We are delighted to share these updates with our valued community. Each property has its own quarterly updated information available through property reports. Investors can easily access these reports by logging in to EasyProperties, selecting the desired property, and downloading the report from the Property Documents section under the Description tab.
While we can't provide reports for all properties in this update, we are sharing information on a select few. These reports are essential for understanding the performance and status of the properties over the entire quarter. Think of these updates as a steady compass guiding you through the latest developments. Get ready to explore the highlights of our property updates:
Properties taking shape:
The Carrington - A Cape Town City jewel:
We're thrilled to announce that construction at The Carrington is complete, and the units have been transferred to us. As the rental guarantee kicks in this month, we're already experiencing the fruits of our investment. Located in the heart of Cape Town City, we secured 7 units at an impressive 6.74% discount to market value. With a net rental yield of 7.51% and a 12-month rental guarantee, this property promises an estimated IRR of 11.9%. Even more exciting, recent reports suggest that the Western Cape is outperforming other regions in terms of service delivery, infrastructure, investment retention, and property market performance. We couldn't be prouder and more optimistic about the future of this property.
The One - A Stellenbosch gem:
Construction of The One, set in the vibrant town of Stellenbosch, started in May 2023. With an estimated completion date of November 2024, in time for the 2025 student intake, this property brought added diversity to our portfolio by being our second student accommodation investment. Stellenbosch has become one of South Africa's top-performing residential investment destinations, thanks to its fast-growing student population. The investment case is compelling, offering a 2-year rental guarantee and a net rental yield of 6.9% annually. Our projections indicate an IRR of 9.3% over the investment term. Get ready for a thrilling ride with The One!
Properties under our wing:
The Edge - Where student accommodation excels:
Our first student accommodation property, The Edge, has seen tremendous success. With over 9,200 investors onboard, all 63 units are occupied, making it a resounding achievement. Students moved in during February 2023, ensuring a stable and consistent rental yield of 6.82% per year for the next 22 months. The projected annual internal rate of return stands at an impressive 10.6% over the course of the investment. We're in the final stages of transferring the units to us, ready to start earning income on this exciting property.
Six On N - Discovering Cape Town's finest:
From the esteemed BLOK developers comes Six On N, a property that has already been transferred to us. While we haven't held it for a full quarter, we have high hopes for this sought-after vacation spot on Cape Town's Atlantic Seaboard. BLOK's previous offering, Four-On-O, exceeded expectations with an annualised net rental yield of 18% over December and January, surpassing the initial investment case. We can't wait to witness Six On N's performance and share the excitement with our investors.
The Duke - Unveiling unmatched value:
We're delighted to announce the transfer of the 7 units we own at The Duke, situated on the Foreshore. Although we haven't held it for a full quarter yet, we're confident in its potential. This development presents an estimated 9.06% net yield and a projected annual IRR of 11.2% over the investment term. The Duke offers arguably the best value proposition in Cape Town's residential property market, offering a compelling prospect for long-term capital appreciation.
Properties delivering dividends:
This quarter, we are thrilled to add two remarkable properties to our already impressive dividend roster. Introducing Capital On Bath and Hyde Park House.
Hyde Park House: Exceptional residences in Johannesburg's prime location:
Picture this: an exquisite property nestled in one of Johannesburg's most prestigious residential suburbs. That's Hyde Park House. These units are currently being rented out on a short-term stay basis, and we're anticipating excellent bookings and delivering impressive returns to you.
Capital On Bath: A Gateway to luxury living:
Capital On Bath, developed by The Capital Hotels and Apartments group, offers an unparalleled living experience. By securing a guaranteed 3-year lease on these units, we have ensured a stable and consistent income stream for our investors. What's more, we got these units at a remarkable 23.7% discount to market price, making this an incredible investment opportunity. With rental guarantees kicking in this quarter, we couldn't be more excited about the prospects
With your continued support and trust, together, we'll soar to new heights and create remarkable opportunities for everyone. Let's make property investment a journey worth sharing, encouraging more individuals to join us on this thrilling rollercoaster ride to financial success.
Have you seen the exciting properties currently listed?
To make investing through EasyProperties even more valuable and exciting, we continue to add more excellent properties onto the platform. We are super excited to show you these amazing properties, and we know you will fall in love with them just as much as we do because of the potential income they will provide.