Development Opportunity with Stunning Views in Port Alfred.

Exceptionally positioned and primed for development, this expansive 8327-square-meter parcel is zoned General Residential, offering boundless potential. Nestled in a desirable location, it boasts an elevated vantage point, affording breathtaking views of the Ocean, River, and Marina.

The two properties located at 41 Grand Street are owned by Greenwood Place (Pty) Ltd, a VAT registered vendor. The two options applicable to selling the properties would be:

1. Sell the property from Greenwood Place (Pty) Ltd to the purchaser. Greenwood Place (Pty) Ltd would include VAT on the price and there would be no transfer duty applicable. If the purchaser is VAT registered then they would be able to claim the input VAT.

2. Or sell the shares in the company to the purchaser. The purchaser would become the new owner of the company which also currently has an assessed loss of R334 674 as at Feb 2023.

For further details, reach out to Karen.