Tenants are in place until August and new owners could add to rental income
A Durban North property with a main residence incorporating a cottage and two bachelor flats will be among the top offerings from Ian Wyles Auctioneers at the Durban Country Club on September 25 at 11am.
The 928m² residential property is centrally located at 338 Blackburn Road, Durban North, opposite Netcare Hospital and close to Durban Virginia Airport, police stations, schools, shopping centres and other amenities.
The existing structure on site offers:
* A partial double-storey, four-bedroom main residence with kitchen fittings that include a gas hob, eye-level oven, sink and scullery.
* Two-bedroom cottage with its own private garden.
* One-bedroom bachelor flat with tiled flooring throughout.
* An additional one-bedroom bachelor flat with full bathroom and storeroom/lounge.
Craig Wood, who is handling the sale for Ian Wyles, says properties in Durban North regularly attract strong bidding on auction.
“Durban North, has over the years, outstripped most other KwaZulu-Natal coastal areas in terms of growth and demand, so we expect strong interest in this property with its vast potential. The rental income from the built-in units is quite substantial,” Wood says.
“The property is presently fully tenanted with rental income around R24000 per month, with the tenants also paying for services over and above this. Their leases expire at the end of August 2020. There is potential for a further R4000 monthly rental income to be generated from a refurbished ground-level section of the main house.”
Wood says the new owner could also consider applying to rezone the property to accommodate offices or general business operations.
“The location is arguably perhaps the top attraction. Durban North’s popularity stems from the many beautiful nature spots and public parks in the area, the proximity of top schools, and the fact that the affluent, leafy suburb is the gateway to the many tourist attractions on the North Coast and King Shaka International Airport,” he says.
For more details, call Wood at 0837994403 or 0315794403, email email@example.com or see www.ianwyles.co.za.