The 19th of July will see Tanya Jovanovski, Western Cape franchisee for Rawson Auctions, returning to one of her favourite stamping grounds, Somerset West, and auctioning one of her favourite ‘products’, a site in a security estate.
“I am a firm believer that units in every well run estate will see huge capital increases over the next two years,” said Jovanovski recently.
The 641 m2 plot in question is in the upmarket Fernwood Estate and is one of only five sites still to be sold. Fernwood Estate, which has been extensively and comprehensively landscaped and has attractive open parks and 4 km of jogging trails, is sited relatively close to Somerset West but has views that take in the whole of False Bay, from Cape Point to Hangklip. The development, said Jovanovski, is only eight minutes’ drive from the centre of Somerset West and very conveniently placed for commuting to Cape Town.
Jovanovski said that she is expecting offers from R400, 000. This, she said, would be significantly below the price that was paid for it by the current owner, who is selling not because she dislikes her plot (she in fact finds it very attractive) but because, having changed her job, she is now relocating. The R400, 000 for the plot, she said, is less than half the current municipal valuation.
Jovanovski added that for a ‘spec’ builder or for a developer looking for a quick in-and-out operation, this site offers an outstanding development opportunity. Any three or four bedroom home erected here (and this site is the last to have rights to erect a double storey home) could, she said, sell for between R2 million and R3 million.
The auction will take place at 12 noon at the Rawson Property Group Head Office (222 Main Road, Rondebosch, Cape Town). Rawson Auctions do not charge a bidder’s registration fee but they do expect a 10% commission to be paid on the fall of the hammer and 5% of the sales price also to be paid on the close of the deal.
