WORDS: DEBBIE HATHWAY :: PHOTOS: SUPPLIED
Grow your property portfolio by bidding on a landmark Greenside retail property, development land or purpose-built student accommodation later this month.
A wide-ranging array of commercial and residential properties, including student accommodation, development land, tenanted flats, and a major retail site, will be auctioned at Auction Inc in Houghton, Johannesburg, starting at 11am on 24 May 2023. Due to the persistent national shortage of affordable and secure housing, there is expected to be high demand for the properties on offer, leading to a brisk and competitive bidding process.
Joff van Reenen is the lead auctioneer. He has a wealth of expertise in real estate and is highly respected by prominent property investors, portfolio fund managers, corporates, and financial institutions. His impressive track record of accurately assessing the market and achieving maximum value for clients’ assets on the auction platform has earned him widespread acclaim.
The 15 lots include two purpose-built properties in Brixton and New Doornfontein and one in Auckland Park, currently operating as a guesthouse. All three facilities are a short walk from the University of Johannesburg (UJ) and Wits Campus. Two of them are accredited by the National Student Financial Aid Scheme (NSFAS).
GOLDEN OPPORTUNITY
According to Ari Ben, CEO of Auction Inc, the student accommodation market is thriving, driven by a severe nationwide shortage of available beds. “There is a significant demand for affordable and convenient student housing, particularly in central and safe locations close to restaurants, bars, and educational institutions. This demand comes from students seeking long-term leases and savvy investors looking for solid investment opportunities,” he says.
The flagship asset (2,311m²), valued around R20m in the popular area of New Doornfontein, is a top-end NSFAS-accredited facility. This newly renovated property worth R20m offers an excellent investment opportunity in the heart of Johannesburg’s student accommodation market. The property is within walking distance of university campuses and next to a taxi rank, offering immediate transport access and added safety for its residents. It features 64 well-maintained rooms and 128 beds, providing shared access to entertainment areas, communal ablution facilities, washing rooms, and kitchens on each floor. The property also boasts top-of-the-range security measures, including access control and surveillance, ensuring peace of mind for students and investors alike. “With its prime location and impressive cash flow, this property is a must-see for anyone interested in the thriving student accommodation market,” says Ben.
UNTAPPED AUCKLAND PARK
Meanwhile, the Auckland Park (erf size 1,628m²; gross building area 730m²) lot comprises two adjacent properties with various potential uses. It is in a quiet, sought-after location, about 1km from UJ and within walking distance of lively 7th Street in Melville. The first property is a well-established guest house with 11 spacious en suite bedrooms, a laundry room, and a professional kitchen. The guest house also boasts a large conservatory with a cosy lounge area, a powerful fireplace, and a dining area that can accommodate up to 14 people. The property is equipped with energy-efficient lights, appliances, and heaters and is powered by a 10KVA inverter with 20 solar panels, which provides sufficient electricity.
The second property includes five bedrooms, four bathrooms, and a sizable cottage with two additional en suite bedrooms and an open-plan kitchen, dining, and lounge area. Both properties run on City Gas and gas geysers. According to Ben, there is significant untapped potential in these properties. The cottage alone generates between R14,000 to R29,000 per month, making this a turnkey operation ideal for executive student accommodation. It can also be repurposed as a step-down facility, care and therapy centre, or adapted for mid-to-long-term rentals or AirBnB.
BRIXTON GEM
At the entry-level, valued around R3m, the Brixton property (495m²) is NSFAS-accredited and fully operational. Brixton is a vibrant multicultural suburb with trendy restaurants, lively bars, and beautiful parks. The property is an excellent option for students looking for safe, comfortable, and affordable housing during their studies.
Less than 2km from UJ and 3km to the Wits campus, this property comprises two freestanding communes with 14 rooms, of which 10 beds are accredited. The building also features common areas for socialising and a shared kitchen and laundry facilities and is being sold with all furnishing and fittings.
GREENSIDE LANDMARK
Greenside is an affluent, trendy suburb with an eclectic mix of offerings, including vegan cafés, artisanal bakeries, vintage clothing stores, art galleries, restaurants and boutiques. Landmark buildings in the area include the Greenside synagogue, an important cultural and religious centre for the community for over a century.
Another landmark building is the three-storey retail site (around 1 500m²) on Gleneagles Road, which will go under the hammer at the upcoming auction. The centre has been well maintained to preserve its historic appeal. It is close to Netcare Rosebank Hospital, De La Salle Holy Cross College Junior School, Greenside High School, Village Green Shopping Centre and Emmarentia bus stop. The diverse tenant mix, with long-term rentals concluded with MTN and Altar Bar, includes the 7 Sins Barber Shop, Sneaker Box, Ohana Studios and a podcast studio, among others. Investors looking to expand their portfolio will be interested in the potential for further development.
“Our last auction was a great success, with more than 150 people attending. Bidding was robust, with our top lot of an office block in Houghton knocked down for R17m. We expect bidding at the next event to be just as intense,” says Ben.
The auction will be held on location at Masingita House, 41 West Street, Houghton,
on Wednesday, 24 May 2023, at 11am.
Bid on-site or via telephone.
Visit auctioninc.co.za for more information.
