The Developers
Prospekt Property Development is a leading property development company founded by Christiaan Heunis, specialising in creating exceptional living spaces throughout South Africa. With expertise in project management and financial modelling, they deliver functional and profitable properties.
Architects
Bruce Wilson Architects were tasked with preserving and restoring the beautiful European architecture of this truly unique and authentic heritage building. Using contemporary design interventions to compliment the rare craftmanship of Venice House, the result is a distinctive development that combines the best of both worlds.
Transferring Attorney
Sandré Marais Incorporated
Bond Originator
Betterbond
https://www.betterbond.co.za/
Address
24 Burg Street, Cape Town
Key Nearby Locations
- Long Street – 91m
- Woolworths – 270m
- Green Market Square – 71m
- Netcare Christiaan Barnard Memorial Hospital – 1.3km
- Labia Theatre – 1.3km
- Cape Town Stadium – 2.8km
- Oranjezicht City Farm -1.3km
- V&A Waterfront – 1.2km
- Table Mountain Cableway- 5.3km
- Company Gardens – 1km
Nearby Restaurants and Cafes
- Tjing Tjing – 700m
- Tigers Milk – 91m
- Clarke’s – 800m
- VIXI Social House – 400m
- Ideas Cartel – 400m
- Burger & Lobster – 350m
- Villa 47 – 450m
- Iron Steak and Bar Restaurant – 450m
- Langham House Coffee – 350m
Estimated Completion Date
Construction of Venice House is expected to be completed in Q4 2024 with an estimated 10-month build.
Parking
There are no parking bays in the building however there is parking available to rent on a monthly or daily basis in neighboring parkades.
Buying off-plan property in Cape Town
- Cape Town sees an average annual capital growth of 7%, so your property value is growing at roughly 7% pa but you are only required to put down 10% of the development value.
- This means you are getting growth on the full purchase price of the property and only have to put down a fraction of the price.
- Your tenant is largely paying off your investment property & bond for you.
- Your rental income increases every year but bond repayments generally stay the same and in relation to yearly salary and incomes inflating, the bond repayments become relatively cheaper every year.
- The longer it takes to enter the property market the harder it becomes.
- Property investment is likely to create long-term sustainable wealth and an ever-increasing annuity income.
Bond pre-qualification and pre-approval
This can be done online by using the BetterBond Indicator. It is a quick process to estimate the approximate amount you could qualify for. This is however NOT a bond approval.
What happens if my bond is not approved, do I get my deposit back? Yes, the deal is subject to your bond being approved and should it not be approved the deposit is paid back to you with interest.
If you are unsure if you can afford the bond it is a good idea to get pre-qualified prior to the launch.
Follow the link below to check your affordability:
https://www.betterbond.co.za/calculators/affordability
Once my bond is approved, when do I start paying?
Bond repayments will commence once the property has been transferred to your name and the bank has settled the payment to the seller.
Bond registration costs
Bond costs are payable at the time that the bond registers, once the development is complete. Transfer duties There is no transfer duty payable but there are transfer fees (attorney costs). The seller is registered for VAT so there will be no transfer duty but only transfer costs payable.
What are the transfer fees?
To calculate the transfer costs you can click on the below link:
https://www.betterbond.co.za/calculators/bond-and-transfer
Example:
On a purchase price of R2 million the transfer costs will be R39 035*
*Please note these are subject to change
What do the levies include?
They cover the costs of security, cleaning & landscaping of the common areas, maintenance of the building, building insurance and all running costs and management costs and insurance of the building.
Rates
Monthly rates are based on the value of the property and are calculated based on the value of the property less R300 000 and then multiplied by 0.006344 to get your yearly rates. Divide this by 12 to get your monthly rates.
Example:
(R2 Million Property)
=(R2 000 000 – 300 000)* 0.006344 = R10 785 per annum
This equates to R899 per month
Are there any hidden costs?
The contract price is the price the client will pay for the property. You must be aware that there is occupational interest due from the date you take occupation until you take ownership (transfer takes place).
The other costs applicable are detailed above and include monthly rates and levies. Bond costs will be payable prior to registration of your bond once you take transfer of your unit. Transfer costs at this point will also be applicable but these costs are largely offset by the interest that you earn on your deposit during the construction period.
When will we be able to move in/find a tenant?
After the completion of the development, the transfer process will commence. Occupation will be given as soon as an occupation certificate is granted. You will be able to occupy or rent out your apartment from the date of occupation.
Pre-paid electricity
Each unit will have an independent electricity meter.
Water supply
Water will be paid in arrears and will be billed and metered on specific unit usage. There will be a central heat pump instead of geysers in order to make the building more efficient and minimise costs.
Rental policy
The short-term rental projections have been provided by Nitely based on existing rentals achieved in similar apartment blocks.
Our preferred short-term rental management company, Nitely, offers the essential services you’d expect from a hotel together with the freedom, space, and individuality of a home.
Security features
The building offers state-of-the-art security with 24-hour security guards, strict access controls with biometric facial recognition access and CCTV surveillance. Short-term rental access control.
Air-conditioning
Air-conditioning can be added as an optional extra to the penthouse apartments.
Backup power solutions
The building has a generator to provide power to common areas and provide Wi-Fi during load-shedding. Backup power solutions can be added as an optional extra.
High-speed Wi-Fi
High-speed Fibre connectivity ensures residents have superfast internet in their apartments, this will be for the owner/residents account. The owner/resident will need to contact the service provider in order to obtain the ISP.
Lift Access
There is one lift with access from the ground floor to the 6th floor.
Pet Policy
Venice House does not allow for pets.
Development Expert
Kyle Vernes
079 901 7415
venicehouse@revo.co.za
Sales Launch Information
Sales Launch Date
Sales go live on Wednesday, 4 October 2023 at 1pm
Does the deposit earn me interest?
The deposit is paid into the transferring attorney’s interest-bearing account and your money will earn interest for you.
Benefits of purchasing on launch
- R75 000 launch day discount
- Best selection of units
- Capital appreciation for 2 years is estimated at 10% (5% pa) while the development is under construction
- Rare opportunity to own in a neighbourhood with exceptional short-term rental demand
The Interactive Price List
• Ahead of the sales launch you will be able to view and browse all the available units by visiting the user-friendly interactive price list
• Here you can easily browse the available units and use the filters and sort function to narrow down your search.
• On each unit the layout, all costs and expected rentals are shown.
• Once sales go live on the 4th of October 2023, you can reserve your preferred unit/s.
Your Shortlist
Simply click the ADD TO LIST button on your favourite units. You can also reserve your preferred unit directly from the Shortlist.
Securing A Unit
- All reservations will happen online via the interactive price list.
- Register prior to launch and log in to sales.venicehouse.co.za before 1pm on launch day.
- At 1pm on Wednesday 4th of October when the countdown reaches zero, sales will go live and a green reserve button will appear.
- You will be able to secure your preferred unit/s by pressing the green reserve button, following the steps and paying the R5000 reservation deposit.
- You will then receive an email from our team with the Agreement of Sale for you to sign and return to us within 48 hours.
Please note:
- There is a possibility of load-shedding during the sales launch and therefore, we urge you to make provisions for this and to make sure you have access to reliable Wi-Fi at 1pm.
- Whilst we have put everything in place to prevent double bookings, sometimes these do happen. So in the unlikely event that the unit you have reserved was also reserved by another buyer, then the unit will be allocated to the buyer who paid their reservation deposit first (this is recorded by timestamp).
- Should the second buyer not find a suitable replacement the reservation deposit will be refunded. We apologise for any inconvenience this may cause.
The R75 000 Launch Discount
Buyers who secure a unit/s on launch via the online platform will receive R75 000 off the purchase price. Terms & Conditions apply.
Unlocking Your Discount
To activate your discount, simply click the green discount button below the price on any unit and follow the prompts to complete your Buyer Profile & unlock the discount on all units. Once completed, the discounted price will show on the price list.
The Reservation Process
All reservations will happen online via the interactive price list.
The below list outlines the steps you’ll need to be familiar with in order to have the best chance of securing the unit you want to purchase.
- Register and log in to sales.venicehouse.co.za
- Once the countdown reaches zero and sales go live at 1pm, you will be able to Click the RESERVE button on your selected unit to start the process.
- Make sure to be quick as others may also be interested in the same unit.
- Complete the form and accept the terms: Click CONTINUE
- Your reservation will now move to the pending state where you have10 minutes to make payment of the R5000 reservation deposit.
- You may then pay your R5000 reservation deposit via the following methods:
– Visa or Mastercard
– Instant EFT via OZOW
– Masterpass
– Snapscan - Once the R5000 deposit is concluded, your unit will be reserved!*
- You will then receive an email from our team confirming your reservation.
Next steps:
- The Agreement of Sale will be sent to you via email, this will need to be signed and returned to us within 48 hours from receiving it.
- The full deposit required is 10% of the purchase price within 7 days of purchasing the unit.
- The balance (90%) will need to be secured within 21 days by either a bond approval, bank guarantee, or cash.
- Alternatively, we will also accept a 30% deposit with the balance payable 60 days prior to the transfer.
- Should you be paying for the unit in cash, you can also opt for a non-refundable 30 % deposit, in which case the balance only needs to be secured two months prior to transfer and completion of the development.
