For Sale   >   South Africa Flag  South Africa   >  Western Cape  >  City Of Cape Town  >  Gardens

R3,885,000  Development Cape Town

Map Street View Save
close map
  • R3,885,000
    •
    CHECK IF AVAILABLE
    CHECK IF AVAILABLE
  • Development
  • For Sale 
  • Gardens
  • south africa Flag South Africa
The property is part of an property development company (Pty)Ltd , which is registered in South Africa.
It is part of a previous sectional title development and are the remaining property in the company.
The property consist of for Storerooms with their own separate tile deeds, which are registered in the
Cape Two Deeds, Office in Cape Town.
Original Company registration forms and original title deeds are available.
Currently there is an dispute regarding the right of the Development Company to have ownership of these
titles.
This is an issue that the future owner of the development needs to take further legally.
The offer is for the sale of the development company as is .
The total land space of the four sections is 259 square meters which consist of the entire bottom section
of an building in Gardens , Cape Town.
The land is zoned as General Residential G3, which means that residential flat units could be applied for
at the Local Cape Town Municipality which have indicated in the past that they would be approve more
development in Cape Town seeing that is falls within their policy building more accommodation in Cape Town.
Plans would have to be approved by the Body Corporate of the building failing which the developer
would need to apply at the Cape Town High Court for the approval of the rights to such plans.
Conservatively the selling price per square meter for sectional title units in the area would start at R 30
000 per meter.
There would not be transfer duty on the transfer of the units seeing that the purchaser would take
transfer of the shares of the development company and would register as new director of the company.
In addition the company has financial benefits from previous expenses on the company books.
I would look at selling the complete company or if the a buyer wants to buy in as partner company shares
and finance the further legal process for the development rights of the units.
More information can be send on request. Market annalist by Cape Town based real estate company,
Seeff.
The property is part of an property development company (Pty)Ltd , which is registered in South Africa.
It is part of a previous sectional title development and are the remaining property in the company.
The property consist of for Storerooms with their own separate tile deeds, which are registered in the
Cape Two Deeds, Office in Cape Tow...
View more
CHECK IF AVAILABLE
Get Alerts