± 4 500 m² Student Accommodation Building, 105 Dr Pixley Kaseme (West) Street, Durban CBD
This prominent landmark commercial building has retail components on the ground floor and student accommodation on the first, second and third floors | Neat and well-maintained building | Currently comprises 65 rooms with 118 students | Potential to increase number of rooms | Lease with UKZN Howard College | Projected Gross Annual Income: ± R 5.3 Million (including retail rentals from Bar, Student accommodation, Function Room, Salon, Spa, Offices, Restaurant, Workshop, Laundry and retail shop)
This neat well maintained 4 storey property is an iconic landmark within the Durban CBD. The ground floor comprises 4 spacious retail outlets, administration offices, the entrance foyer to the residential accommodation and access to the ramp. The first and second floor comprises of 65 rooms that sleeps either 1, 2 or 3 students, accommodating 118 students in total. The third floor comprises of 2 two-bedroom penthouse flats. The current income generated from the student accommodation amounts to R378 300. There is a lease in place with UKZN Howard College. Income generated from the retail shops amounts to approximately R100 000 per month.
This very well positioned property is situated towards the coastal periphery of the Durban CBD and occupies two road frontages being on the corner of Dr Pixley Kaseme (West) Street and Shepstone Road. Dr Pixley Kaseme (West) Street is a busy arterial which links Durban’s Central Beach precinct to the Durban’s central business district. 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 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 well as 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.
Viewing: 16 July from 13h00 to 15h00
To participate in this physical auction each bidder has to follow the registration procedures.