Stanger’s well-tenanted uShaka Mall to come under the hammer.
Property investors are gearing up for the sale of Stanger’s uShaka Mall, one of Kwa-Zulu Natal’s largest retail properties, which is set to come under the Nexus Property Group hammer on August 23 at noon.
The property, which is being taken to the market due to the seller consolidating assets, offers investors the opportunity to purchase a well-tenanted mall with leading brands on long-term leases.
The auction will be held at the Protea Hotel, Umhlanga Ridge, Durban. According to Greg Nafte, co-director of Nexus Property Group, the uShaka Mall has developed into a desirable investment among property owners.
“The mall is a secure asset with guaranteed returns due to its strong tenant mix. The gross annual rental income is more than R7.5 million, which excludes recoveries for operating expenses.
“When obtaining finance for a property of this stature, it becomes easier to get bank approval if you are able show the finance houses that large retail chains have invested in the property. The mall will also always be a valuable asset as it services the local community’s needs,” says Nafte.
uShaka Mall is on an erf of more than 2ha with a gross lettable area of around 8 700m². It is currently 95% occupied by a strong mix of stable tenants including CashBuild, Clicks, Telkom, Crazy Store and Cell C.
Anchor tenant Pick n Pay has a lease until 2026, after which there are three options to extend the lease for fiveyear periods. Nafte says an auction was deemed the best method of disposal as it brings finality to the sale and gives all prospective buyers a fair chance to submit bids. All due diligence information is available on request. To register for bidding at this auction, a R50 000 refundable deposit and Fica documents will be required. For more details call 083 414 4474 or email gnafte@ nexusproperty.co.za or see www.nexusproperty.co.za
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