An affordable and secure residential village is in the works for the Boksburg CBD and will be ready for occupation in the beginning of 2023. Property entrepreneur Leroy Slava, together with TUHF, is following on the previous TUHF funded project, @Fourteenth, and this time converting a retail mall to a residential village.
When complete, the property will have capacity to house about 200 people across 52 flats, 27 of which will be one-bedroom units, 18 two-bedroom units and 7 two-bedroom apartments that will feature spacious lofts, made possible by the high ceilings of the property. The residential mix is envisioned as spanning from young professionals and families to older couples.
“When I completed @Fourteenth, I started receiving a number of requests for two-bedroom apartments, which @Fourteenth didn’t have many of, so this should fill that gap,” Slava explains.
Slava’s ambition to grow his portfolio in an area of the city that he knows well – Boksburg – meshed well with TUHF’s vision of uplifting areas and fostering urban regeneration.
Slava Village is well on its way to completion, as construction has been ongoing since late July, and already, eight of the apartments are complete. There are presently parking bays for about 20 cars, which may be extended further to accommodate closer to 100 cars.
TUHF provided financing to the value of R13.3 million for purchase of the property as well as construction, refurbishment and professional fees to complete the conversion in full, payable over 15 years.
Slava enthuses that the residential village is aimed at being secure, affordable and family friendly. To this end, Slava Village’s security will include electric fencing, security cameras, a security guard, and armed response.
Rentals of the apartments will range between R3 800.00 to R5 800.00 per month, for a one bedroom and two bedrooms, respectively. In terms of family friendliness, the village features a play area, ideal for children, and is next to a school.
As it is directly opposite @Fourteenth, it shares that building’s ready access to transport and proximity to the Municipality’s Customer Care Centre, Boksburg Public Library and retail facilities. While not yet confirmed, Slava Village may also feature a laundromat and a coffee shop. Essentials that are confirmed include fibre optic Internet and Wi-Fi access as well as DSTV.
Of particular interest given the current power constraints is that Slava Village will be sustainable, with solar power deployed in three stages across the village, and a borehole to ensure constant water supply. Electricity and water will be on prepaid meters, and low flow taps and showers will be installed throughout to ensure water is sustainably managed.
With this being Slava’s second project, he explains that as he embarks on his expansion journey, he is learning from each one. “’I’m learning that the closer I am to my properties, the easier it is to manage them, and management costs are reduced. It is easier to manage both my first property and this project as I stay nearby in Boksburg, so looking ahead, this area remains my first choice for developing other buildings,” he explains.
He further stresses the importance of having support. “I was certainly a bit nervous with Slava Village since it is a larger venture than my first property. What made a significant difference is the support I am receiving from TUHF and how accessible they are when I need to get advice on some aspect of the development,” he explains.
Slava notes that one lesson that he took from @Fourteenth and brought over to the Slava Village project is that it is essential to have a good project manager and advises against having to be overly emotionally involved by mixing friendships with business. “The construction was tendered out to several construction companies, amongst whom we chose the best one,” he adds.
‘’In terms of my long-term vision, my goal has always been to grow a big portfolio of properties, which thanks to TUHF, I am on my way to realising,” he concludes.