Student Accommodation GOING ON AUCTION IN FERNDALE!

Known as FernRez@363 – The student Accommodation Facility is a private student residence in the heart of Ferndale.

All-inclusive rates are offered for students or young professionals, or those young at heart for lodging stays of 3 months or longer.
The improvements to the property are currently operated as residential rooms that are rented out on a monthly or nightly basis and as student accommodation.

Currently, a mixture of tenants, predominantly students and single people.

On-site there is a restaurant and bar that is currently occupied and run by the landlord.

Previously a tenant was paying R 20.000.00 monthly rent for the restaurant and bar area. Currently, it is owner-occupied.
Located in the older and established suburb of Ferndale, near Randburg CBD, on Main Avenue with easy access to and from surrounding road networks.
Currently, a combination of 32 Beds being single, shared, or mini dormitory, utilized for the most part as Long-Term Lodging.
Plus 10 Beds in backpacker's rooms which are mainly utilized for Nightly Lodging.

The tenants are not allowed to cook in their respective rooms. A communal kitchen and dining area are available. This area is currently housed in a separate thatch-roofed building.

All rooms have their own bathroom and some have balconies. All rooms are non-smoking. On-site facilities accessible to lodgers include a communal kitchenette, laundry facility, wi-fi in all common areas, and on-site security from 18:00 to 06:00 daily with armed response linked to panic buttons.
Meal options can be arranged for lodgers for dinner or breakfast or access to the on-site restaurant or vending machine for a late-night snack.

The main building also has a kitchen and dining area that is for use by the occupants of the rooms.
The property also boasts a “Restaurant and Bar" comprising a fully equipped catering kitchen, a dining area, and a built-in bar, with an outside seating/eating area.
This Bar & Restaurant offers food and alcohol to both tenants and the public alike and is within the scope of the current "Residential 4" zoning, however, the owner will have to produce a "Letter of Consent" from the local municipal authority which states clearly that a "Tavern "may be operated from the subject property.

HIGHLIGHTS:
Coverage: Permissible 50%, which is +/- 877m². Current actual 26.80%, 470m2 developed.
large size "Residential 4" zoned stand
• GLA 833 m2
Income Long-Term Lodging R 106.300.00p/m.
• Income Short-Term Lodging R 32.300.00p/m. +/- (@40% occupancy)
Expenses R 48,510.00p/m
• Net Income R 90.090.00p/m. +/-
Rates and Taxes R 3.311.27p/m.
• Structure: Brick and mortar
Double Storey
• Flat roof profile comprises a waterproof concrete slab and thatch roof for the outbuilding.
External Walls: Plastered and Painted Brick walls
• Internal Walls: Plastered and Painted Brick walls
Floors: Ceramic tiles
• Ceilings: Rhino ceiling panels and reinforced concrete slab
Lighting: Fitted downlights and incandescent lights.
• Glazing: Steel window and aluminum sliding door frames
Condition: The building is in an average, neat, and maintained condition.
• Wi-Fi

De Lux Rooms include Satellite TV, Coffee and Tea Station, and an en-suite bathroom with shower.
The residence is within walking distance from Swiss Hotel School, HTA Culinary Academy, Taalnet College, or join your colleagues in sharing public transport or a Taxify to Damelin College, Vega School of Advertising, the Gautrain Bus Route, Randburg Taxi Rank and Randburg CBD.

Property Address: 361 & 363 Main Avenue, Ferndale.

Auction Details:
Type: OFF-SITE, ONLINE & TELEPHONIC
Auction Venue: Firzt Realty Company, 44 Glenhove Road, Melrose Estate, Johannesburg.
Date: Thursday, 29th February 2024
Time: 12:30 pm.

Registration opens 1hr prior to the start of the Auction.
Special viewings upon request.

For Online or Telephonic Registrations, Auction Rules, and T's & C's, please see our Auctions drop-down tab on our website.