It is the focus of Mamela Estates to do just that and therefore I am proud to introduce to you a “good to better.”
Montreal Mansions is a typical example of a sectional title property that was drowned in a financial dilemma and was faced with structural challenges. Mamela introduced the body corporate of Montreal Mansions to City Accommodations Property Management, who took over the management of this building in October 2009.
A detailed analysis and action plan was implemented by City Accommodations to reduce the debt and to upgrade the building. Here is a short summery of what successes the building managers achieved with Montreal Mansions up to date:
Was – R 537000.00
Currently – R 20000.00
– Waterproofing of the roof is completely done.
– Security system has improved drastically and the process is in place to install a fingerprint turnstyle system.
– Painting of the building is currently in process and will be finalised in this month.
– The lift will be fixed and finalisation of this be in 2011.
No debt was incurred by the body corporate during the renovation process, and the managing agents are positive that the debtors will be settled by December 2010.
Like mentioned before, the rehabilitation and renaissance of Johannesburg residential areas is still happening and we are experiencing an increase in price at the moment. The result: Capital growth indeed! Not to mention the advantage of a property that produce a positive cash flow from day one, it can be considered as an ideal investment. We are still focused to produce sound investments in similar buildings in this vibrant area, without putting you, the investor at major risk.
Please visit our website www.mamela.co.za for more exciting listings.
“Dont follow what everyone else says is the right thing to do. By the time have heard that rumour the clever money has already been in and out ”
Please read this inspiring article in the July/August 2010 issue of the South African Real Estate Investors Magazine.