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R5,350,000

Monthly Bond Repayment R52,517.92
Calculated over 20 years at 10.25% with no deposit. Change Assumptions

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Monthly Rates
R6,140

PRIME COWIES HILL NEW DEVELOPMENT OPPORTUNITY

Possibly the only remaining property of this size in the Cowies Hill area, this 11 820 sqm stand has great investment potential and offers a very unique new development opportunity. Encompassing a level two-tiered stand, the acreage is conveniently configured for development. The sprawling expanse of land has the potential to be rezoned to accommodate a sectional title residential development - providing the market with residential homes in a secure gated estate, in an area where there is massive demand and shrinking availability.

Location here is key. The property is situated on the corner of Josiah Gumede Road and Woodside Avenue, providing easy access to the M13 and close proximity to both Westville and Pinetown. The suburb of Cowies Hill is an up-market residential area and properties in the location are highly sought after. With the ever-increasing demand for secure gated estates in the suburb, it is important to note that sectional title units in Cowies Hill can achieve up to R14 000 / sqm and fetch prices of up to R5 million.

Taking into account the road reserve, a substantial 9 580 sqm is available for development. Under its current zoning as Special Residential 1 (which stipulates a minimum erf size of 1 800 sqm) this land could accommodate up to 5 units (including the existing dwelling) without any rezoning.

However, according to the report by the land surveyors, this site represents a feasible development opportunity - provided a safe access/egress point is established. With an eye to rezoning, there is the potential to develop multiple units and establish a lucrative gated estate. Fortunately, the eThekwini Municipality is currently following a policy of densification and they are encouraging the development of sites such as this. This means that provided infrastructure and environmental considerations are met, we are of the opinion that the rezoning application will be received favourably by the municipality. According to the land surveyor's report, the zonings that the municipal planners may find acceptable are:

Intermediate Residential 4: (at a density of 10 dwellings per hectare/10 000 sqm) resulting in a 9 unit development.

Intermediate Residential 3: (at a density of 15 dwellings per hectare/10 000 sqm) resulting in a 14 unit development.

Intermediate Residential 2: (at a density of 20 dwellings per hectare/10 000 sqm) resulting in a 19 unit development.

In its current configuration, the property encompasses an expansive and mature garden with towering palm trees that line the sweeping driveway leading up to two automated garages with direct access to the house. The dwelling comprises of an existing five bedroom home featuring: two and a half bathrooms, two lounges, a dining room and a kitchen complemented by a separate pantry and laundry. The home also boasts a covered patio overlooking scenic views of the estate and pool. There is triple domestic accommodation including separate lounge/dining areas and two bathrooms. On the opposite corner of the property sits the tennis court attended by a thatched pavilion. The entire site is fully walled with partial electric fencing and a comprehensive security system featuring CCTV at the gate, four internal cameras, beams and alarm.

This unequalled investment opportunity will appeal to the astute property developer looking to take full advantage of the high demand for a secure gated estate in the upmarket residential suburb of Cowies Hill.

Features

5
2.5
2
Interior
Bedrooms
5
Bathrooms
2.5
Kitchens
1
Reception Rooms
3
Exterior
Garages
2
Security
Yes
Domestic Accommodation
3
Pool
Yes
Sizes
Land Size
11,820m²

Cowies Hill, Pinetown

The charming, leafy residential suburb of Cowies Hill can be found resting on the outskirts of Westville. Cowies Hill spans approximately 1.51 km2 and is home to a population of around 1300. As one of the most coveted Highway areas, this exclusive neighbourhood is characterised by rows of shady trees and lush foliage which adds to the tranquil and cosy atmosphere that Cowies Hill offers. Located a mere 15km west...
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In the news

COWIES HILL COMMUNITY ON THE CUSP OF LAUNCHING ESTATE MODEL
Cowies Hill residents are taking the concept of estate living to a whole new level. In a bid to offer homeowners the security, convenience and dedication of upmarket estate living, without losing the freedom and character of an...
 
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Disclaimer: While every effort will be made to ensure that the information contained within the Shelley Residential website is accurate and up to date, Shelley Residential makes no warranty, representation or undertaking whether expressed or implied, nor do we assume any legal liability, whether direct or indirect, or responsibility for the accuracy, completeness, or usefulness of any information. Prospective purchasers and tenants should make their own enquiries to verify the information contained herein.

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Transfer Costs

Natural Persons Legal Persons
Transfer Fees
Deeds Office Levy
Transfer Duty
Postage and Petties:
Rates/Levy Clearance
Pro-Rata Rates/Levies
Deeds Office Search
Electronic Document Preparation
Vat @ 15%
TOTAL:
Please note: Most banks charge an administration and initiation fee.
Disclaimer: These calculations are only a guide. Please ask your conveyancer for exact calculations.

Bond Costs

  Natural Persons
Fees
Deeds Office Levy
Postage and Petties
Bank Electronic Connection Fee
Electronic Document Preparation
Vat 15%
TOTAL:
GRAND TOTAL:

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MONTHLY REPAYMENTS

 

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Monthly Payment

52,517.92

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