DURBAN MONTHLY ONLINE AUCTION - High Trade Shoprite U-Save. Erf 9 Regia Street, Kwambonambi
Extent: ± 2020 m² | Gross Annual Income: ± R 644K | Strategic location next to taxi rank | Positioned on the main road | Shoprite lease | Long term tenant
This retail property is located on the main road in the CBD of KwaMbonambi. KwaMbonambi is located close to the N2 highway, the national artery, which runs from Cape Town to Mozambique carrying investors, business and tourist traffic.
The property is in close proximity to the taxi rank, Post Office, Banks, Court and the shopping centre, and enjoys excellent exposure to the high level of pedestrian and vehicular traffic in the area.
Lying inland of Richards Bay, in a north westerly direction, KwaMbonambi, is situated part way between Empangeni and St Lucia on the N2.
Meaning "Place where the Chiefs gather", the village of Kwambonambi has importance in the history and culture of the Zulu Nation. KwaMbonambi, with its abundance of land has been identified as a primary development node. There is potential for residential and an industrial development, as well as the expansion of its well-developed timber industry. Already people working in Richards Bay seek the tranquility of Kwambonambi, with its tree-lined roads and well-built homes.
The site extent is ± 2020 m² and comprises a Shoprite U-Save retail store and ample parking for customers. The property comprises a retail section, a large parking lot, a secure receiving area, a bakery, stock storage areas, offices and ample ablutions.
Shoprite is Africa’s biggest food retailer. It operates more than 2,934 outlets in 15 countries across Africa and the Indian Ocean Islands.
The subject property was initially developed for Shoprite in 2009 and they have occupied the property ever since. They have 3 years left on the current lease with two 4-year renewal periods remaining.
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