Characteristic and charming, Rawson predicts a a possible good rental opportunity for buyers.
The ongoing upgrading of the Cape Town CBD’s peripheral suburbs has been especially noticeable in Woodstock and old properties that have often been inadequately maintained over a long period are now much in demand for redevelopment into both residential and retail units.
Tanya Jovanovski, the franchisee for Rawson Auctions Western Cape, is bringing to the market a 103 m2 home in Woodstock’s Gympie Street that, she says, is particularly well suited to an upgrading as the home has much character and charm. The front low walled stoep is roofed with a voordak and backed by an ornate balustrade and a small oval gable, giving the whole complex an instantly recognizable Edwardian atmosphere.
The home has three bedrooms, a living room, a dining room and a kitchen. This configuration, Jovanovski points out, makes it ideal as student accommodation and the property’s position, only 7 km or 8 km from UCT and even closer to Groote Schuur, also makes it highly suitable for this purpose. Once improvements have been made, Jovanovski predicts that the home could command a rental of at least R7,500 per month.
The auction will take place at 12 noon on 24th June and the venue will be the Rawson Property Group’s head office at 222 Main Road, Rondebosch. As this is a silent auction, bidders are asked to submit their bids to the Rawson Auctions office.
Jovanovski has set a reserve of R450,000 which she believes is in the right ball park for this property.
Rawson Auctions’ terms require that the highest bidder has to pay 5% deposit of the bid amount and a 10% auctioneers’ fee plus VAT over and above the bid amount be paid on signature of seller.
Consumer Protection Act regulations stipulate that all bidders be registered and they bring certified copies of their identity documents and proof of residence.