The highlight of the In2assets multi-property auction on August 23 is a parcel of four Durban commercial properties with substantial investment opportunities.
The highlight of the In2assets multi-property auction on August 23 is a parcel of four Durban commercial properties with substantial investment opportunities. The properties on offer are in Musgrave, Berea and Springfield Park.
In Musgrave, 9-11 Currie Road is a fully let investment building consisting of four office suites. The property is entirely fenced and has secure parking. The current gross rental income is more than R500 000 a year, with all property-related costs recovered via the lease agreements.
The second property is 39 Magwaza Maphalala (formerly Gale) Street in Berea. It is a well-maintained free-standing commercial building with business zoning with a Gross Lettable Area of about 4 400m² and basement parking. The entire block of 10 individual units is fully let.
The gross rental income is more than R2.7 million a year. The most prominently positioned property in the portfolio on auction is also in Berea at 89 King Dinuzulu (formerly Berea) Road, a 5 171m² corner building with covered parking bays.
All seven units are fully tenanted and there is waiting list for occupation. The current gross rental income is more than R3m a year. The largest lettable space, divided into five sectionalised units, is Quintas Park at 331 Inanda Road in Springfield Park.
Four of the five units are fully let with a new lease pending for the vacant property. The combined potential gross income from a GLA of just under 6 000m² is more than R4.8m.
“It is rare for commercial and industrial properties of this significance to come on auction,’’ says Rainer Stenzhorn of In2assets. “The property portfolio has been advertised for some weeks and has already attracted strong national interest, both from private investors and corporate funds.
With most of the current leases all extending well into the future, the properties offer excellent on-going investment opportunities.” The auction will take place at 11am at the Durban Country Club and all properties will be offered as individual lots, and also combined as one lot. For more details email firstname.lastname@example.org or call 082 321 1135.
Sunday Tribune Auctions