15 Storey building | Ground floor - 4 x Shops & Upper Floor offices | 75% Occupied | Gross Annual Income: ± R3.7 Million | 3 Lifts | Upper floors offices with residential conversion potential (Municipal Approval Required) | High exposure
The property is positioned on a corner site, fronting to both Anton Lembede (Smith) Street and Joe Slovo (Field) Street and within walking distance to The Victoria Embankment. It comprises of ground floor retail, reception or lobby area and the lift areas. The remaining upper floors comprises of offices, majority of which are drywall partitioned. The property meets the safety requirements with fire hoses, smoke detectors, extinguishers and emergency stairways in place. This property has potential for residential conversion however municipal approval must be obtained.
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 Durban Harbour is easily accessible as well as the N3 Freeway. The property is well serviced in terms of necessary amenities including emergency, medical, educational services and transport facilities.
Virend Deonarain
Show number
vdeonarain@in2assets.com
