± 2 200 m² Retail; 55 Apartments & Further Development Opportunity

AUCT-001111 | On Auction

± 2 200 m² Retail; 55 Apartments & Further Development Opportunity

39 Hill Street, Pinetown, KwaZulu Natal

OPENING BID R16 Million : ± 2 200 m² Retail; 55 Apartments & Further Development Opportunity. 39 Hill Street, Pinetown, KwaZulu-Natal

Gross Annual Income: ±R2.7 Million | Potential Fully Let: ±R6.1 million (excluding recoveries) | Gross Lettable Area: ± 7 400 m² | ± 25 Retail Shops & Storerooms | 55 Apartments of various configurations | 68 Secure Parking Bays | Available Bulk for further development


This seven-storey commercial block with a penthouse and basement parking is positioned in the heart of the Pinetown CBD, in close proximity to Boxer and SPAR. Hill Street is one of the busiest streets within Pinetown CBD carrying a mass market of consumers and vendor stall owners. National tenants (various banks and supermarket chains) occupy buildings surrounding the property making this specific node a sought-after area.

The property comprises basement parking, ground floor retail shops, 55 apartments and a penthouse level. Furthermore, there is ample bulk to add more residential flats as well as utilizing the mezzanine level. The property is serviced by two lifts, with a contract in place with Schindler.

Basement Parking
The secure basement parking area is accessed via Dales Avenue through manned security. It comprises of 68 parking bays, storage rooms, a workshop and the meter room. Sensor lights and sprinklers are in place.

Ground Floor Retail Shops
There are 6 (4 to Hill Street and 2 to Dales Avenue) retail shops that have street frontages and approximately 13 shops that are positioned within the arcade that runs from Hill Street to Dales Avenue. Occupied retail shops have been designed to reflect the tenant’s organizations approach which integrates with the needs of their clients. Proposed architectural plans are available for the conversion of a portion of the ground floor retail entrance into a ground floor residential lobby area.

There is a mezzanine level of approximately 858 m², with 2 strong rooms. This mezzanine level has potential for conversion into more residential apartments. Proposed architectural plans are available on request.

55 Residential Apartments
There are 8 apartments positioned on each floor, from floor 1 to floor 6 and the 7 studio apartments at split level:
24 Two Bedroom Apartments in total
18 One Bedroom Apartments in total
6 Bachelor Apartments in total
7 Studio Apartments in total

The neat apartments comprise of a kitchenette with built in cupboards and a bathroom (shower/tub, basin & toilet), The lounge and dining rooms are open planned to the kitchenettes. All flats have prepaid electricity and parking bays can be rented. Apartments range from 30 m² to 54 m² in extent. The property is set on a level, rectangular site to the southern periphery of the Pinetown Central Business District. Pinetown forms part of the Inner West region of the eThekweni Municipality and is approximately 20 kilometres west of the Durban CBD and some 60 kilometres east of Pietermaritzburg. The immediate area comprises commercial properties of similar nature to the subject property which often comprise retail and office components. Crompton Street runs north & south and is the major route bisecting the city centre of Pinetown. It is a dual traffic carriage way and has high volumes of passing pedestrian and vehicular traffic.

Pinetown is ideally located and enjoys easy access to Durban Central as well as the Upper Highway area. Numerous good schools, popular shopping centres and public facilities are offered nearby. The neighbourhood offers affordable housing to first time home buyers, whilst also offering mixed use industrial activities in the surrounding suburbs of New Germany, Westmead and North Industria. The M19, M13 and N3 freeways are easily accessible.

Commercial Type:
Mixed use Commercial
Web Reference:
AUCT-001111
List price:
POA
Address:
39 Hill Street, Pinetown, KwaZulu Natal
Auction Venue:
Mount Edgecombe Country Club
Mount Edgecombe
Durban
KwaZulu Natal
Auction Date:
21 April 2021 11:00 am



Auctioneer:
Andrew Miller
Auction Terms and Conditions:
R 50,000.00 refundable registration deposit. Strictly by EFT. No cash. FICA Documents are required

Bidding opens in


Auction Date: 21 April 2021 11:00:00am


Virend Deonarain
                                                         In2assets Representative

Property Agent


Virend Deonarain
071 383 1735
[email protected]in2assets.com


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