In2assets will at a live auction, in compliance with Covid-19 regulations, combined with online bidding, offer a retail and commercial building at 395 Dr Pixley Kaseme (West) Street, Durban Central, on November 18 at 11 am at the Durban Country Club.
Virend Deonarain, who is handling the sale describes it as going concern with excellent returns, situated within one of the busiest trade zones in the country.
The property has a gross lettable area of about 620 m² and a gross annual income of approximately R2.3 Million.
“This property offers the purchaser the opportunity for an increase in future yields due to the quality tenant, long leases, and its intrinsic values. The location is prime and attracts tenants offering goods and services to a mass market.
“The property is currently occupied by Total Sports, part of the Foschini Group. The monthly rental amounts to R191,175, however, a 7% escalation will come into effect on March 1, 2021.”
The area in the vicinity of the property comprises mostly of retail space at street level and offices and flats on the upper levels. The building fronts onto Dr Pixley Kaseme (West) Street which has high volumes of pedestrian and vehicular traffic.
The property is in the eThekwini Urban Development Zone (UDZ), one of nine new precincts demarcated in the greater central city to form the UDZ. The aim of creating this zone is to stimulate new investment and urban regeneration to the central parts of the city through tax incentives for new development or building restoration.
According to Hein Hattingh, MD of In2assets, the property market is vibrant at the moment. In2assets will host 25 properties on this auction to be held on 18 November with an estimated value of R376 Million.
For more information contact Virend Deonarain at 071 383 1735, 031 574 7600, or [email protected]
To register and attend the live auction, email [email protected]
Alternatively, bids can be submitted via the In2assets online bidding platform https://auctions.in2assets.co.za accessible from PC or by downloading the In2assets App from the Google Play Store or App Store.