Commercial Investment Building, 146 Mahatma Gandhi (Point) Road, Durban
GLA: ± 1 246 m² | Multi-tenanted building | ± R825 135.60 Gross annual income exclusive of vacancies
This investment property is located along Durban’s Mahatma Gandhi Road within a precinct experiencing strong redevelopment attention. The property, also known as Mermaid Mansions, is within ± 200m of the Ushaka Marine World entrance. Current tenants include the Chairman’s jazz club and restaurant which is a popular high end executive hangout in Durban.
There are currently 3 tenants occupying ± 720 m² of the property. The remaining ± 525 m² are mostly vacant due to refurbishment work. The current Gross Annual Income is ± R825 135.60 with a potential further Gross Annual Income of ± R441 000 once vacancies are filled. The property falls within the SARS Urban Development Zone which allows the owner to benefit from tax incentives.
There are well known developments in the area such as Ushaka Marine World, Quayside, The Sails and Mariners Wharf. Lion Match and Ithala have significant interest in the area.
Of significant importance is the imminent Point Development which will include state of the art tourism facilities. This property is on the Point Development boundary.
Durban is the largest city in the South African province of KwaZulu-Natal. Durban's metropolitan municipality ranks third among the most populous urban areas in South Africa after Johannesburg and Cape Town. It is also the second most important manufacturing hub in South Africa after Johannesburg. It forms part of the eThekwini Metropolitan Municipality. Durban is famous for being the busiest port in South Africa. It is also seen as one of the major centres of tourism because of the city's warm subtropical climate and extensive beaches.
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