RESIDENTIAL DEVELOPMENT STILL ON THE RISE

Despite increasing interest rates, electricity and water constrains and a high level of crime, the demand for affordable residential property is still strong, says Rainer Stenzhorn of In2assets, the well-known property company in Durban.

RESIDENTIAL DEVELOPMENT STILL ON THE RISE

Despite increasing interest rates, electricity and water constrains and a high level of crime, the demand for affordable residential property is still strong, says Rainer Stenzhorn of In2assets, the well-known property company in Durban.

This statement is supported by recently published new developments in Durban North, Westville and the upper Highway, where off-plan units have been selling within a couple of days of entering the market.

Specifically, the Hillcrest and Waterfall area seem to have the most activity when it comes to new residential developments. More and more tenants have chosen to become property owners themselves and many “down scalers” find new developments with smaller units more manageable than large free hold properties with large gardens and pools. Security seems to be the number one motivational factor for new property owners to move into gated estates explained Stenzhorn further.

One of the most significant hurdles that the market is facing, is the availability of the right development property within the right area at the right price. Therefore, In2assets is proud to showcase such development property as part of their monthly commercial property auction in April 2017.

This specific property is 10316m2 in extent and is zoned for 20 units per ha. The significant advantage for a developer is that the property is fully walled with a gradient ideal for multi-unit development.

Currently the property has a residential home together with 5 cottages that generate an income of approximately  R 240 k per annum.  This is ideal for a developer because whilst development takes place, the property still generates some income.

The property is well located near the Waterfall Industrial Area, Cotswold Downs Golf course and the new Watercrest Mall in Waterfall and also offers the opportunity for an investor to develop a residential rental pool which meets the high demand for rental stock with in the area, ends Stenzhorn.

The auction takes place at the Durban Country Club on the 20 of April 11h00. Further enquiries can be addressed with Rainer Stenzhorn Cell 0823211135 or rstenzhorn@telkomsa.net

 

Posted by In2Assets