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Small Holding For Sale in PRESIDENT PARK

President Park

Property Description

Calling all DEVELOPERS/INVESTORS – Huge potential on Modderfontein Road – 25696m2 – High density at 80 units per hectare allows 200 units to be built – can also subdivide (60% vacant land). New owner to apply for rights. Current rental income (30 units, 24 with en suite showers and toilets & 10 prepaid meters) of R600k pa – with refurbishment rental income would increase to R75k pm or R900pa. Unique residential property being designed and built as a steel structured warehouse so that all brick walls are partitions.Renovations of the existing leisure facilities, the heated indoor swimming pool, sauna, billiard room and tennis court will add significant value to the property. Borehole with two tanks (5000 litres each) supplies about 80 inhabitants with water. An estimate has been obtained to recycle all water for reuse as non-potable water, capital cost would be R1.5m and can be recovered fairly quickly through savings on municipal services. 3 phase Eskom power and able to supply about double existing demand or supplementing with solar power no increased Eskom capacity would be needed. Two huge septic tanks on the property but will cost R150k to join existing municipal sewage pipes. Electric fence on three sides – front portion of property. Paved driveway, garages and carports. Existing road masters plan for the area in place. Close to all amenities, major routes, Gautrain station, Grand Central Airport, Carstenhof Clinic, Midrand Campus, Mosque and brand new Mall of Africa.

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