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Thursday Mar 03, 2022

Flyt Property Investment and TriStar Construction join forces on Rosebank development

Flyt Property Investment have negotiated a partnership with TriStar Construction at the recently launched Saxon Square.

Situated in Rosebank, Saxon Square is Flyt Property's first managed development in Johannesburg and their partnership with TriStar translates into an appealing investment opportunity for investors looking for a comprehensive short-term hospitality rental management solution with excellent returns.


 
Flyt's Development Manager, Ryan Flowers says, "We believe in adding value to property through joint ventures and we're very happy to be involved in creating this investment opportunity with TriStar on a really outstanding development."
 
Saxon Square's 134, fully-furnished studio and one-and two-bedroomed apartments will offer tenants the privacy and comfort of apartment living along with all the conveniences and services of a hotel - suitable for business and leisure travellers looking for short- and long-term rental options with easy access to transport links, retail outlets, restaurants and bars.  Amenities include 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.


 
Flyt's management team will oversee all functions required to run a unit including the paying of levies, and rates and taxes on the owner's behalf, with on-site management being taken care of by the group's long-standing management partner and Aparthotel specialists, WINK Aparthotels.  Additionally, with a Flyt-managed VAT refund claim, investors will receive 40% of the VAT on their purchase price back in the first year, in cash, providing investors with a bonus cashflow of 6%; the remainder of the VAT is used to fund the furniture pack and fit-out costs which means that the investor is  not out of pocket.

"The property's location, excellent price point (with no transfer costs) and great returns combined with our on-site rental management option makes investment into Saxon Square a smart buy," states Flowers.

    
 

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