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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
