This property is located in the heart of Albert Park, one of nine Urban Development Zones (UDZ) forming part of Durban’s Inner-City revival program. 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. Some accommodation has been upgraded, whilst general landscaping and improved cleanliness and security have stimulated new investment in the area.
This property originally functioned as a residential rental block with a ground floor shop measuring ± 130 m². The building is nine storeys high and is serviced by one 690 kg lift. Each floor, apart from the ground floor, comprises three flats, two 3 bedroom flats and one 2 bedroom flat. There are 24 flats in total comprising of 16 Three bedroom flats and 8 Two bedroom flats. . Every flat has its own lounge, kitchen, toilet & shower. The property further comprises a laundry room and TV Room. The ground floor comprises the retail unit, which fronts onto St Georges Street, as well as staff accommodation. To the western border of the site is a delivery driveway which extends underneath the first floor.
The property was adapted for the purpose of student accommodation in 2011 and has functioned as that for the past 8 years. The property was fully compliant and fitted to UKZN specifications as it was leased by UKZN for the past 8 years. The 24 flats had a total of 64 bedrooms which accommodated 2 students per bedroom allowing a total of 128 students to occupy. The apartments are currently fully furnished with beds, fridges, stoves, cupboards etc. these movable items will be included in the sale of the property.
The property is currently vacant and will be sold with vacant occupation. The improvements are set over the majority of the site, which has a small paved courtyard to the rear. A steel emergency staircase is attached to the rear of the building. The rooftop is used as a drying area and offers city views.
The property fronts onto St George’s Street, two properties away from the corner of Park and St George’s Street and one block west of Russell Street. Albert Park is bound by the Victoria Embankment to the south, the M4 Southern Freeway to the west, Smith Street to the north and Russell Street to the east. It is the original residential precinct for the greater Inner City and hence comprises predominantly blocks of residential flats. Access to the property is from St George’s Street which links to Russell Street and Broad Street, which in turn provide easy access to the commercial hub of Durban’s city. It is also within walking distance of the Victoria Embankment, and to tourist amenities such as Wilson’s Wharf and the recreational facilities offered by Durban’s Yacht mole.
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