Web Ref CL7077
R12,500,000
90 & 94 UMGUDULU ROAD
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1,527m² Vacant Land For Sale in Reservoir Hills
VALUABLE VACANT ZONED LAND FOR DEVELOPMENT
Herewith a Greenfield development opportunity, that offers two great development opportunities.
** PRIME STUDENT ACCOMMODATION DEVELOPMENT OPPORTUNITY -
UKZN Westville Campus Development Land
** AFFORDABLE SECTIONAL TITLE APARTMENT DEVELOPMENT OPPORTUNITY
_______________________________________________________________________
SITE LOCATION & SURROUNDING DEVELOPMENT
This valuable site is situated only 500 meters from the UKZN entrance gate, UKZN Westville Campus, making it a prized investment acquisition.
The arial plan attached in the photos, shows the locality and position and the specific municipal zoning of the surrounding properties, in relation to the development site and the UKZN Campus.
Please note that the “informal houses” that are near this site, are more than 1 kilometre away from the property and importantly, it is the cities intention to change this “mango plantation” settlement, into a social housing project, as part of the clean-up of the areas’ inhabitants, who have been living there for over 30 years. There is also bush and a buffer row of residential properties between the “shack dwellers" and the development site.
The housing across the road and up the hill, from the development site, has been established there for many years and in fact, there is also a portion directly across the road from the development site, that has already been developed for and is currently operating as, student accommodation.
The vacant land that is closer to and alongside the varsity campus, is actually owned by the UKZN and has specifically been zoned for non-residential purposes. Parts of these two sites are also specified as “demos", so it can never be built upon, due to indigenous grasses and local flora.
_______________________________________________________________________
This prime development site, has been consolidated and zoned for student accommodation as follows :
• The application to re-zone the 2 properties zoning to GR4 from GR3, was submitted on the 19th September and approved and minuted on the 29th January, 2020.
• GR2 zoning was approved on 6th February, 2020.
• Consolidation of the two sites was granted and approved on the 11th February, 2020.
• Additional draft paperwork for the prime student accommodation development property, is available on request from sellers.
• Key financial assumptions available in attached Powerpoint presentation
• Draft plans approved for accommodation for 528 students.
• Annualized Income Projection : R19,218,684
Development site price : R12,5 million (NB. I do believe that this price may be slightly negotiable)
_______________________________________________________________________
In summary, the latest updated information on this re-zoned and consolidated GR2, UKZN Westville, development and building opportunity is as follows :
• Developer can build high density low income residential housing, student housing, retirement, with ground floor retail section.
• No limit on the number of units
• No limit on the minimum size of the unit.
• No height restriction
• Services to the site.
• Site area 3818
• Bulk 1,6 totalling 6108m2
• Coverage 40%, so floor plate maximum is 1527m2, estimated 500 plus, students
• Additional coverage of 10% to be utilized for parking, so the maximum floor plate will be 1909m2
• Original Draft plans already in place for GR4 & GR3 development.
• 500 m from UKZN Westville campus.
• Certificates from university.
_______________________________________________________________________
Should you wish to explore this opportunity further, I will be able to supply you with the following information for your perusal and scrutiny:
1. Site Location Maps x 2 - relative to UKZN Westville Campus
2. Power Point Presentation of The “ACRES Student Homes” Opportunity with the old zoning of GR3 & GR4 - (NB. Now changed to GR2 zoning, so will need to be looked at again as more options available now as GR2 )
3. Current Zoning - GR2 building controls – this is fundamentally changed the opportunity on the Site
4. Site Commentary - Strategic planning comment regarding desirability of Site location, for Student housing.
5. Site Consolidation Decision Notice
6. Plan of Site Location relative to surrounding development and land allocations
7. Detailed land survey
8. A sheet from the Powerpoint presentation on the property, with the information outlining the demand for student accommodation in UKZN.
_______________________________________________________________________
Herewith a Greenfield development opportunity, that offers two great development opportunities.
** PRIME STUDENT ACCOMMODATION DEVELOPMENT OPPORTUNITY -
UKZN Westville Campus Development Land
** AFFORDABLE SECTIONAL TITLE APARTMENT DEVELOPMENT OPPORTUNITY
_______________________________________________________________________
SITE LOCATION & SURROUNDING DEVELOPMENT
This valuable site is situated only 500 meters from the UKZN entrance gate, UKZN Westville Campus, making it a prized investment acquisition.
The arial plan attached in the photos, shows the locality and position and the specific municipal zoning of the surrounding properties, in relation to the development site and the UKZN Campus.
Please note that the “informal houses” that are near this site, are more than 1 kilometre away from the property and importantly, it is the cities intention to change this “mango plantation” settlement, into a social housing project, as part of the clean-up of the areas’ inhabitants, who have been living there for over 30 years. There is also bush and a buffer row of residential properties between the “shack dwellers" and the development site.
The housing across the road and up the hill, from the development site, has been established there for many years and in fact, there is also a portion directly across the road from the development site, that has already been developed for and is currently operating as, student accommodation.
The vacant land that is closer to and alongside the varsity campus, is actually owned by the UKZN and has specifically been zoned for non-residential purposes. Parts of these two sites are also specified as “demos", so it can never be built upon, due to indigenous grasses and local flora.
_______________________________________________________________________
This prime development site, has been consolidated and zoned for student accommodation as follows :
• The application to re-zone the 2 properties zoning to GR4 from GR3, was submitted on the 19th September and approved and minuted on the 29th January, 2020.
• GR2 zoning was approved on 6th February, 2020.
• Consolidation of the two sites was granted and approved on the 11th February, 2020.
• Additional draft paperwork for the prime student accommodation development property, is available on request from sellers.
• Key financial assumptions available in attached Powerpoint presentation
• Draft plans approved for accommodation for 528 students.
• Annualized Income Projection : R19,218,684
Development site price : R12,5 million (NB. I do believe that this price may be slightly negotiable)
_______________________________________________________________________
In summary, the latest updated information on this re-zoned and consolidated GR2, UKZN Westville, development and building opportunity is as follows :
• Developer can build high density low income residential housing, student housing, retirement, with ground floor retail section.
• No limit on the number of units
• No limit on the minimum size of the unit.
• No height restriction
• Services to the site.
• Site area 3818
• Bulk 1,6 totalling 6108m2
• Coverage 40%, so floor plate maximum is 1527m2, estimated 500 plus, students
• Additional coverage of 10% to be utilized for parking, so the maximum floor plate will be 1909m2
• Original Draft plans already in place for GR4 & GR3 development.
• 500 m from UKZN Westville campus.
• Certificates from university.
_______________________________________________________________________
Should you wish to explore this opportunity further, I will be able to supply you with the following information for your perusal and scrutiny:
1. Site Location Maps x 2 - relative to UKZN Westville Campus
2. Power Point Presentation of The “ACRES Student Homes” Opportunity with the old zoning of GR3 & GR4 - (NB. Now changed to GR2 zoning, so will need to be looked at again as more options available now as GR2 )
3. Current Zoning - GR2 building controls – this is fundamentally changed the opportunity on the Site
4. Site Commentary - Strategic planning comment regarding desirability of Site location, for Student housing.
5. Site Consolidation Decision Notice
6. Plan of Site Location relative to surrounding development and land allocations
7. Detailed land survey
8. A sheet from the Powerpoint presentation on the property, with the information outlining the demand for student accommodation in UKZN.
_______________________________________________________________________
