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.
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.
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.
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.
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.
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.
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
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
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
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:
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.
Getting a home loan has never been this easy!
Sign up to our interactive price list where you can browse and shortlist your favourite units ahead of the launch.
