Well Maintained Hillbrow Apartment Block For Sale

Located right on the border of Parktown with access to Empire Road, Vickers Place is surrounded by restaurants, bars, and cafes. The area shows growing demand for affordable housing solutions in the city making this completed redevelopment scheme an exceptional investment opportunity.
Recently refurbished, this block of 154 units is fully tenanted and offers attractive yields inclusive of property management fees. There are options to unlock further value by converting all 90 one-bedroom units into two-bedroom units or splitting them into two units. There is also potential to convert the ground floor into retail space. This property is also suitable for SHRA conversions.
Features:
90 One Bedroom Units, 64 Bachelor Units, 51 Parking Bays, 1 Storeroom
Annual Income: R7, 601, 713.24
Annual Expenses: R3, 750, 903.27
Net Annual Income: R3, 850, 809.97
Purchase Price: R33, 000, 000
Yield = 11.67%
Deposit: 10% refundable deposit payable within 7 (calendar) days of signature, into conveyancer’s trust account
Due Diligence: 30 (calendar) days for due diligence (DD)
Finance: To run concurrently with DD

BEREA
Berea is an inner city neighbourhood of Johannesburg, in the South African province of Gauteng. It is east and adjacent to the Johannesburg CBD.
It is located in between Yeoville and Hillbrow to the east and west respectively. It is notorious for high levels of crime and population density. Barnato Park High School is located in the neighbourhood
The suburb is situated on part of an old Witwatersrand farm called Doornfontein. It was established in 1893 and is named after Berea, Durban.
A small central section of Berea is Johannesburg's first residential city improvement district (CID). Since mid-2006 crime in Berea has dropped between 70 and 80 percent.