Commercial Property Investment, 96 Umbilo Road, Glenwood, Berea
Extent: ± 385 m² | Three retail units fully let | 12 Flats 85% let | Current annual income: ± R 738K
The subject property is located along the busy Umbilo Road, lower Berea, Durban.
The property is made up of 4 storeys. The ground floor comprises three commercial retail units. Each unit has its own toilet and direct access to the road. One retail unit also boasts a storeroom. The second, third, and fourth floors each consist of 4 bachelor flats per floor. Currently 10 of the 12 flats are occupied on month-to-month basis. The property has access from both the front and back of the building. It also includes a room for caretaker’s accommodation and washing lines. The property is an ideal opportunity for an investor looking for a mixed-use investment. The location is a high demand area for residential accommodation being close to transport routes.
The Berea is a ridge above the city of Durban, KwaZulu-Natal, South Africa on the northern side which overlooks the city centre and the Indian Ocean. Berea is also used as a collective designation for the suburbs in the area. It has been described as the area between the Howard College Campus of the University of KwaZulu-Natal, and the Burman Bush Nature Reserve.
Some of the oldest mansions in Durban were built in this once forested area. Today, many of these have been converted into offices or made way for apartment buildings. The Berea was once the most expensive real estate area in the province but is now third to Umhlanga and Durban North.
The two main areas of the Berea are Musgrave and upper Glenwood which are separated by the N3 Western Freeway highway which leads into the city centre.
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