Parking garage to be converted into flats.

Posted On Wednesday, 06 November 2002 02:00 Published by
Rate this item
(0 votes)

The owner of a redundant Germiston parking garage is converting it into a block of flats.

Trafalgar Property

Property market commentators say investors are beginning to realise the value in the flat-letting business, compared with other property sectors especially the office market, which has proved to be volatile in recent years.

The East Rand garage is being turned into a 317unit block of flats, to be called Presidents Place, by Germiston Investments.

It is to be managed by Trafalgar Property and Financial Services.

Trafalgar MD Neville Schaefer says the response to the marketing campaign that began in July has been good.

Ninety of these flats have already been let.

Schaefer says demand is driven by the convenient location of the building, which is between the Germiston railway station and all other transport nodes, making commuting to Germiston and Johannesburg's central business districts easy.

He says the letting trend follows that of other Germiston central city blocks, where one-bedroom units are the most popular.

 

The growing list of institutions investing in flats to let will play a big role in addressing the shortage of this type of accommodation, says Schaefer.

'There has been very little new rental stock moving onto the market over the past 10 years, but this is changing.'

He expects the trend of converting commercial buildings into residential units to gain momentum.

Last modified on Saturday, 08 March 2014 10:39

Most Popular

Where is the housing market headed in 2021? Dr Andrew Golding comments

Jan 19, 2021
Andrew_Golding_Golding_PropertyGroup
After the worst economic downturn in decades, further dampened by the recent tightening…

Repo rate remains unchanged at 3.5%

Jan 21, 2021
Governor_Lesetja_Kganyago_SARB1
The Monetary Policy Committee has decided to keep the repo rate unchanged at 3.5% per…

2021 - the year of the great reset

Jan 20, 2021
Yael_Geffen_LGSIR_CEO
Although the pandemic hasn’t yet abated as we had all hoped and 2021 looks to be more of…

There is room for a further repo rate cut, says Dr Andrew Golding

Jan 21, 2021
Andrew_Golding_Golding_PropertyGroup
While a further reduction to the interest rate would have been a bonus for aspirant…

Please publish modules in offcanvas position.