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Modern Luxury meets Old World Charm

Step into a new era of city living at Venice House, a re-imagined boutique development that celebrates the rich heritage and architecture of the existing building and it’s surrounds.

Located in the heart of Cape Town’s highly cherished tourist-filled City Centre, this exclusive investment opportunity is brought to you by Prospekt Property Development.

  • Priced from R1,5 million – R6 million
  • 24 Burg Street, Cape Town
  • Sales go live on Wednesday, 4 October 2023 at 1pm

The Perfect Mix

On the basement level, you’ll find the New York-style basement loft apartments; then as you venture up you’ll discover beautifully designed studios and one-bedroom apartments. Crowning this splendid symphony are two penthouses on the top floor, their spacious terraces offering panoramic views of the dynamic cityscape.


A Superb Locale

Nestled just a street away from the renowned Long Street and Green Market Square, this location places popular tourist attractions at your very doorstep. The famous City Sightseeing Red Tour Bus stop, a gateway to exploration, is a few steps away, inviting you to uncover the city’s hidden gems. Quaint boutiques, tantalizing eateries, and vibrant bars line the nearby streets, offering a tapestry of experiences that capture Cape Town’s essence.

3 Minute Walk

  • Long Street
  • Tjing Tjing
  • Tigers Milk
  • Woolworths
  • Green Market Square
  • Langham House Coffee

5 Minute Walk

  • Clarke’s
  • VIXI Social House
  • Ideas Cartel
  • Burger & Lobster
  • Villa 47
  • Iron Steak and Bar Restaurant

Quick Uber

  • Netcare Christiaan Barnard Memorial Hospital
  • Labia Theatre
  • Cape Town Stadium
  • Oranjezicht City Farm
  • V&A Waterfront
  • Table Mountain Cableway
  • Company Gardens

Filled With Features

Venice House isn’t just a home; it’s an experience. Classic and contemporary design will feature throughout the building boasting a luxury hotel feel. With 24-hour security and concierge service, every detail has been carefully considered to ensure a lifestyle that’s not just convenient, but truly extraordinary.

On the ground floor you’ll find a beautifully appointed coffee shop and eatery within the premises providing the perfect gathering space that effortlessly marries ambiance with delectable delights.

  • 24-hour security with access control
  • Professional concierge service
  • Ground floor lobby and coffee shop
  • In-house Gym
  • Backup power for communal areas and Wi-Fi
  • DSTV and High-Speed Fibre Connectivity
  • Bespoke Furniture Packs available
  • Parking available to rent in neighbouring parkades
  • Optional extras
    • Double glazing
    • Back-up power
    • Air-conditioning (Penthouses only)

Aparthotel Ready

For those with a discerning eye on the future, Venice House presents an unparalleled investment opportunity. Capitalize on Cape Town’s standing as an award-winning tourist destination, offering both long and short-term rental possibilities that promise not just financial gains, but a chance to be part of the city’s dynamic heartbeat. What’s more is that Venice House falls within the Urban Development Zone meaning that buyers can unlock massive tax benefits.


Investment Highlights

  • Purchase on launch day and unlock a R75 000 discount
  • High long and short-term rental demand area
  • Urban Development Zone tax benefits
  • Section 13Sex tax benefits
  • Only 10% deposit required
  • No transfer duties
  • Projected net yields up to 9,47% pa
  • Short build time with expected completion Q4 2024

Sales Launch

With a limited number of apartments available to purchase at Venice House, the launch day is anticipated to draw a flurry of interested investors. Proactive investors can also capitalise on the incredible R75,000 launch discount for buyers who secure apartments on launch day.

What you need to know

  • Sales launch online at 1pm on Wednesday, 4 October 2023
  • Unlock your R75 000 launch discount
  • Get pre-qualified with the BetterBond
  • Shortlist your favourite apartments ahead of the launch

Lucrative Tax Benefits

Urban Development Zone

The UDZ expiry date has been extended again, and any new property that transfers before expiry is eligible for up to 30% Tax deduction from SARS. (Deductible over 11 years)

How it works

  • Purchase a property for R1,5 million
  • Discount = R75 000 (if purchased on launch)
  • Final purchase price = R1,425 million
  • Up to 30% of this can be claimed as a tax deduction (R450 000) over 11 years

20% of the R450 000 (R90 000) can be claimed as a tax deduction in year 1

8% of the R450 000 (R36 000) can be claimed as a tax deduction for the following 10 years

Total tax deduction after 11 years = R450 000

Section 13Sex

Investors still have access to powerful tax incentives, including the popular Section 13sex of the Income Tax Act No 58 of 1962. This scheme enables any taxpayer who owns five or more new, residential rental units, to claim up to 55% of the purchase price as a tax deduction. (Deductible over 20 years)

How it works

  • Purchase five units at R1,5 million each = R7,5 million
  • Discount = R375 000 (R75 000 per unit, if purchased on launch)
  • Final purchase price = R7,125 million
  • Deemed purchase price = 55% of final purchase price (R3,918,750)

5% of the deemed price may be used as a tax deduction (residential building allowance).

This works out to a tax deduction (tax write-off) of R195,937.50 per year for 20 years.

Total tax write off = R3,918,750 (over 20 years)

Taxpayer Criteria for Section 13Sex:

  • The taxpayer must own at least 5 residential units. A residential unit refers to a building or self-contained apartment, mainly used for residential accommodation with the exclusion of structures used for business purposes, for example, hotels.
  • All units must be situated in South Africa.
  • Residential units must be new and unused. (For example, buyers of flats that had previously been occupied would not qualify for this incentive.)
  • The units must be used solely for the purpose of trade (i.e. residential letting). This prevents housing claims for personal use.

Terms & Conditions


In order to claim the tax allowance and/or incentive and/or deduction, certain requirements have to be met. The listed examples may not apply in certain instances. The Developer, its representative and/or its agents, do not provide tax advice. All material in respect of the Development has been prepared for information purposes only and it is not intended to provide, and should not be relied on for, tax advice. Before concluding any transaction with the intention of making use of either of these tax incentives, the Developer specifically advises that a purchaser should consult his/her/its own tax adviser. The Developer cannot be held liable for any loss, howsoever arising. Furthermore, the availability of these tax structures to any purchaser is not a warranty, express, tacit, implied, or otherwise, from the Developer in relation to the transaction. The taxpayer must 1.) be registered for tax in SA, 2.) have earned an SA income, 3.) paid SA income tax or SA income tax is payable, 4.) use the premises solely for the purposes of trade i.e. rental income.

Furthermore, kindly note that the UDZ tax allowance and/or incentive and/or deduction for Venice House is subject to and could be impacted by SARS amending the UDZ provisions after March 2023.

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