AUCT-001956 | On Auction

Low Vacancy Residential Apartment Block

Until Our Next Auction

2023-06-22 11:00:00
Low Vacancy Residential Apartment Block

Low Vacancy Residential Apartment Block. 40 Lumi Road, Overport

Extent: ± 1 012 m² | GBA: ± 1 300 m² | 15 x Apartments | Highly sought after location | Mint condition building | Near Brickfield Road, amenities & Mosques | Gross Annual Income: ± R1.1 Million

Overport, KwaZulu-Natal


This block of flats is located in the highly sought-after suburb of Overport, close to major amenities and a number of popular Mosques. The property is a rectangular-shaped building, located above ground level, improved with a four-storey residential type structure providing 15 flats across three floors.

The building has been constructed to the highest standards with each flat constructed with plastered and painted walls, rhinoboard and concrete ceilings, porcelain/tile floor coverings, and aluminum door and window frames. Most of the units have been recently renovated, while the others remain in good condition. The building has 15 covered garages and 6 carports, providing ample parking space for tenants. The building generates an annual income of over R1.1 million and there is low vacancy rates due to the popularity of the area and the buildings long-standing tenants.

The property is located along Lumi Road, a one-way road running from the south-east to the north-west leading directly onto Brickfield Road. The area is mixed residential and commercial, and the property is surrounded by other suburbs such as Sydenham, Essenwood, Morningside, and Sparks. The location is conveniently close to amenities such as financial services, hospitals, police services, and fire emergency services, all accessible within 3 kilometers.

The building is in a good state of repair, with a face-brick finish all under a concrete roof. The property is enclosed with precast and brick walling and has an access-controlled remote gate for added security. Further, flat 3 is a large offering which includes a duplex style apartment with three bedrooms and has an exclusive use area located on the ground floor along Lumi Road.

This property presents a sound investment opportunity, with low vacancy rates and long-standing tenants, in a highly desirable location.
Residential Type:
Apartment Block
Web Reference:
AUCT-001956
List price:
POA
Address:
40 Lumi Road, Overport, eThekwini Metropolitan Municipality, KwaZulu-Natal
Auction Venue:
Mount Edgecombe Country Club
Mount Edgecombe Country Club Estate
Mount Edgecombe
KwaZulu Natal
Auction Date:
22 June 2023 11:00 am



Auctioneer:
Andrew Miller
Auction Terms and Conditions:
R 50,000.00 refundable registration deposit. Strictly by EFT. No cash. FICA Documents are required

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