Live Auction Starts: 20 AUG 2020 AT 11:00 CAT Viewing: On Appointment
These 2 frontline buildings forms part of the mix of high-volume foot traffic within the retail and commercial space of the Durban CBD. Fronting to the busy Anton Lembede (Smith) Street, these two buildings have excellent exposure.
This property offers the Purchaser the opportunity to convert the upper levels into student accommodation or to keep as the current residential accommodation. The restoration process in the city is certainly driving up demand and subsequently prices for commercial rental properties.
The triple storey block at 100 Anton Lembede (Smith) Street comprises a ground floor retail unit and ground floor workshop. Parking for approximately 15 motor vehicles is available at the rear of this property. This block comprises of 25 rooms with communal showers and toilets. Each room generates approximately R1700.00 in rental per month.
The 8-storey block at 104 Anton Lembede (Smith) Street comprises two retail ground floor shops, first floor church and five offices/rooms. The residential component comprises of 18 flats in total (4 Two Bedrooms flats, 2 One-bedroom flats and 12 Bachelor flats). These flats generate approximately R4000 to R5000 rental per month per flat.
The property is located at 100-104 Anton Lembede (Smith) Street, close to the Cato Street and Smith Street intersection. 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. Various financial institutions, law firms, tertiary institutions, car dealerships and both national and international retailers and food outlets are in close proximity to the property.
2 x Commercial Blocks within Durban CBD
Site Extent: ± 1 392 m² | Ideal for student accommodation, offices, college or residential
BLOCK 1 – 3 storey Building
Ground floor retail shop fronting Anton Lembede (Smith) Street | Ground floor workshop with parking for ±15 motor vehicles | 25 Rooms | Gross Annual Income: ± R730 000.00
BLOCK 2 – 8 storey Building
2 x Ground floor retail shops with workshop fronting Anton Lembede (Smith) Street | First floor church & 5 offices/rooms | 4 x 2 Bedroom flats | 2 x 1 Bedroom flats | 12 x Bachelor flats | Gross Annual Income: ± R1.2m