DEVELOPMENT land FOR STUDENT ACCOMMODATION IN THE HEART OF HATFIELD
The land is 5120 square meters and is located in the heart of Hatfield, close to Pretoria University and 400m from Gautrain station. It is also in close proximity to the N1 and N4 highways and several other main arterials.
There are a total of 45 rooms at the moment in 4 x houses + 5 x 3 bedroom flats.
The rezoning allows for 6 storeys at a FAR of 1 for 66 units - 5120 square meters of building. This can be increased to an FAR of 2 based on the Hatfield zoning bylaws, allowing for an additional 5120 square meters with a higher unit count. Rezoning was not done to the full potential as the developer wanted to do the project in phases to avoid paying the maximum bulk services.
The building plans and design has been drawn up. The proposed building only uses half of the land (phase 1), but it can be done significantly larger should the developers wish.
There is also an option to purchase an additional 2550 square meter adjacent to this property to optimize your possible investment and development plans for a combined 7600 square meter property.
Executive Summary and Current status:
•Approved Conditions of Establishment
•Bulk service contributions still outstanding of approximately R 2 189 724
•Services Agreement to be entered with Council
•Geotech report to be done prior to construction
•Maximum height allowed of 6 storeys
•Current approval was done on 66 x units to keep the Bulk Contributions down as part of a phased development approach
•The approval is thus based on a FAR of 1 but Council’s approval in the area could include a FAR 2
•Current SDP is based on a new building plus the retention of 2 x existing houses, these homes each accommodate approximately 8 x additional rooms each
•Approval to demolish 2 x other homes has already been obtained to accommodate the new development
•With the right funding the potential is there to convert the 2 remaining homes also into a new 6 storey building.
•Neighbouring properties, although with no current rezoning, could be included as future expansion possibilities. The purchase price of these neighbouring stands can be negotiated on behalf of a Buyer.