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E13.5M MVA BUILDING UP FOR SALE

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MBABANE – Property development punters have been presented with a superb investment opportunity to expand their portfolio.   


This could be through the acquisition of Sincephetelo Motor Vehicle Accident Fund (SMVAF) old offices which have been placed on the market through sealed bids. Corporate Affairs Manager Makhosi Magongo disclosed that the market value of the structure which currently houses Nedbank at its banking hall stands at E13.5 million.


In the invitation for bids which was issued by SMVAF, it was precisely pointed out that the highest bidder has to meet the seller’s minimum acceptable price. The deadline for submission of bids will be on Friday, October 25, 2019.    

   
Magongo mentioned that the double storey structure in good condition located along Gwamile Street also has basement parking.
An expert, who was interviewed by this publication with intent to find out whether it makes financial sense to invest in the property, said he could not provide professional advice since he was not privy to contents of the property’s valuation report.


Location


However, he pointed out that the prime location of the structure within the Central Business District (CBD) made it a property that would be able to attract impressive returns in the short to medium term.


The property guru said given the continued development of properties within the capital city, which could lead to an appreciation of the property value especially after renovations, and proximity to most government offices it was advisable to purchase the property.    


“Location is very important when purchasing commercial property – just as important as when buying your own home. Think logically about what you will be using the premises for.  For the most part, a central location is desirable due to easy transport links,” added the expert.
The MVA fund commenced operations under the fuel levy system on January 1, 1988.


The MVA fund was established by an Act of Parliament under the Motor Vehicle Accidents Act No. 13 of 1991 as the instrument by which the Government of Eswatini compensates road accidents victims who have suffered bodily injuries or loss of support following the death of breadwinners.
Between 1973 and 1986, compensation to road victims was operated by the Insurance Industry under Third Party premiums.

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