DURBAN COMBINED PROPERTY AUCTION - 35 PARK STREET, DURBAN CBD
Live Auction Starts: 20 AUG 2020 AT 11:00 CAT Viewing: On Appointment
This property is located on the corner of Park street and college lane in the heart of Albert Park. Albert Park is one of nine Urban Development Zones (UDZ) forming part of Durban’s Inner-City revival program. 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. Some accommodation has been upgraded, whilst general landscaping and improved cleanliness and security have stimulated new investment in the area.
The building is eight storeys high and comprises of 5 shops on the ground floor all fronting onto Park Street. The remaining seven floors consists of a total of 35 flats which are made up of 17 x 1 Bedroom Flats, 16 X 1.5 Bedroom Flats, 1 x 2 Bedroom flat and 1 X Bachelor flat. There is currently a head lease over the entire property.
Albert Park is bound by the Victoria Embankment to the south, the M4 Southern Freeway to the west, Smith Street to the north and Russell Street to the east. It is the original residential precinct for the greater Inner City and hence comprises predominantly blocks of residential flats. Access to the property is from St George’s Street which links to Russell Street and Broad Street, which in turn provide easy access to the commercial hub of Durban’s city. It is also within walking distance of the Victoria Embankment, and to tourist amenities such as Wilson’s Wharf and the recreational facilities offered by Durban’s Yacht mole.
Student Accommodation Investment.
Extent: ± 348 m² | Block of 35 Flats | 5 Ground floor shops | Head lease over entire property | 17 x 1 Bedroom | 16 x 1.5 Bedroom | 1 x 2 Bedroom | 1 x Bachelor