In March, PVA will bring to market 248 fully serviced, residential one and two zoned stands and 120 freestanding homes at Grootvlei Residential Estate in Strubenvale, Springs on Grootvaly Road.
The stands range in size from 394sqm’s to 1220sqm’s and will be auctioned in lots of five. A number of mixed use stands will also be made available at extension 3 of the development.
The homes range in size from 97sqm’s to 216sqm’s, feature up to four bedrooms and sit astride stands measuring up to 1,699sqm’s. The rental income on these properties currently stands at approximately R400 000pm which could conceivably be increased to R550 000pm.
Approval for the development of 99 retirement units and a frail care building has also been granted.
The estate is fully walled and features 24 hour access control, tarred internal roads and driveways, a pool, squash courts and parks.
In terms of the area and surrounds, it will be of interest to investors to know that Springs plays host to a number of large industrial concerns which produce processed metals, chemicals, paper and foodstuffs.
The area’s retail prospects were also boosted of late. Development of an R850m ‘Springs Mall’ got underway in 2014. Upon completion in 2016, the mall will add 52 000sqm’s of mixed retail space to the area and create between 1,200 and 1,500 permanent jobs.
Interestingly, the estate also lies within close reach of the internationally renowned 350 hectare Grootvaly Wetland Reserve which accommodates some 450 bird species and a number of antelope.
According to PVA’s Louise Visagie, a number of the homes are already tenanted. Notably, all of the homes are in good condition. Overall, she says the estate has “fantastic” buy-to-let potential and should not be passed up by those with a taste for such endeavours.
Viewing of the stands and houses can be arranged by appointment. The stands will be auctioned on site on the 11th and 12th of March at 11am. The houses will be auctioned on site on the 18th and 19th of March at 11am.
Caption: PVA is bringing a large collection of stands and homes to market in March
For further information contact Park Village Auctions on (011) 440 6797 or Nic on 083 383 7366 or Louise on 071 500 0760.
Go to www.parkvillageauctions.co.za web reference 6577 and 6576 to view the properties.