Umhlanga Ridge Investment Property, 2 Torsvale Crescent, Umhlanga Ridge
GLA of ± 2 026 m² set on a ± 6 267 m² site | Gross Annual Income: ± R 4 200 000 (Inclusive of rentals for parking bays) | Fully tenanted
The property is known as Old Mutual House and is situated within the La Lucia Ridge Office Estate in Umhlanga. This is an established upmarket security office park known as Torsvale Park, with the immediate area characterised by modern “A” Grade offices with various high profile / blue chip companies situated in the area. In Torsvale Park alone both Alexander Forbes and Cell C are situated here. In addition, the Gateway Shopping Centre is a few hundred meters away offering all major and modern amenities. The area is further serviced by a number of primary roads such as the M41 which provides easy access to the N2 Highway. King Shaka International Airport is approximately 20 minutes (± 18km) from the property. Access to the property is via security manned boom gates off Torsvale Crescent which branches off Armstrong Avenue. Armstrong Avenue runs from the La Lucia Office Park Estate to the La Lucia Mall.
The current owners of the property have recently attended to significant refurbishments to the building. The latter together with the quality of tenancies makes this an incredible investment opportunity. The property comprises a single C-shaped double storey air-conditioned office building with both basement and open parking. The building offers a primary entrance atrium and two secondary ground floor entrances.
There is a basement entrance way to the building. The ground floor is fully occupied by Old Mutual and is sectioned into two wings / sections (divided by the primary entrance atrium). These offices are fitted to Old Mutual’s corporate identity with each wing / section offering open and closed (dry-walled) office space, kitchenettes and a male and female toilets. The first floor offices are sectioned to accommodate three tenants amongst others is Sanlam. The first floor offices vary in configuration and fittings from each other but are internally dry-wall partitioned and each host its own ablutions and kitchenettes. The garden surrounding the building is landscaped and well maintained. The garden is further fitted with an irrigation system. The park perimeter fencing is electrified.
Total – 77 bays (Basement - 56 bays; uncovered – 21 bays) There is an opportunity to increase the number parking bays by 14 to obtain a total of 91 bays. Painted plaster under pitched tile roofing. A combination of ceramic tile and carpet. Suspended board ceilings with florescent box lights. Mostly dry-walling. Each office section is fitted with a central air conditioning system. There are five rental sections which are currently fully tenanted. Unit 4B is let to the tenant of Unit 3 on a temporary basis. Water, sanitation, refuse and electricity is recovered from each tenant. Some tenants contribute to municipal rates.
Umhlanga is an affluent residential, commercial and resort town north of Durban on the coast of KwaZulu-Natal, South Africa. It is part of the eThekwini Metropolitan Municipality, created in 2000, which includes the greater Durban area. In the same way that Sandton, Gauteng is becoming the financial centre of Johannesburg, Umhlanga is becoming the main economic hub of Durban.
Viewing: 27 February 2019 from 14h00 to 15h00
To participate in this physical auction each bidder has to follow the registration procedures.