Hospitality and development group, Flyt Property Investment, has chosen Saxon Square in Rosebank as its first managed development in Johannesburg, extending the company’s footprint from the Western Cape.
In partnership with developers TriStar Construction, Saxon Square offers investor-owners a complete hotel and short-term rental management solution, benefiting from a fully managed on-site solution that offers tenants the privacy and comfort of an apartment. with the convenience and service of a hotel.
Located on Oxford Road, Saxon Square offers luxurious, industrial chic apartments at an affordable price. Malose Kekana, president of TriStar Construction, says investors seized the opportunity with pre-sale targets in record time.
“We believe Saxon Square is one of the best investment opportunities available, and partnering with Flyt offers a truly hassle-free option for investors.says Kekana. “For shrewd investors looking for a truly convenient solution with excellent returns, this is a great opportunity. With Saxon Square joining the Flyt network, the value and appeal of these sought-after apartments can only continue to grow.”.
Flyt will establish an on-site management company to manage the short-term rental management solution at Saxon Square.
“We closely manage and co-invest in projects we believe in, performing rigorous assessments beforehand to realize meaningful returns that create a tangible differencesays Ryan Flowers, Director of Sales and Development at Flyt. “We are delighted to be part of creating this investment opportunity with a truly remarkable development… Indeed, the sole liability of Saxon Square investor-owners will be the payment of any mortgage they may have on the property. Our teams take care of the rest.”
Owners of Saxon Square will be able to enter into a one-year agreement with Flyt, whereby Flyt will undertake all functions necessary to operate the unit, including payment of levies, fares and taxes on behalf of the owner.
Reservation, cleaning and maintenance services in support of short and mid-term rentals will be managed seamlessly in conjunction with Flyt’s preferred operator, who will provide the day-to-day management function.
As an added benefit, Flowers explains that all installation and furniture costs are covered by a VAT refund: “Because rental units must be fully furnished to Flyt’s standard requirements, owners will be required to purchase a furniture package as part of the purchase price of their units. Flyt will then handle a VAT refund request on behalf of the owner and use part of this refund to reimburse the owner for the furniture pack purchased for the unit, as well as to cover installation costs. In addition, owners will receive 40% of the VAT claimed in the first year in cash, which will provide them with an additional income of 6% in the first year..”
The apartments are ideal for those seeking a cosmopolitan lifestyle or business and leisure travelers, with easy access to public transport and an impressive list of amenities, including 24-hour concierge, security check biometric access, a café, a roof garden and a coworking lounge. Utilities costs are low, with eco-friendly and economical elements built into the design, including a central gas-fired hot water heating system.
“The Flyt rental management solution only enhances the existing offering of these well-priced units, no transfer fees, prepaid meters for all services and fantastic lifestyle features with strong appeal to tenants in the short and medium term“, explains Kekana. “According to current projections, the investment should generate excellent average returns over a five-year investment model. Investors encouraged to act quickly to secure apartments.”