FLYT partners with Saxon Square to offer hassle-free property investment.
Renowned hospitality and development group FLYT Property Investment has selected popular Rosebank development Saxon Square as the company’s first managed development in Johannesburg, extending the group’s footprint from the Western Cape. The partnership with lead developers TriStar Construction enhances Saxon Square’s offering to investor-owners with a comprehensive short-term hospitality and rental management solution. Investor-owners will benefit from a fully managed on-site solution that offers tenants the privacy and comfort of apartment living, with the convenience and service of a hotel.
Occupying a prestigious address in Johannesburg on Oxford Road, Saxon Square presents luxury, industrial chic apartments at an impressively affordable price point. Malose Kekana, Chairman of TriStar Construction, says investors have been snapping up the opportunity. With pre-sales targets reached in record time, construction is due to start soon.
“We believe Saxon Square is one of the best investment opportunities available, and the partnership with FLYT provides a truly hassle-free option for investors,” says Kekana. “For astute investors looking for a truly hands-off solution with excellent returns, this is a strong opportunity. With Saxon Square joining the FLYT network, the value and appeal of these sought-after apartments can only continue to grow.”
FLYT will leverage off their reputation, client base and track record in establishing an on-site management company to run the short-term rental management solution at Saxon Square. FLYT currently manages about 200 serviced apartments in Cape Town, with a pipeline of another 300 coming on stream in the next 18 months.
FLYT has a successful track record of adding value to property through joint venture and independent projects. Sold-out developments in the Cape include WINK Foreshore, Eaton Square in Cape Town, and Quivertree Apartments in Stellenbosch. Saxon Square joins One Thibault, the tallest residential development in Cape Town, in the FLYT portfolio. As an added benefit, owners have access to discounted stays across the FLYT portfolio of properties.
“We closely manage and co-invest in projects we believe in, completing rigorous evaluations beforehand to realise significant returns that create a tangible difference, says FLYT Sales and Development Manager, Ryan Flowers. We’re excited to be involved in creating this investment opportunity with a truly remarkable development,” says Flowers. “Effectively, the only responsibility the investor-owners at Saxon Square will have is the payment of the homeloan they may have on the property. Our teams will take care of the rest.”
Saxon Square owners will be able to enter into a 1-year agreement with FLYT, in terms of which FLYT will undertake all functions required to run the unit, including paying levies, rates and taxes on the owner’s behalf.
Booking, cleaning and maintenance services in support of short- and medium-term rentals will be run seamlessly in conjunction with FLYT’s preferred operator, who will perform the daily management function.
As an additional benefit, Flowers explains that all set-up and furniture costs are covered through a VAT refund. “As the rental units must be fully furnished in accordance with FLYTs standard requirements, the owners will need to purchase a furniture package as part of their purchase price of their units. FLYT will then manage a VAT refund claim on behalf of the owner and will use part of this refund to repay the owner for furniture pack purchased for the unit, as well as covering set-up costs. Additionally, owners will receive 40% of the VAT claim back in the first year in cash, providing a bonus income of 6% in the first year.”
The apartments are perfect for those seeking a cosmopolitan lifestyle or business and leisure travellers, with easy access to transport links and an impressive list of amenities including a 24-hour concierge, biometric access control, coffee shop, rooftop garden and co-working lounge. Utility costs are low, with eco-friendly and cost-saving elements built into the design including a central gas hot water heating system.
“The FLYT rental management solution only enhances the existing offer of these well-priced units, no transfer costs, pre-paid metering for all services and fantastic lifestyle features with a strong appeal to both short and medium term tenants,” says Kekana. “Current projections are that the investment is predicted to average excellent returns over a 5-year investment model. Investors are encouraged to move quickly to secure apartments.”