Borrowdale, Harare North, Harare
The property in question is a 3-hectare vacant commercial land located on Borrowdale Road, with an asking price of $. To assess the fairness of this price, let's look at the local market trends.
In Borrowdale, commercial land is valued at approximately $148 per square meter, while residential land goes for around $83 per square meter. Given the property's size, if it were to be valued as commercial land, the total price would be around $ (3 hectares x 10,000 square meters x $148 per square meter). However, the asking price is $, which might reflect the property's strategic location and potential for high-value development.
Key Considerations:
- Location: The property is situated near the prestigious Kutandara Estate and is proposed for a high-value office park, making it an attractive spot for commercial development.
- Land Size: 3 hectares is a substantial piece of land, offering ample opportunities for development.
- Market Trends: Commercial land in Borrowdale commands a premium price, with an average price per square meter of $148.
- Potential Uses: The property can be used for residential, commercial, mixed-use, or investment projects, providing flexibility for developers.
Comparable Properties:
- A 7,200 square meter commercial land in Borrowdale is listed for sale, but the price isn't specified.
- A 30,000 square meter land in Borrowdale is available for development, indicating potential for large-scale projects.
- The average price of land in Borrowdale is around $160,000, but commercial land can sell for much higher
Ultimately, whether the asking price of $6,000,000 is reasonable depends on your specific needs and investment goals. It's essential to carefully evaluate the property's potential and negotiate the price accordingly ³.
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