SOLD: Huge potential in sought after Eden Rd

Here is a perfect example of the golden rule in property – buy the least expensive house in the best area…..where your investment in improving the property is likely to yield above expected returns – especially in the most desirable elevated part of Walmer Estate. (A home 60m away sold last year for R7.8m.) Clearly the property requires a comprehensive makeover – which is why you are able to purchase for under R3m in this sought-after suburb so close to the CBD, and well under the City valuation of R3.7m. A well thought-out renovation will uncover and take advantage of the original Oregon Pine flooring and character of this solid home and reward not only with views of the harbour and coastline but also with dramatic mountain views from the Western aspect of the property. A drive around this area will clearly show that the astute investor buys an older home and does significant enhancement and addition to it – just look at the two neighbours in the main photo.

There is around 200m2 of home under roof – including the garage and outbuildings at the back of the property. There are 3 or 4 bedrooms in the main house, with one bathroom, and a separate apartment with bedroom and bathroom on the Western side of the erf.