Site Extent: ± 1 392 m² | Ideal for student accommodation, offices, tertiary institute or residential | 1 x 8 Storey Building and 1 x 3 Storey Building | Ground floor retail shops, workshops and upper floors accommodation and church | 17 Spacious Apartments and 35 Rooms (Single and Double) | Gross Annual Income: ± R 2.2 Million | On-Site parking for ± 15 motor vehicles
BLOCK 1 – 3 storey Building
Ground floor retail shop fronting Anton Lembede (Smith) Street | Ground floor workshop with parking for ±15 motor vehicles | 25 Rooms (Single and Double) | Gross Annual Income: ± R778 000.00
BLOCK 2 – 8 storey Building
2 x Ground floor retail shops with workshop fronting Anton Lembede (Smith) Street | First floor church & Individual Rooms | 3 x 2 Bedroom flats | 1 x 1 Bedroom flat | 1 x 1.5 Flat | 12 x Bachelor flats | 8 Single Rooms | 2 Double Rooms | Gross Annual Income: ± R1 494 600.00
These 2 frontline buildings forms part of the mix of high-volume foot traffic within the retail and commercial space of the Durban CBD. Fronting to the busy Anton Lembede (Smith) Street, these two buildings have excellent exposure.
This property offers the Purchaser the opportunity to convert the upper levels into student accommodation or to keep as the current residential accommodation. The restoration process in the city is certainly driving up demand and subsequently prices for commercial rental properties.
The triple storey block at 100 Anton Lembede (Smith) Street comprises a ground floor retail unit and ground floor workshop. Parking for approximately 15 motor vehicles is available at the rear of this property. This block comprises of 25 rooms with communal showers and toilets.
The 8-storey block at 104 Anton Lembede (Smith) Street comprises two retail ground floor shops, first floor church and individual rooms. In total there are 17 flats and 10 rooms in this block. Altogether there are 17 flats/apartments and 25 individual rooms.
The property is located at 100-104 Anton Lembede (Smith) Street, close to the Cato Street and Smith Street intersection. 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 are in close proximity to the property.
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071 383 1735