PROPERTY SOLD AT AUCTION – ITULA GUEST FARM (PORTION 12 OF FARM 234), GEORGE, WESTERN CAPE.

24 Ha GUEST FARM WITH BUSINESS RIGHTS!

Auction next to the George Airport, Garden Route.

The Property is being sold as a going concern, with the option of purchasing the members interest of the exiting cc and then possibly saving on transfer duty.

An exceptional opportunity exists to secure this Income generating property just outside of George.

Itula Guest farm is a landmark in George situated only 8km from George and only 1.5km from George International Airport on the R102. Unique opportunity to acquire this viable Business concern.

The property is zoned as Agricultural Zone 1 with consent use for tourist facilities (conference facility, restaurant), farm shop, two additional dwelling units, and guest-house with departure for 11 guest rooms.

The property currently generates an income from the following:

Long-term letting with a current monthly rental income of approximately R75,000 per month from the following:

• 2 x 3 Bedroom Houses
• 5 x 2 Bedroom Wooden Houses
• 2 x 2 Bedroom Flats
• 4 x 1 Bedroom flats

Short-Term Letting for tour groups. This is currently not being utilised because of COVID. Consists of the following:

• Dormitory with 11 rooms (80 beds), 5 communal bathrooms (toilets and Showers)
• Large Recreational Room
• Dining Hall
• Kitchen
•  Bar Facility
• Lapa and pool with views of the Outeniqua mountain range
• All beds, furniture, linen, cutlery, and kitchen equipment are for the dormitory are included.

Car Park Facility, mainly for people flying. The income from this is approximately R10,000 per month.

• Current under roof parking for 15 cars.

In addition to the above, the property also has a large dam, which is approximately 3ha in size. the water use rights currently allow for domestic use only. The current owner has applied for 15ha agricultural use.

From a farming perspective about 15ha of the property is considered farm-able and would be suitable for various farming activities.

With the fast growth of George and current plans/proposals for Retail sites, Commercial and Residential sites to be developed closer to the airport, the land value in the area is expected to climb considerably in the coming years.

This offers a fantastic opportunity to purchase a strong income-generating property, with the potential to increase the income and the added bonus of potentially very strong capital growth on the land in the coming years.

Surely an opportunity not to be missed by a wise investor!