APPROVED DEVELOPMENT OPPORTUNITY IN THE FAERIE GLEN AREA
ZONING:
Approved Residential 4
APPROVED LAYOUT:
1.16 x2Bedroom flats of 70.5m2
2.36 x 1Bedroom flats of 30m2
3.12 loft units of 45.5m2
DEVELOPMENT:
The development are approved for 44 flats in a 4-story building with 59 parking bays. Total buildable area: 2434sqm.
The developer has flexibility and the option to change the layout to suit their needs, shifting to a 3-story building with 33 flats for a more upmarket development, which would reduce the bulk services contributions.
INFRASTRUCTURE:
A 250 GB fibre line is already connected to the site.
A borehole, which can be used for the development.
OPTIONS TO BUY:
Option 1:
Seller sell development 100% and walk away. Seller stay in existing building for free (paying W&L) till building plans approved with 1 month notice to vacate. Price is R12m
Option2:
Purchaser put down deposit and make down payment(s) within 12-15 months from when building plans approved. Shares will be issued via lawyer as project matures and limited in time for seller not to lose out if something goes wrong with the developers project. Seller stay in existing building for free (paying W&L) till building plans approved with 1 month notice to vacate. Price is R12m
The price is not VAT applicable, but transfer duty is payable by the purchaser.
Bulk services must be paid and is around R1.4m
Prime location for a residential development.
Faerie Glen is situated close to all amenities and major routes.
Please call me now for more information and a viewing appointment.
