Currently with 28 rooms, 45 new rooms are to be added to the hotel, which is situated in Huguenot Street. Purchasers will have the choice of any of the 73 rooms, however only 15 rooms are being offered to the market at present. In addition to the new rooms, the existing public areas and hotel rooms are to be upgraded. All the rooms are air conditioned and the hotel includes a bar, restaurant and swimming pool. The purchase price per room is R1.225 million and no transfer duty or VAT is applicable.
"Essentially this is an income generating asset offering attractive returns. Purchasers will obtain title on a sectional title basis - known as tenements - with these rooms forming part of a rental pool. In addition to the income yield, purchasers will be entitled to use a room in the hotel for 21 nights per annum. While in residence, owners will also have right of use of the common property and facilities of the hotel," explains Dr Andrew Golding, CE of the Pam Golding Property group.
