100 student beds will fit. Estimated cost for conversion, amount to R10 000.00 per bed.
On A-Grade buildings, NSFAS pays R52 000.00 per student per annum in 2026.
For a full analysis and scope on Student Accommodation, please request from broker.
2. The living areas can be partitioned to create an additional bedroom. This would increase the rent with +-20%.
3. AIR BNB
Short Term Leasing is a great opportunity with buildings close to Transport Nodes and important amenities.
4. Cell phone Tower leasing options.
5. Outdoor Advertising opportunities.
6. Solar PV System,(immediately deductible under Section 12B) Central hot-water Boiler system and Borehole with pumps. The Boiler and Borehole would be claimed over time as a Capital Expense.
This not only save costs on water and electricity, but retains tenants, creates a higher demand, less vacancies with higher income and ultimately increases the value of the property.
BROKER BACKGROUND
Started in the industry in 2004, we are a niche brokerage that assist entrepreneurs to start successful and steadily build their income generating property portfolios.
We specialize in inner-city investment stock consisting mainly of blocks of residential apartments, development land, student accommodation and mixed-use buildings in Sunnyside, Arcadia, Pretoria CBD, Silverton, Pretoria West and Hatfield.
We assist entrepreneurs and existing investors not only to acquire buildings, but also to obtain finance, an effective due diligence support, preparation for NSFAS/University accreditation, BOQ, Conversion into student accommodation and sourcing property management.
DISCLAIMER:
We made every effort to ensure the accuracy of the information on this property at the time of listing. It is advised that the purchaser does a thorough due diligence to verify the information.
Should any cost or detail change, the broker cannot be held liable for any omissions, errors or differences.
Listed for sale at R84,000,000
Rietfontein is a well-established, centrally located residential suburb in Pretoria that offers residents a quiet, family-friendly atmosphere with convenient access to major amenities and key transport routes.
