26 September, 2015

Six investment properties to be auctioned in Port Elizabeth

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Six investment properties will go under the hammer in separate liquidation auctions to be conducted by the Michael James Organisation in Port Elizabeth on 1 October.

In a series of auctions to be held during the course of the morning, five properties that currently serve as student lodgings will be sold separately, says the auction house’s Samantha James. “Each of these properties has a Business 1 zoning and offers excellent rental income potential, in my view.”

 

Three of the student lodges are located in Havelock Street. “7 Havelock Street – also known as Erf 2571 – is a former YMCA building and has 29 bedrooms; 10 Havelock Street – or Erf 2582 – is a hostel with 15 bedrooms; and 12 Havelock Street – Erf 2584 - is a hostel with 24 bedrooms,” James says.

 

The other two properties are situated in Parliament Street and Western Road respectively. “2 Parliament Street - Erf 2578 - is a double-storey building with 35 bedrooms, while 15 Western Road – Erf 4889 – has three levels and comprises 45 bedrooms and two shops.”

 

James adds that all the properties are well situated, and have burglar-proofing and off-street parking.

The three properties located in Havelock Street will be auctioned at 7 Havelock Street, and those located at 2 Parliament Street and 15 Western Road will be auctioned at their respective sites. The auctions will be held between 11am -and 12.30pm on 1 October.

 

Lodging house

 

The last auction, to be held at 2pm on the same day, will feature a multi-storey lodging house named Lavinia Apartments, situated at 2 Lavinia Street, Port Elizabeth.

 

The property has a Business 1 DO2 Boarding/Lodging House zoning, saysRolene Kotze of Michael James Organisation’s Port Elizabeth office.

 

The ground floor comprises 19 bedrooms, 10 bathrooms, four kitchen units, a TV room and a laundry room, she says.

 

The first floor has 32 bedrooms, 10 bathrooms, and seven kitchen units; and the second floor offers 11 bedrooms, four bathrooms and three kitchen units.

 

The building also has a third floor comprising 11 bedrooms, four bathrooms and three kitchen units.

 

Kotze adds that the ground floor has burglar-proofing and the property has biometric access control.

 

“Currently the building has a 50 percent occupancy rate,” she says. “It is accredited by the Nelson Mandela Metro University and is presently allowed to place their students only as occupants. This agreement will end at the end of 2015.”

The property is centrally located and offers both a good rental income and “endless opportunities” in Kotze’s view.

The building is managed by Trafalgar Property Management Pty Ltd, and lease agreements are available on request, she adds.

The auction will be held at 2 Lavinia Street, Northend.

The terms and conditions applying to each of these auctions are that a 10 percent deposit plus auctioneer’s commission will be required on the fall of the hammer, with the balance payable on transfer.

 

The purchasers will also be liable for all arrear rates and taxes in respect of each property, over and above the purchase price.


Further details are available on www.michaeljames.co.za

 

For more information, contact Rolene Kotze of Michael James Organisation’s office in Port Elizabeth on 041 487 3957 or Samantha James in the Cape Town office on 021 851 7007.