Extent: ± 400 m² | ± 200 m² Mezzanine | Rental income: ± R 600K per annum | Well maintained building recently renovated
Stamford Hill, KwaZulu Natal
The property is situated in Stamfordhill Road corner Walls Avenue near the Duran CBD, which falls under the eThekwini Metropolitan Municipality. The property is a freestanding House but sectionalised and forms part of the corner property namely section 1 of 44 Walls Avenue. The property has one single tenant which runs a prominent upmarket Night Club which is only open on specific days of the month.
The interior of the building has been modified and customised to host this nightclub on four levels, however the building could also be utilised for other uses once the existing lease expires. The current lease period is until June 2019 with an option to renew for a further 3 years. The monthly Rental income is R 50.000 plus VAT and with a 10% escalation after year one.
The property enjoys high visibility to Stamfordhill Road and is situated in the suburb of Morningside, Durban. Morningside, a suburb of Durban with close proximity to Essenwood, Windermere and Florida road presents itself as a great location for shops, restaurants, night clubs and pub and is known as a preferred location for either an end-user or an investor.
