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Parking garage to be converted into flats.

Posted On Wednesday, 06 November 2002 02:00 Published by
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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
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