Prime Development Property, 32, 34 & 36 Innes Road, Morningside, Durban
Extent: ± 2 400 m² | Platformed site | Lease in place with National Tenant | Gross annual income ± R 240 K | Proposed plans and feasibility studies completed for block of flats | Zoning: General Residential 2 |
This platformed site is positioned within a sought after area of Morningside, where vacant land is rare and little or no development sites are available. Proposed plans have been drawn up and feasibility studies complete for a block of residential flats. The site is currently leased by Kempster Ford and used as parking. The current rental per month amounts to approximately R 20 000. This lease expires in September 2016, however this national tenant would like to renew the lease thereafter.