Durban Corporate Property Portfolio
The jewel in the crown of In2assets August combined commercial property auction is surely a parcel of four commercial properties located in Durban. Currently owned and Built up for over 30 years to a substantial rental pool by a well-known Durban business man, are four prominent investment properties located in the suburbs of Springfield Park, Musgrave and Berea.
9-11 Currie road, a fully let investment building and the smallest of the portfolio, consists of four office suites. The property is entirely fenced and comprises two road entrances with secured parking areas for all tenants. The current gross rental income is ± R 549 060.00 p.a and all property related costs are recovered via the lease agreements. This property enjoys highly visible exposure from the N3 Highway leading into Durban.
The second largest property is 39 Magwaza Maphalala (Gale) Street a well maintained freestanding Commercial Building with business zoning, which enjoys a combined General Lettable area of ± 4400m². The entire block of 10 Individual Units are fully let and most tenants in this building have occupied their Units over many years. The property enjoys a decent sizable basement parking area of major and attractive appeal to both tenants and visiting customers. The current gross rental income is ± R2 722 814.64 p.a and all expenses are recoverable in terms of the Lease Agreement.
The most prominent positioned property within this portfolio is 89 King Dinuzulu (Berea) Road, a ± 5171m² corner building which enjoys frontline exposure onto three road frontages. This building allows vehicular ramp access to every designated unit and offers plenty of open and covered parking bays. All seven units are fully tenanted and the owner has a waiting list for tenants due to the consistent popularity of both the location and nature of the building. The current gross rental income is ± R3 096 807.00 p.a and all property related costs are fully recoverable in terms of the lease agreement.
The largest lettable space divided into five sectionalised Units is offered by 331 Inanda Road, a well-positioned Industrial property known as Quintas Park, situated in Springfield Park, one of Durban’s most sought-after industrial precincts. This property is regarded as a landmark property due to its visibility from the N2 Freeway and its unique building shape. The property is ideally located on the corner of the busy Inanda Road and the N2 itself with easy access onto both Roads. Four of the five Units are fully let and a new lease on the vacant property is pending under due diligence and expected to be concluded prior the auction date.
The combined potential gross income on a GLA of ± 5898 m² is ± R 4.880,000. Likewise, most of the costs are recoverable in terms of the Lease Agreement.
“It is rare occasions that Commercial and Industrial properties of this significance come into the market and we are looking forward to an active and packed auction on 23 August 2017”, says Rainer Stenzhorn of In2assets.
“The property portfolio has been advertised for a number of weeks and has already attracted huge national interest, both from private investors as well as corporate funds,” says Stenzhorn. “With the majority of the current leases all extending well into the future, the property offers an excellent and rare investment opportunity.”
The auction will take place at 11:00am on 23 August 2017 at the Durban Country Club and all properties will be offered as individual lots and combined as one lot.
Further information on the properties or the auction event can be obtained from firstname.lastname@example.org