GALLERY: Pretoria development sells apartments priced below R1m, no transfer costs
DURBAN – iQ Brooklyn is a new upmarket student accommodation with apartments priced below R1 million.
With no transfer costs to pay, this development presents an attractive investment opportunity. The development was launched in 2018 and is expected to be completed by November 2019.
"This is a secure development offering a value-added luxury living option, at affordable prices, for students who do not wish to reside in an ordinary residence," said Ilma Brink, Pam Golding Properties Pretoria regional development sales and commercial property manager.
The development at 128 Brooks in Brooklyn, Pretoria East will have a total of 340 units. The first phase of the development will have three blocks and the second phase will a two blocks.
The studio apartments start at R995 000, while one bedroom apartments are priced at R1.4 million and two bedroom apartments sell for R1.6 million. There are also packages that include furniture.
In phase one 70 percent of the apartments have been sold, and 45 percent of units are being rented out with the balance of the units are owner-occupied. The selling of Phase 2 has just commenced and the uptake has been great. With the new academic year starting in 2020, a huge interest in rentals is anticipated.
iQ Brooklyn provides an array of amenities including Wi-Fi, pre-paid electricity metering, lounge and cafeteria facilities, laundry services, 24-hour security with biometric access as well as study and assignment rooms for groups.
The development is 850m from the University of Pretoria, making it ideal accommodation for students.
Brink says there’s been a steady increase in investor interest in the student market, because of the rental returns of between 13 percent and 15 percent.
Parents are also seeing the value in buying an apartment for their children to stay in during their studies, which they can then sell after four or five years. "For concerned parents whose children will be living away from home for the first time, iQ Brooklyn offers peace of mind, as they know that their children are in a safe complex with 24-hour security," said Brink.
Pretoria East is an emerging development area, with modern developments such as iQ Brooklyn meeting buyers’ needs. Other areas also offering student accommodation include Arcadia, Brooklyn, Hatfield, Nieuw Muckleneuk and Pretoria Central.
"There is ongoing demand for student accommodation in Pretoria, and we are seeing more tertiary students looking for private housing with good security and located close to places of learning," concluded Brink.