1817 m² Apartment Block For Sale in Menlyn

LOCATION:
The Property is located in the De Beers township, on the border of Menlyn, in Pretoria. Menlyn is a sought-after commercial and retail node approximately 5 kilometres southeast of the Pretoria CBD. The N1 highway runs west of the Property, which connects Pretoria to Johannesburg. Garsfontein Road runs along the northeast, from which access to the Subject Property is granted. Surrounding real estate uses include office, retail and middle-income level residential property. Menlyn Park Shopping Centre is located directly opposite the Property.

SPECIAL ZONING:
Permitted uses include; Offices, Business Buildings, Dwelling-units, Places of Refreshment, Motor Dealerships, Showrooms, High Technological Research, Development, Production and ancillary uses thereto.

VALUATION CALCULATIONS:
Evidence within the Menlyn Maine area confirms that land prices (actual sales) are among the highest in Pretoria, ranging from R4,000 per m2 to R7,000 per m2 for business/commercial use. We have had regard to the following transactional evidence within the Menlyn Maine Mixed-Use complex when determining the appropriate sales rate to apply. The sales above indicate the market trends for vacant land within the vicinity of the Subject Property. We have also spoken to brokers operating in the Menlyn node to get their view on the state of the market and achievable rates for vacant and development sites. It must be noted that the accurate market related pricing of properties is essential, with overpriced properties remaining on the market for extended periods.

Based on the above comparables and our research, considering the Subject Property's size, the previous offer to purchase and the period it has been available for sale, we have applied a market (or bulk) selling rate of R4 000 per m2, to the developable land. Based on the potential uses of this site, we have considered the existing land uses in the scheme and surrounding areas and assessed a development site area of 50% totalling 5552m2.
Based on the information provided, that R24 354 147 has already been spent on the beginning of the development of basement parking on the site, including floor and retaining walls, we have determined that the developable land value is R 46 560 000.