Available Property

PROPERTY DESCRIPTION
Location: Behind Godfrey Okoye University, Thinkers' Corner Enugu

Number of plots on the site: 6 plots

Size of the Site: 2714 square meters

Improvements on the site: 4nos office space buildings and a hall

Total office spaces of the buildings: 60 rooms

Total net lettable space of the buildings: 881.81 square meters

Asking price: #175, 000, 000.00

Current market value from a certified Valuer: #160,000,000.00

Investment Commentary: The property is strategically located and very viable for real estate investment options especially hostel, school, hospital and modern office spaces since it is directly behind Godfrey Okoye University. If converted to Single rooms (all en suite), that is self contain, it can accommodate up to 50 of them and even more which can go for a minimum of #200,000 for each apartment per annum. This will give a total of #10,000,000 annual gross income due to the investment and a net income of #7,500,000.00 after comfortably deducting 15% annual outgoings. With this analysis, the investment will already recoup a huge sum of #150,000,000.00 just within 20years, if the current market rent of #200,000 were to remain static. In essence, due to the upward review of rent every 3years in Enugu State, the investment will break-even before 20years of it's existence. Also, there is a huge possibility of expanding the improvements on the site either upward or outward as the investor may so wish. The unbuilt area of the site is large enough to allow for an outward expansion of the improvements thereon (1,816.24 square meters, more than 3 plots).