This property first come to the knowledge of KOURO when one of the co-founders, Matt, drove past it on a daily basis. The property had a very low perimeter wall and seemed to have been taken occupation by illegal occupants and squatters.
The property, many years back, had been in operation as a veterinary clinic. The vet’s business had unfortunately fallen on hard times and he eventually asked a group of associates to purchase the property from him in order to find a way out.
The group of associates decided to help him out, but in turn, ran into their own set of problems. The tenants they got to occupy the property started to sub-let the property out and before long, the property was soon vandalised, illegally occupied and running up huge amounts of municipal debt that led to the local council deciding to cut all service supply to the property.
When we first approached the owners about the possibility of selling the property to us in late 2018, they expressed that they had a desire to dispose of the property as it had been an endless nightmare for many years. KOURO could see the potential of the property however it needed more than hundreds of thousands of Rands invested into it to get the property into a desirable state.
The sellers and KOURO came to an agreement that KOURO would help extrapolate the potential value of the property by sub-dividing it into two portions, to house two stands of residential units before purchasing the property from the sellers.
Whilst sub-dividing the property, KOURO would renovate and secure the property from further vandalism, as soon as they assisted in vacating the property of the illegal occupants. In the meantime, the sellers agreed to sort out the municipal arrears on the property in order to get basic services supplied to it once more.
The property has now been successfully renovated and now houses many happy tenants who live in comfortable and affordable accommodation. The property is no longer an eye-sore and has made the area safer for the neighbouring properties.
