Commercial and Residential Blocks in Durban Central Business District

Commercial and Residential Blocks in Durban Central Business District

AUCT-001295 | On Auction

100-104 Anton Lembede (Smith) Street, Durban Central, Durban, KwaZulu Natal


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2 x Commercial Blocks within Durban CBD. 100-104 Anton Lembede (Smith) Street, Durban CBD

Site Extent: ± 1 392 m² | Ideal for student accommodation, offices, college or residential

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 | Gross Annual Income: ± R730 000.00

BLOCK 2 – 8 storey Building
2 x Ground floor retail shops with workshop fronting Anton Lembede (Smith) Street | First floor church & 5 offices/rooms | 4 x 2 Bedroom flats | 2 x 1 Bedroom flats | 12 x Bachelor flats | Gross Annual Income: ± R1.2m

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. Each room generates approximately R1700.00 in rental per month.

The 8-storey block at 104 Anton Lembede (Smith) Street comprises two retail ground floor shops, first floor church and five offices/rooms. The residential component comprises of 18 flats in total (4 Two Bedrooms flats, 2 One-bedroom flats and 12 Bachelor flats). These flats generate approximately R4000 to R5000 rental per month per flat.

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.

To register and attend this auction, please email [email protected] as attendance is strictly by invite.
Alternatively, bids can be submitted via our online bidding platform https://auctions.in2assets.co.za accessible from both your PC or by downloading the In2assets App from the Google Play Store or App Store.

Commercial Type:
Commercial Building
Web Reference:
AUCT-001295
List price:
POA
Address:
100-104 Anton Lembede (Smith) Street, Durban Central, Durban, KwaZulu Natal
Auction Venue:
Durban Country Club
Isaiah Ntshangase Road
Durban
KwaZulu Natal
Auction Date:
20 August 2020 11:00 am



Auctioneer:
Andrew Miller
Auction Terms and Conditions:
R 50 000 refundable registration deposit. Strictly by bank guaranteed cheque or EFT. No cash. FICA Document are required.
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Auction Date: 20 August 2020 11:00 am


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