housing project up for sale

AN ENTIRE affordable housing project and an adjacent piece of vacant land in Tokoza township on the East Rand comes under the hammer shortly, courtesy of Park Village Auctions.

AN ENTIRE affordable housing project and an adjacent piece of vacant land in Tokoza township on the East Rand comes under the hammer shortly, courtesy of Park Village Auctions.

Measuring more than 8,6 hectares, the first property contains 246 one- and two-bedroomed social housing units that are now at different stages of completion, together with associated infrastructure and services.

Also to be sold is an adjoining piece of vacant land measuring nearly two hectares, suitable for future development. Improvements estimated at R23million have been made on the properties.

The sale takes place against the background of significant demand for affordable social housing. Park Village Auctions says the properties have real investment potential as rental income generators.

The sale takes place at the Wanderers Club (Champions Boardroom), 21 North Street, Illovo, on Thursday, March 18 at 11am.

Lawrence Wulfsohn of Park Village Auctions, says the company's previous auction experience in the social housing market provides ample support for the view that well conceived and executed projects are in strong demand in a particular segment of the market.

"This is an ideal opportunity for investors in consortium or individually to acquire an asset with considerable income generating potential," he adds.

For details 011-789-4375/6/7 www.parkvillageauctions.co.za

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