4 Storey Commercial Block within Durban CBD. 52 Joe Slovo (Field) Street, Durban CBD
Extent: ± 420 m² | GLA: ± 1 470 m² | 4 Storey Building (Approximately 390 m² per upper floor) | Positioned in the heart of the CBD | Sold with vacant occupation | Mass market exposure | Well maintained, neat and refurbished | Ideal for student accommodation, offices, college or residential conversion
This frontline 4 storey building forms part of the mix of high-volume foot traffic retail and commercial space in the Durban CBD. Fronting to the busy Joe Slovo (Field) Street, this property provides excellent signage exposure.
Seventy five percent (75%) of property was recently occupied by a well-recognised international tertiary institution and the remaining space on the ground floor by a financial institution. As such, each level of the property is designed as per the previous occupiers’ requirements, however each level can be easily expanded or adjusted depending on user expectation. Currently each level comprises a configuration of open plan and individual offices most of which are partitioned by drywalling.
Externally, the front façade has also been modernised.
The upper levels are serviced by a lift which is in working order, two flights of stairways and each level supported by male and female ablution facilities and a store room. Fire safety equipment includes the sirens, smoke detectors and extinguishers are in place. There are also split unit air-conditioners within the building however the seller does not guarantee that these air-conditioners are in working order and are sold as is. The ground floor has ducted air-conditioning as well. The ground floor is accessed via automated roller doors and has high glass doors fronting to Joe Slovo (Field) Street. The property is fully alarmed with motion sensors and cameras in place.
This property offers the Purchaser the opportunity to convert the upper levels into student accommodation or even residential accommodation. The ground floor in this prime location will definitely attract tenants offering goods and services to a mass market. The restoration process in the city is certainly driving up demand and subsequently prices for commercial rental properties.
The property is located approximately 30m from one of the busiest intersections within the heart of the Durban CBD, being the intersection of Joe Slovo (Field) Street and Anton Lembede (Smith) Street. The property fronts directly onto Joe Slovo (Field) Street and is bound by Field Lane at one side and Murchies Passage at the rear. As such this property is exposed to high levels of pedestrian and vehicular traffic.
The property falls within the Durban Central precinct, as per eThekwini’s new Urban Development Zone (UDZ). This is one of nine new precincts demarcated within the greater central city, together forming the UDZ. The aim of creating this zone is to stimulate new investment and urban regeneration to the central parts of the eThekwini City, through tax saving incentives applicable to new development or building restoration.
The neighbourhood within the immediate vicinity of the property comprises mostly retail space on the ground floor and offices and flats on the upper floor levels. Some accommodation has been upgraded, whilst general landscaping and improved cleanliness and security have stimulated new investment in the area.
Various financial institutions, law firms, tertiary institutions, car dealerships and both national and international retailers and food outlets surround the property.
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