A Retirement Village Development land for sale for R14m R14,000,000
We have a mandate to sell this piece of land in Bella Bella, South Africa. By way of an overview, the owner would like to sell due to ill health, this 90.83 Hectare Township Development site.
The site is located on the doorstep of Bela Bela (Warmbaths), and is close to all amenities including Shopping, Medical and Leisure Facilities.
All Town Planning (Section 101 Certificate) and Environmental Act (Record of Decisions – RoD) procedures for Proclamation have been completed. The next step is to open the Township Register. Transfers of individual erven can take place as each is serviced and granted a Section 82 Certificate.
The original Township Development "Outpost Equestrian Estate" was targeted at the high-end of the residential market which collapsed in 2008 and the Development Company was put into liquidation. However, some years later, the current owner purchased the property with the intention of using the Approved Township Rights to develop a phased Retirement Village / Lifestyle Estate of smaller stands, a Frail Care Unit and a Shopping Centre utilizing only half of the site, with the remainder of the property, which has separate access, to be kept for future development.
GeoProjects, the Town Planners to the project, confirmed that this can be done without having to lodge new Township / Environmental Applications by consolidating groups of large erven and then subdividing the consolidated erf into smaller erven.
The owner of the property has arrived at his asking price of R14 million using the following very conservative estimates of "As is" values.
Single Residential (Res 1) 488 Stands Price per Stand: R22 500
Frail Care Site 1.85 ha
Shopping Centre Site 2.1 ha
Office Site 870m²
Remaining half of site to be zoned for further +/- 500 stands
The primary value to a buyer would be to acquire, so to speak, a readymade Township upon which the Town Planning and Environmental Act Procedures have been completed. It is estimated that it would take three to five years to establish a new Township. In addition, there is value to be attached to the planning and partial Servicing of the Township which was started some time ago but not completed.
The historical costs of which are as follows:
Civil Works R11,445.975
Electrical and Telkom R6,691.302
Landscaping and Enhancements R1,836.814
Security and Fencing R609,199
Building Works R215,914
Professional Fees R5,518.397
Layout Plans For Geotechnical, Streets and Stormwater, Sewerage Reticulation, Water Reticulation, Sewerage and Water Supply by way of a "SALES PACK" available for inspection.