Extent: ± 323 m² | GBA: ± 2 749 m² | Ground floor retail | 11 Floors warehousing | Almost fully tenanted | Gross Monthly Income: ± R110K | Potential conversion opportunity for student accommodation
This property is positioned close to the corner of Ismail C Meer (Lorne) Street and Yusuf Dadoo (Grey) Street within the Durban CBD. It has two road frontages, onto Ismail C Meer Street and Victor Lane.
It is situated within walking distance from the “Alice and Beatrice Street Bus and Taxi Rank” nodes of the Durban CBD with the retail shops exposed to high levels of vehicular and pedestrian traffic. Positioned in close proximity to the Warwick Triangle, Victoria Street Market, The Workshop Shopping Centre and the Juma Musjid Mosque.
The property is improved with a 12-storey commercial building including the Ground Floor. The ground floor comprises a commercial premises currently occupied by a prominent battery fitment centre and is made up of a front workshop / fitment centre with a service counter and rear storage areas which are accessed via roller shutter door from Victor Lane. The first to the eleventh floor comprises of open warehouse / factory space which has been divided into multiple units with drywall partitioning these units are almost fully occupied. The property currently generates a gross monthly income of ± R 110 000.00
Ismail C Meer Street is accessed off Yusuf Dadoo (Grey) Street from the CBD. Yusuf Dadoo (Grey) Street is one of the busiest main shopping streets within the Durban CBD and comprises mainly retail and smaller manufacturing outlets, combined with office units and accommodation clusters. The N3 Freeway is easily accessible.
The neighborhood within the immediate vicinity of the subject property comprises similar mixed use retail buildings drawing an enormous amount of foot traffic through the precinct. The precinct is a high-volume trading area and is occupied by long standing tenants.
The property falls within the Durban Urban Development Zone precinct which offers certain tax benefits to owners.
