10 Bedroom House on auction in Richmond

This exceptional student accommodation investment opportunity is ideally located in a highly sought-after area, close to major tertiary institutions. Originally designed as a 3-bedroom home, the property has been strategically converted using drywall partitions to create 10 income-generating rooms, making it well-suited for the growing student rental market. The property sits on a 495 m2 stand and offers a gross lettable area of approximately 280 m2, providing ample space for accommodation and future development. Its Business 2 zoning permits student accommodation and offers a significant redevelopment opportunity, with the potential to accommodate up to 82 beds. Located within a 3.5 km radius of the University of Johannesburg (UJ), Wits University, MANCOSA, and other learning institutions, the property benefits from consistent demand for student housing. It currently generates a potential gross income of approximately R25,000 per month, with the possibility of increasing this to around R30,000 per month in its current configuration. For investors and developers, the property offers significant long-term upside. With redevelopment into a fully-fledged student residence, the site could accommodate up to 82 beds, potentially generating an estimated R410,000 per month, based on an average rental of R5,000 per bed, equating to a projected annual income of approximately R4,100,000 over a 10-month academic year. This property presents a rare opportunity to secure a high-potential investment in a prime location, with high existing income and outstanding redevelopment prospects.