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  • Mandate: 32254
  • Added: 12 Jul 2018
  • AFS
  • 2743

Vaal Dam water front leisure rental apartment

Free State,
Mandate 32254
Added 12 Jul 2018
R 1,000,000* ZAR
Stock: R 0
Assets: R 1,000,000
R 12,975 ZAR
Stan Moran
Aldes Ace

This double apartment comprises two sectional title units, with double garage, providing three spacious double bedrooms, two bathrooms and jacuzzi, fully furnished and targeted specifically at water sport lovers or fishermen. Rented out by the night and bringing in income far exceeding bond repayment costs, this is your opportunity to secure a weekend retreat, without breaking the bank.

R 1,000,000* ZAR
Stock: R0
Assets: R1,000,000
R 12,975 ZAR

This double apartment comprises two sectional title units, with double garage, providing three spacious double bedrooms, two bathrooms and jacuzzi, fully furnished and targeted specifically at water sport lovers or fishermen. Rented out by the night and bringing in income far exceeding bond repayment costs, this is your opportunity to secure a weekend retreat, without breaking the bank.

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How long has the business been established?
Since 2013

How long has the owner had the business?
Since 2013

Fully describe this property and its income earning activities.
This is a leisure property comprising two sectional title units. merged into one entity providing three double bedrooms, two bathrooms, large open plan lounge/dining room and kitchen. Main bedroom has en-suite bathroom with a spa bath and leads to Jacuzzi with magnificent views over the Vaal Dam. A popular venue for fishermen, sailors and anyone enjoying water sports, or just relaxing on the banks of the Vaal Dam. Rented out over weekends, holidays and generating a very healthy return on investment, whilst still allowing the owner to enjoy whatever time they wish to spend at the Vaal themselves.

What is the approximate age of the buildings?
Five years

What is the zoning of the property and what can be developed thereon?
Zoned for self catering apartments

Are there building plans available?

Is a property valuation available?
Last bank valuation was current asking price.

How does the business operate on a daily basis?
The current owners have a website, from which they derive tenants on a casual basis for various properties, including this one.

How are the clients attracted to the business?
Website and word of mouth. Beautiful views of the Vaal Dam from where you can view the yachts over the weekend and enjoy the annual "Round The Island Yacht Race" which celebrated its 60th birthday in February 2018.

What Advertising/Marketing is carried out?

Does the business have any contract work?

What competition exists?
Other similar premises in the area

What are the seasonal trends?
Peakk season is December for rentals, but every month has rentals taking place. In the year ended December 2017 the property was let for a total of 90 nights bringing in over R200,000 in rental income.

Is a property valuation available?

Is the property being let by a letting agency?
Property is for sale

Is a copy of all the lease agreements on the property available?

Is the business VAT Registered?

What VAT documentation is on file?

Are there up-to-date Management Accounts available?
Records of all income on rentals is available for due diligence

What Balance Sheet and Income Statements are available?

What percentage of the business is cash/credit?
No credit given

What is the age analysis of the debtors book?

How could the profitability of the business be improved?
By using personal contacts to offer friends and business associates the opportunity to experience a weekend at the Vaal Dam in luxurious surroundings. Could be offered as an incentive "weekend get away" to employees for performing well and rewarding their achievements, thereby creating more profits in ones primary business.

Is Seller finance available and for what amount?
Bond finance will be available, subject to buyers credit rating

How could the income of the property be increased?
By expanding the advertising exposure through social media, Facebook etc to all buyers existing contacts.

What is the monthly rates and taxes payable to local authority?
As two sectional title units the levies are R1600/unit and R350/unit rates, so approximately R3900/month.

What rental deposit has been secured from the tenants?

What is the total staff complement?
Currently no staff, but cleaning can be provided after guests leave and also the current owners will offer to manage the property and rentals, including advertising for a fee of just 15% of rental income. This means that as an investor, you do not need to employ anyone, but everything needed can be sub-contracted.

Give a breakdown of staff/ functions/ length of service?

Do any receive special perks or incentives?

Are they on contract?

Do any have management potential?
Current owners will continue to manage the property if required.

How involved is the Owner in running the business?
Owners handle all enquiries and bookings

When does the current lease end?

Is there an option of renewal & what period?

What is the annual escalation %?

What are the trading hours?
Mainly weekends

What is the square meters of the business?
Each unit is 81 sqm so a total of 162 sqm plus double garage

Who is the Owner/Landlord?
The seller

Is a copy of the lease available?

Do you require a licence?

What lease deposit and/or other surety is required?

What are the main assets of the business?
Two sectional title apartments complete with basic furniture, including fridge/freezer, dishwasher etc. Other items of furniture may be negotiated if required. A double garage big enough to house a 20ft boat.

What is their overall condition?

Do any require repairing?

How have they been valued ?
Market value.

Which assets are on lease/HP and with whom?

What are their settlement amounts?

Will Seller settle or Buyer to take over?

Are copies of agreements available?

Are they presently insured?

Location, just 100m from the waters edge on the Vaal Dam, in Deneysville. Already a well known destination just 1 hour form Johannesburg. Management in place if required. Combine business and pleasure with one investment.

You may enjoy the peace and tranquility too much and not want to go back to work!

By maximizing the rental opportunities, you can pay for your second home at minimal extra cost. With a 40% deposit and a bond for 60%, you could pay this off over 5 years, from your rental income.

No threats perceived.

What is the reason for the sale?
Owner wishes to expand adjacent property to provide restaurant facilities to weekenders not wishing to self cater.

Why is this a good business?
A good investment with scope for expansion. Easy to operate. Value is in the "bricks and mortar" so minimal risk, associated with many other businesses.

What is the price plus stock and the profit?
Price inclusive of furniture is R1m. Income last year exceeded R200,000.

Why is this property a good investment?
Location is perfect. Inside a development which constitutes the best security in any location today.

What is the asking price?
The asking price is R1m and we can assist with obtaining bond finance, via our bond originators.

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