Prominent CBD Property, 31 Monty Naicker (Pine) Street, Durban
Multi-level commercial property with GBA: ± 4 633 m² | ± 900 m² Will be tenanted from date of registration of transfer | Three street frontages | Ideal for redevelopment with 5 meter height on each floor
This very well positioned property is situated towards the coastal periphery of the Durban CBD and occupies three road frontages. The property is within walking distance to the Durban ICC and enjoys very high vehicular and pedestrian exposure.
The neighbourhood within the immediate vicinity of the subject property comprises mostly service industrial, multi-level warehousing, residential block of flats, hotels, retail space and is the vehicle sales hub of the CBD. The property is also close to the Hilton Hotel, the Kingsmead Cricket grounds and the Kingsmead Office Park.
The Victoria Embankment and the Durban Harbour are easily accessible; as are the M4 and N3 Freeways. This node has enjoyed improved cleanliness and upgraded security which have stimulated new investment by property funds who have injected capital into urban regeneration projects in the area.
The property consists of three levels each ± 1 500 m² and is partially tenanted. The tenanted area comprises the following:
Ground Floor: ± 850 m²
First Floor: ± 500 m²
Second Floor: ± 100 m²
Total: ± 1 450 m²
The tenant is currently occupying the entire ± 1 500 m² of the First Floor. The intention would be to downscale to ± 500 m². Rentals will be adjusted if an area larger than ± 500 m² is used at Transfer.
The Gross Annual Income from this lease is ± R816K. The tenant has the right to occupy the property for a period not exceeding one year from the date of sale. The tenant has the right to cancel the lease prior to this date.
The total vacant area will consist of ± 3 050 m². There is a 4 ton goods hoist which services all floors. Each floor enjoys a decent floor to ceiling height of ± 5m which means the property lends itself well to warehousing.
Note: The Seller will remove 2 cold rooms/freezer, a kitchen extractor and one steel mezzanine floor of ± 55 m².
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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