Work is currently underway on iQ Brooklyn, a new upmarket student accommodation with apartments priced below R1 million.
According to Pam Golding Properties, the apartments are aimed at students who do not wish to reside in an ordinary residence and will have 340 units upon completion in November 2019.
The studio apartments start at R995,000, while one-bedroom apartments are priced at R1.4 million and two-bedroom apartments sell for R1.6 million.
Pam Golding said that it will also offer packages that include furniture and that there will be no transfer costs attached to the sale.
“iQ Brooklyn provides an array of amenities including Wi-Fi, central DSTV services, pre-paid electricity metering, swimming pool and sun deck, lounge and cafeteria facilities, laundry services, 24-hour security with biometric access as well as study and assignment rooms for groups,” said Ilma Brink, Pam Golding Properties Pretoria regional development sales and commercial property manager.
“In addition, iQ Brooklyn is 850 metres from the University of Pretoria, making it ideal accommodation for students.”
Brink says there’s been a steady increase in investor interest in the student market, because of the rental returns of between 13% and 15%.
“Monthly rentals range from R7,000 for studio apartments, to R10,000 for one bedroom units and R14,000 for two-bedroom apartments on long-term lease agreements of 12 months,” she said.
“On short-term rentals, it is possible to achieve daily rates of R600 per night for studio units, R800 for one bedroom units and R1,000 for two bedroom apartments.”
Parents are also seeing the value in buying an apartment for their children to stay in during their studies, which they can then sell after four or five years, said Brink.
“There is ongoing demand for student accommodation in Pretoria, and we are seeing more tertiary students looking for private housing with good security and located close to places of learning,” she said.