A Rare Opportunity Incomplete Residential Development
An exceptional chance to secure a prime property in one of Parkmore’s most sought-after suburbs ideal for completing into your dream home or finishing as a high-demand rental investment.
Property Highlights:
Erf Size: 408m2
Plans & Sectional Diagram: Fully in place
Development Status: First phase completed
Completed First-Phase Layout:
1 Bedroom with built-in cupboards
En-suite Bathroom featuring a walk-in shower, vanity, and separate toilet
Open-Plan Kitchen with wrap-around cabinetry, gas hob, electric oven, and an eat-in centre island
Spacious Living Area flowing from the kitchen, designed for modern, open living
A rare find in an upmarket location perfect for buyers seeking a value-add project with excellent potential
Construction
The extensions and structural works undertaken were completed by our Design and Construction division together.
The property currently has separate sewer and electrical connections.
Potential Development Opportunity :
A development concept has been prepared for the property to create:
A 3-bedroom main house
A 2-bedroom cottage
A 1-bedroom studio unit
This is allowable in terms of Johannesburg’s updated town planning regulations.
The existing/older section of the property can be rented out immediately
Steps Required to Complete
Enter a new sale agreement with a buyer on a voetstoots basis.
Transfer the property to the new buyer.
Buyer to apply for building line relaxation
Cost: approx. R10 000
Buyer to submit building plan approval for Phase 1
Cost: approx. R15 000
Buyer to complete Phase 1 construction
Cost: approx. R150 000
Apply for an Occupancy Certificate for the new building section
Requires new COC’s for electricity and gas
Once completed, the newly built section can be rented out for approx. R12 500 per month
Once development is completed, the property becomes a three-unit rental scheme with strong income potential, making it an excellent investment opportunity.
