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R 4 890 000 (291 940 EUR*)

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Property Features
Garden

Prime position development land zoned for 40 apartments

Zoned development land for up to 100 apartments

R 4 890 000 For Sale


GEORGE - ZONED DEVELOPMENT LAND FOR SALE

Zoning: General Residential 4

Current rights: Approval of 40 apartments with 80 parking bays.

This is the minimum number of apartments that can be developed on this site. This was the owner’s request due to him not wanting to out lay massive capital and keep his risk lower as the development would have been held as an income generating investment.

Below in brief are the actual rights which can be granted by council, as per the George Integrated Zoning Scheme bylaws:

60% coverage 1 Bulk Height 15 meters. Parking 1.75 per flat and 0.25 per visitor’s bay.

In a nutshell: You can build one hundred apartments and you need to provide 200 parking bays. The ground floor would thus need to be parking to accommodate 200 parking bays, and you can build three floors of apartments above the parking.

Erf size: 5469 sqm x .6 (60% 3240 per floor) x3 (3 Floors) 9720 sqm / by 100 apartments = 100 apartments of 97.20sqm each or smaller but parking bays would need to stay at 200 bays.

Bays on ground floor 5469 / by bay size 22.5 sqm = 243 bays of which you must take off certain bays for reticulation, but you would quite easily obtain your 200 bays.

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