Project Name: 11VDS
Address: 11 Van Der Stel Street, Kensington B
Project Date: November 2019
Status: Phase 1 Renovations Complete
We drove past this property in mid-2019 and noticed that it needed some help. So we got in touch with the owner to see if he was interested in selling. He claimed that he was and we went to go view the property a few days later where his wife was currently living apart from him, as he was residing in Cape Town for work purposes. Over the years the couple had attempted to rent out sections of the property to tenants but had endless issues with tenants defaulting on rent payments, dealing drugs and degrading the property amongst other things.
They wanted out of the property and decided to sell. We made them a fair offer but they rejected it as they thought they would get a better deal on the open-market and decided to list it with local estate agents in the area. Some weeks passed by and they had several offers from other parties which did not quite match up to ours, further highlighting that we were very fair in what we originally offered. Soon realizing that that was the case, the owner came back to us and we negotiated a deal to finally buy the property from him and relieve the burden of the failed investment property.
We began our renovations of the property with the idea in mind to keep it in our rental portfolio. We wanted to ensure that we installed pre-paid water and electrical meters so that each unit was self-sustaining with beautiful, modern finishes. Phase 1 of the renovations are now complete and we will be looking to complete Phase 2 at the beginning of August 2020.