Site Extent : ± 489 m² | ±197 Students ready to occupy | 3-Year lease- expires December 2024 | Potential income at full capacity amounts to ± R650K (no Vat) per month | Custom designed for student accommodation meeting all requirements for DUT | Additional bulk available | Newly renovated, brand-new lift | Additional Income potential from holiday letting
This multi-storey accommodation block has a strategic location positioned at the corner of Anton Lembede (Smith) Street and Mahatma Gandhi (Point) Road on Durban’s South Beach. The building has been newly revamped, renovated and custom designed for student accommodation, as it has already been used in the past. The facilities include the communal study rooms, kitchens, and bathroom facilities within a block that meets the necessary safety and new contract requirements (new beds, lifts, laundry equipment) for student accommodation. There is additional bulk available for further development however municipal approvals must be applied for.
There is a 3-year contract signed with DUT for 197 students. This lease commenced in February 2022 and expires at the end of 2024. 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.
Virend Deonarain
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vdeonarain@in2assets.com
