Real Estate Investor Magazine South Africa October 2013 | Page 59
OFFSHORE
developers and builders trying to provide all
sorts of accommodation. We met the head of the
town council planning and he said that all the
“man-camps” had conditional use permitting
and within 2 years they would like to get rid of
all of them. (46% might look attractive now, but
it is going to be shut down, is on leasehold land
and is a terrible investment.) We believe there is
an opportunity to buy traditional homes where
people would want to live long term and they
have a net yield of 15%.
However we went back to the principle
of the storeowners that sell spades. Upon
further investigation and dealing with the
most experienced people in Watford, the
geographical centre of The Bakken, we found a
real opportunity to sell spades. We discovered
that 1300 businesses had moved to Watford in
the last 2 years. We spoke to the only realtor and
he said that every single week someone asks him
for office space and although he has been saying
for the last 2 years that the biggest opportunity
is office space, no one has built one square metre.
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