Description

This 1.5 apartment (+- 60m2)  is located in the art deco building called Victoria Mansions, opposite the entrance to the harbours yacht maul.  The large living area has been separated by cupboards to make a recess of bedroom area. By putting in a dry wall and door would enhance the value and rental returns. Decent size separate kitchen and bathroom.   24 Hour security with strict access. There is a live in, hands on building supervisor with an active Body Corporate. This is a Share Block building – so the purchaser will either pay cash or bond it with Nedbank who will require a 33% deposit. There is pre-paid electrical and water meter installed in each flat in the building. A brand new lift has been installed. Parking can be rented directly next door at the parking arcade. The monthly rates is included in the levy amount of R2250.

Why I think this is a good deal

Although a Share Block building requires a little more money up front than Sectional Title buildings they are generally better well run. One should expect good capital growth all along the Victoria Embankment due to the plans for this area overlooking the harbour and marina. (Showing confidence in this - Durban’s renown 9^th Avenue Bristo has moved from Morningside and reopened as 9^th Ave Waterside). It is important to look at the bigger picture of what is happening in certain nodes throughout the City and not just the numbers. The apartment is a 1.5 bedroom and the half bedroom is already being used as a 2^nd bedroom. By formally separating it from the lounge the rental could be increased to R5500 – R5800 a month. The Body Corporate interview tenants wishing to move in to make sure they have read and understand the building rules and this maintains the high standards, stops overcrowding, noise levels and quality of the building.

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