This four-storey accommodation block is positioned within the heart of the Albert Park suburb of the Durban CBD, fronting onto the busy Maud Mfusi (St Georges) Street. The property is positioned within walking distance to various tertiary institutions and provides an excellent opportunity for the transformation into student accommodation. The ground floor comprises of three retail shops which are on either side of the foyer to the building. Two of the retail shops have store rooms at the rear. At split level into the building, the ground floor further comprises of the administration office (potential room) plus a further 6 rooms, all of which share a common kitchen, toilet and shower. The first, second and third floors each comprises of 5 rooms at the rear wing and 7 rooms at the front wing. Each floor is further supported by three sets of communal showers, toilets and kitchens. Prepaid electricity meters are installed at either wing of each floor which services all of the rooms. It should be noted that the prepaid meters and the biometric system belong to the tenant and are specifically excluded from the sale of the property.
In total, this property has approximately 43 rooms with each room occupied by 3 or more people.
Ground floor: 7 rooms (including office) & 3 retail shops with store rooms
First floor: 12 rooms & 3 sets of kitchens, toilets and showers
Second floor: 12 rooms & 3 sets of kitchens, toilets and showers
Third floor: 12 rooms & 3 sets of kitchens, toilets and showers
The property is currently being used for residential purposes, with 2 commercial ground floor businesses and generates a substantial rental being fully occupied. The current tenant charges residents per head with each individual room / flatlet being occupied by 3 or more people, depending on the configuration and size of each room / flatlet.
The property is currently being used for residential purposes and generates a substantial rental being fully occupied. The current tenant charges residents per head with each individual room / flatlet being occupied by three or more people, depending on the configuration and size of each room / flatlet.
This property is located on the outskirts of the Durban CBD part of the 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.
The property fronts onto Maud Mfusi (St Georges) Street and is exposed to high levels of pedestrian and vehicular traffic. The property falls in the Albert Park node of Durban CBD.
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. College Lane provides 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.