Iconic Palmerston Hotel - ± 203 Rooms

AUCT-001650 | On Auction

Iconic Palmerston Hotel - ± 203 Rooms

38-42 Palmer Street & 129 Gillespie Street, South Beach, Durban, KwaZulu Natal

Iconic Palmerston Hotel with ± 203 Rooms on Durban’s Beachfront Precinct. 38-42 Palmer Street & 129 Gillespie Street, South Beach, Durban

Site Extent: ±1 416 m² | ± 203 Rooms – Accommodation for ± 328 people | Ready for Student Accommodation meeting all requirements for any tertiary institute | Apartments, Individual Rooms with communal facilities, Function Rooms, Study Areas | Brand new lifts | 2 Retail shops on ground level


The iconic Hotel Palmerston was once a popular building that accommodated daily, weekly and monthly residents wedged between the Durban City Parking Garage and The Parkview Building. It was the hotel that was affordable yet being in close proximity to Protea Hotel and The Holiday Inn Garden Court. The Palmerston Hotel has since been revamped and converted and for the past 12 years been operated as a fully functional student accommodation residence. It meets the requirements regarding cleanliness, safety, facilities and accessibility for any tertiary institute. However, the property has potential to be used for residential accommodation or even holiday letting. The property comprises of two buildings that are almost attached. The first along Gillespie Street comprises a 9-storey block and the second attached to the Shoprite Building comprises a 6-storey block. Brand new lifts service both blocks and security at the main entrance includes turnstile and biometric access, which is currently not connected. CCTV cameras monitor the ground floor.

The ground floor of both residential blocks comprises of the study rooms, TV rooms, dining areas, store rooms, staff accommodation, offices, laundries and other supporting facilities for both residences. The upper floors of both blocks comprise a configuration of 1 sleeper to 4 sleeper rooms, each either with own bathrooms or sharing communal bathrooms and kitchens on each floor. Each room is fully equipped with desks, built in cupboards, beds and the kitchens are equipped with the necessary appliances. Some of the upper floor rooms enjoy the use of the balconies. It should be noted that all movable items within each room as well as within the common areas will form part of the sale of the property. It should be noted that all stock within the tenants’ shops, the movable items within the offices and items belonging to the students are specifically excluded from the sale of the property. In total, this property can accommodate over 300 students within approximately 190 rooms with potential to convert various store rooms, staff accommodation into further accommodation.

The property further comprises of ground floor road facing shops. These shops are further supported by store rooms, ablution facilities and offices. It should be noted that a cold room within one of the shops is specifically excluded from the sale of the property. The iconic Palmerston Hotel is positioned at the corner of Palmer Street and Gillespie Street within the Durban South Beach precinct. The property is attached to the Beachview Mall that houses the South Beach precinct Shoprite Store and as such the location is convenient to all necessary and modern-day amenities. 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. The property is positioned approximately 150m from the beach, close to various tertiary institutions and on the outskirts of the CBD. Easy access into the CBD, to the M4 Freeway and to the N3 Freeway can be easily obtained.

Commercial Type:
Block of Flats
Web Reference:
AUCT-001650
List price:
POA
Address:
38-42 Palmer Street & 129 Gillespie Street, South Beach, Durban, KwaZulu Natal
Auction Venue:
Mount Edgecombe Country Club
Mount Edgecombe Country Club Estate
Mount Edgecombe
KwaZulu Natal
Auction Date:
19 May 2022 11:00 am



Auctioneer:
Andrew Miller
Auction Terms and Conditions:
R 50 000 refundable registration deposit. Strictly by EFT. No cash. FICA Documents are required

Bidding opens in


Auction Date: 19 May 2022 11:00:00am


Virend Deonarain
                                                         In2assets Representative

Property Agent


Virend Deonarain
Show number
[email protected]


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