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Please consider the environment before printing this Property |
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Once-in-a lifetime student accommodation conversion in Cape Town
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for sale
private treaty
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Location
Summary
- Ex-Damelin facility now for sale with vacant occupation
- 3,102 sqm GLA, set on approx. 5,600 sqm combined erven in Mowbray, Cape Town
- Perfect student accommodation/residential conversion opportunity
- Well situated and secured in a strategic location that captures the student population within the node and surrounding areas
- Property enjoys easy access to major freeways such as the N2, M5 and M13
Situation
The property is located in Mowbray, which is a popular southern suburb of Cape Town. Mowbray is situated at the junction of several Cape Town highways. The area is bounded on the west by the M13 freeway and to the north by the N2 freeway and to the east by the M5 freeway.
The Liesbeeck River flows from south to north through Mowbray and separates the suburb into two distinct sections. The western section lies on the lower slopes of Devil’s Peak, and contains most of the commercial development in the suburb. The property is located in this section. The eastern section, known as “Little Mowbray”, lies on the low hill between the Liesbeeck and Black Rivers and is mostly residential.
From a public transport perspective, Mowbray is served by a station on the Metrorail Southern Suburbs railway line. Next to the station is a large Golden Arrow bus station with routes running throughout Cape Town, and a minibus taxi rank and UCT’s Jammie Shuttle has stops close to the campus.
Description
The property is situated on the corner of Liesbeek Parkway and Durban Road. Durban Road links the M3 and M5 highways while Liesbeek Parkway links the property to the N2, making the site easily accessible. The property has excellent street frontage onto the busy Liesbeek Parkway and convenient parking in an area where bulk of this size is in high demand.
The property is situated close to a CPUT campus, UCT’s campuses, a number of schools, office parks and high street retail. Mowbray is also one of Cape Town’s most desirable residential suburbs for young professionals and students.
The site is improved with a two-storey main building and a separate residential single storey house, previously used as a sound studio and coffee kiosk.
The main building, which has been completely renovated, is of brick construction, plastered and painted, with concrete floors and sheet roof. Part of the building was previously used as a gym and has high open ceilings. The building comprises lecture rooms and staff offices.
The old dwelling house, previously used as a tuck shop, is constructed with brick and has a pitched tile roof.
There is a large tarmac open parking area providing 113 bays.
Zoning and Title Deed Information
Title Deed Information
- Erven: 167349 Cape Town (in extent: 5,130 sqm) and 28924 Cape Town (in extent: 486 sqm)
- Tenure: Freehold
- Registered Owner: Government Employees Pension Fund
- Title Deed number: T45190/2011
- Local Authority: City of Cape Town
Zoning Information
- Erf 167349 Cape Town
- Zoning: Community 1
- F.A.R: 0.8
- Coverage: 60%
- Height: 12m
- Building lines: Street Boundary 5m, Common boundary 5m
- Parking: 0.4 bays per student, plus 1 bay per classroom
- Erf 28924 Cape Town
- Zoning: General Residential 4
- F.A.R: 1.5
- Coverage: 60%
- Height: 12m
- Building lines: Street Boundary 4.5m, Common boundary 4.5 m or 0.6H (0.0m up to 15.0m height for 18.0m from street); 15.0m above 25.0m height
- Parking: 0.4 bays per student, plus 1 bay per classroom
Rentable Areas
| Use | Size (sqm) / Bays |
| Previously Education/Private University | 3,102 |
| Open Parking Bays | 113 |
Tenancy
The property is 100% vacant.
Forecasted Monthly Rates and Taxes
| Erf 167349 Cape Town | R37,459 |
| Erf 28924 Cape Town | R3,072 |
VAT
The Seller has been registered for VAT (Value Added Tax). It is intended that the sale will be treated as a transfer of a going concern, provided that the purchaser is registered for VAT and the requirements for going concern are met in terms of the VAT Act, No. 89 of 1991.
Sales Process
This property is being sold by way of a single stage open private treaty process.
Interested parties are requested to notify us of their interest to purchase the property in writing to the email addresses of the agents provided herein. To investigate the opportunity in greater detail interested parties will also be expected to submit and conclude the Seller’s Standard Non-Disclosure Agreement (“NDA”) – available under the Downloads tab.
The NDA must be completed if the purchasers want access to a comprehensive due diligence data room. In the data room bidders will gain access to:
• A comprehensive Open Private Treaty Process Letter (setting how offers must be submitted);
• Property specific due diligence information; and
• A template sale and purchase agreement.
Bids will be accessed on three main criteria:
• Price;
• Ability to perform / track record & proof of funds; and
• Conditionality (i.e. speed of performance).
Disclaimer
The website provides information about properties but does not guarantee its accuracy. Users access the site at their own risk and should seek professional advice before making any decisions based on the information provided. Property descriptions are general and do not constitute an offer or contract. All details are believed to be correct but should be verified by users. The company and its employees do not make any representations or warranties regarding the properties. Prices quoted are exclusive of taxes. The information on the website may contain errors, omissions, or may change without notice. Users should conduct their own investigations before making any investment decisions. The information provided should not be considered financial or investment advice. Any information given by the company or the vendor is for illustration purposes only and does not constitute a representation, condition, or warranty. Users are responsible for conducting their own due diligence to verify the accuracy of the information provided.
Contacts
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CBRE Excellerate
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Joint Agency
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Disclaimer
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