by In2assets  |   September 23, 2021

Shopping Centre With Anchor Tenants

In2assets will be auctioning a shopping centre in Pinetown on October 19 at 11 am at the Mount Edgecombe Country Club. The triple-storey centre, at 23 Hill Street, which has a penthouse on the roof level and secure parking on the second floor, is positioned in the heart of the Pinetown CBD, opposite Boxer Cash & Carry and Jwayelani Supermarket. The property accommodates about 15 tenants, of which SUPABETS (sports betting) and A5 Cash & Carry are the anchor tenants.

The secure parking area is accessed via Dales Avenue through manned security. It comprises 40 parking bays, storage rooms, and workshops. An arcade runs from Hill Street to Dales Avenue. The property generates a gross annual income of R5.7 million (excluding VAT) from the ± 4 450m² of retail space. The parking area measures about 2 250m². It has three street frontages - Hill Street, Dales Avenue and Moodie Street.

The property is set on a level, rectangular site at the southern periphery of the Pinetown Central Business District. Pinetown forms part of the Inner western region of the eThekweni Municipality and is about 20km west of the Durban CBD and 60km east of Pietermaritzburg. Pinetown enjoys easy access to Durban Central as well as the Upper Highway area. Numerous good schools, popular shopping centres, and public facilities are nearby. The M19, M13 and N3 are easily accessible.“The centre is positioned within 300m of the Pinetown taxi rank and on Hill Street, which is one of the busiest streets within Pinetown CBD carrying a mass market of consumers and stall owners. It is exposed to high volumes of passing pedestrian and vehicular traffic.

“National tenants (various banks and supermarket chains) occupy buildings surrounding the property making this specific node a sought-after area,” says Virend Deonarain, who is handling the sale. For more information, contact Virend Deonarain at 071 383 1735, 031 574 7600 or [email protected] Email [email protected] to attend the auction. Bids can be submitted remotely via the In2assets online bidding platform accessible from PC or by downloading the In2assets App from the Google Play Store or App Store.