High Density Durban CBD Retail Investment. 395 Dr Pixley Kaseme (West) Street, Durban CBD
GLA: ± 620 m² | Gross Annual Income: ± R2.3 Million | Current lease until 2024 | Quality tenant, going concern with excellent returns | Prime location exposed to mass markets | Situated within busiest trade zone of SA
This property offers the Purchaser the opportunity for an increase in future yields due to the quality tenants, long leases and intrinsic values. The location is prime and attracts tenants offering goods and services to a mass market.
The property is currently occupied by Total Sports who are part of the Foschini Group. The current monthly rental amounts to R191 175.31, however a 7% escalation will come into effect on 01 March 2021. The lease expires on the 28 February 2024. This is a finite asset that a lot of people would want to get their hands.
The property is located within the busiest node of the Durban CBD on Dr Pixley Kaseme (West) Street. 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 subject property comprises mostly of street level retail space on the ground floor and offices and flats on the upper floor levels. The property is on a level site which is rectangular in shape and offers frontage onto Dr Pixley Kaseme (West) Street which is subject to high volumes of pedestrian and vehicular traffic.
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