AUCT-001721 | On Auction

Investment Property in Durban CBD- Gross Annual Income: ± R8.2 Million

332-340 Dr Pixley Kaseme (West) Street, Durban Central, Durban, KwaZulu-Natal

Ideal Residential Conversion – Projected Gross Annual Income: ± R8.2 Million. 332-340 Dr Pixley Kaseme (West) Street, Durban CBD

GLA (Basement, Ground floor & 10 Floors) ± 4 900 m² | Projected Gross Annual Income: ± R8.2 Million | Nedbank – Triple Nett Lease – Expiring February 2024 with option to renew until 2028| Proposed Head Lease for Upper Floors ± 3880 m² | High exposure to mass markets | 11 Storey building


This retail and commercial building is positioned approximately ±130m away from 2 of the busiest intersections of the Durban CBD. Known as Pioneer Place, the property has a 11-storey distinguished brightly painted building with a basement level. This property is exposed to the mass markets and ideal as an investment opportunity or even an end user opportunity. The basement level is accessed directly off Dr Pixley Kaseme (West) Street with alternate access from the main foyer passage. There are negotiations in process for this basement to be occupied by a fashion retailer tenant. Majority of the ground floor fronting West Street is occupied by national tenant Nedbank LTD, with a triple net lease in place. Nedbank occupies part of the first floor as well. No access was obtained into the Nedbank premises which is designed to reflect the organizations approach which integrates with the needs of their clients. 3 x Nedbank CBD branches were consolidated into this branch.

The remaining ground floor area comprises the main foyer area which is accessed off Mark Lane. This foyer area consists of a paraplegic ablution facility, turnstile and biometric controlled access with manned security and is the main access for the upper floors. The property is serviced by 2 lifts. The 1st and 2nd floors currently consist of 10 offices on each level all of which are separated by drywall partitions. There are wide passages on these 2 floors. From the 3rd floor to 9th floor, each level consists of 22 offices all of which are separated by drywalls. In total there are 174 offices from floors 1 to 9. Tenants such as Optometrists, Dentists, Attorneys, Clothing Designers, Cash Loans Businesses, Tailors and small CMT businesses, Union offices, Driving Schools, Creche occupy the property. Alternate male and female ablutions facilities are positioned at split level to each floor. All fire safety measures are in place on each floor which included detectors, extinguishers, hoses and fire escapes.

The flatlet on the 10th floor comprises of 2 bedrooms, kitchen, bathroom and store room. No access was obtained into the penthouse. The roof is slabbed, waterproofed and houses the lift motor room and existing cooling towers which is not in working order. A signage company has shown interest in leasing out the huge span wall which is visible from the intersection of Joe Slovo (Field) Street & Dr Pixley Kaseme (West) Street. The property is located within the busiest node and in the heart of the Durban CBD with frontage to Dr Pixley Kaseme (West) Street which is a busy arterial road exposed to high vehicle and pedestrian traffic.
332-340 Dr Pixley Kaseme (West) Street obtains access to the basement and ground floor directly off Dr Pixley Kaseme (West) Street. The upper floors obtain access off Mark Lane, an open arcade that runs from Dr Pixley Kaseme (West) Street to Monty Naicker (Pine) 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 property comprises only retail space on the ground floor and offices and flats on the upper floor levels.

Commercial Type:
Mixed use Commercial
Web Reference:
AUCT-001721
List price:
POA
Address:
332-340 Dr Pixley Kaseme (West) Street, Durban Central, Durban, KwaZulu-Natal
Auction Venue:
Mount Edgecombe Country Club
Mount Edgecombe
Durban
KwaZulu Natal
Auction Date:
23 August 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: 23 August 2022 11:00:00am


Virend Deonarain
                                                         In2assets Representative

Property Agent


Virend Deonarain
Show number
[email protected]


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