Newcastle Woolworths Centre, 51 Allen Street, Newcastle CBD, KwaZulu-Natal
Gross lettable area: ± 2 764 m² | 3 National Blue-Chip tenants (Woolworths, PEP & Rage) | Projected Gross Annual Income: ± R3.5 Million
A unique auction opportunity presents itself to any aspiring commercial property investor as the Newcastle Woolworths Centre comes under the hammer on 18 April 2018. This blue chip property in the heart of the Newcastle CBD is fully let with 3 national blue chip tenants in Woolworths, PEP and Rage. A gross lettable area (GLA) spanning ± 2 769 m² with a combined gross annual rental of ± R3.5 Million underpins this property with these 3 high quality tenants. Interestingly, a pedestrian foot count was conducted in March 2012, and a staggering 1 Million people in one month passed through the passage in the building highlighting the popularity of this Newcastle shopping node.
The auction of this very popular centre offers investors looking for value beyond metropolitan areas. Strong national tenants and location are prerequisite variables for major property buyers when looking at busy outlying towns and the Newcastle Woolworths centre is just the type of property which ticks all of these boxes.
Newcastle is the third-largest city in the province of KwaZulu-Natal, South Africa. Set at the picturesque foothills of the northern KwaZulu-Natal Drakensberg Mountains, Newcastle is located in the north west corner of the province along the Ncandu River and is one of the country's main industrial centers. The N11 and R34 are the principal roads linking the city to the rest of South Africa.
To participate in this physical auction each bidder has to follow the registration procedures.