60 Bedroom Apartment Block For Sale in Lynnwood

R8,000,000

Monthly Bond Repayment R81,218.32
Calculated over 20 years at 10.75% with no deposit.

Web Ref No RL46794

DEVELOPMENT LAND FOR SALE

Exceptional development land is now available for sale in the sought-after gated community of Lynnwood Ridge. Conveniently located within walking distance of Lynnridge Mall and Gift Acres shopping center, this prime property is also in close proximity to The Wilgers Hospital and The Grove Mall. Families will appreciate the nearby excellent schools and the ease of access to major highways.

The asking price of R8,000,000 encompasses TWO residential stands, which have been approved for development as a single stand with a total area of approximately 2,977m². Currently, both original houses on each stand are occupied by tenants, providing a steady rental income until development can begin.

Zoning details: Res 4, allowing for 101 units per hectare, totaling 30 units.

Bulk contributions (as calculated in September 2022) are as follows:
- Water: R139,176.45 (VAT inclusive, 15%)
- Sanitation: R234,750.42 (VAT inclusive, 15%)
- Electricity: R399,307.90 (VAT inclusive, 15%)
- Roads and stormwater: R167,441.61 (VAT inclusive, 15%)

For additional information, please reach out to Marius.