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LIVE AUCTION :35 PARK STREET, DURBAN CENTRAL, DURBAN RESIDENTIAL PROPERTY AUCTION IN MOUNT EDGECOMBE, KWAZULU-NATAL AUCTIONED BY IN2ASSETS PROPERTY SPECIALISTS

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MOUNT EDGECOMBE - RESIDENTIAL PROPERTY

LIVE AUCTION :35 PARK STREET, DURBAN CENTRAL, DURBAN

DESCRIPTION:

 Block of 35 Flats in Durban CBD

Extent: ± 348 m² | Block of 35 Flats | 5 Ground floor shops | 17 x 1 Bedroom Flats | 16 X 1.5 Bedroom Flats | 1 X 2 Bedroom and 1 X Bachelor Flat | Residential component (35 Flats) to be sold with vacant occupation.

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 property comprises an eight storey building. The ground floor offers 5 retails shops all fronting onto Park Street with 2 residential units situated at the rear. The 1st floor to the 4th floor are made up of 5 apartments per floor with the 5th to 7th floor consisting of 4 apartments per floor. The roof level has a 1-bedroom unit as well as the laundry / washing area. The residential component consists of a total of 35 apartments which is made up of 17 x 1-bedroom flats, 16 X 1.5-bedroom flats, 1 x 2 bedroom flat and 1 X bachelor flat.

This property originally functioned as a residential block with ground floor retail premises. The building has now been repurposed for student accommodation purposes. 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 Park 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

FEATURES:

Block of 35 Flats in Durban CBD

Extent: ± 348 m² | Block of 35 Flats | 5 Ground floor shops | 17 x 1 Bedroom Flats | 16 X 1.5 Bedroom Flats | 1 X 2 Bedroom and 1 X Bachelor Flat | Residential component (35 Flats) to be sold with vacant occupation.

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