Retail building fronts onto two main streets
A massive retail building with street frontage to both Durban CBD’s busy main streets is among the properties to be offered by In2Assets at its first multi-property auction at 11am on February 18 at the Durban Country Club.
The 14 600m² commercial and retail space on auction stretches from the Greenacres Building in Dr Pixley Kaseme (West) Street to the Shoprite building in Anton Lembede (Smith) Street.
Lease negotiations are being conducted with Clicks, Home Choice and Pepkor for future occupation of the remaining vacant premises.
Virend Deonarain, who is handling the auction for In2Assets, comments: “This incredibly well-positioned CBD property was the home of national retailer Edgars for over three decades and the current home of Shoprite for over two decades. This site parcel consists of 11 erven with a combined extent of 5567 m² and the gross lettable area is about 14600 m².
“We expect immense interest as this iconic commercial and retail building is in the heart of the CBD and exposed to exceptionally high volumes of vehicular and pedestrian traffic daily.” Deonarain says Dr Pixley Kaseme Street is set for transformation into a pedestrian park and upgrading of the public transport connection to serve the CBD has already begun.
“National retailers, such as Clicks and Pepkor, are showing interest to occupy the property because of the transformation of the Durban CBD into an inspiringly diverse environment.”
The property falls within the Durban Central precinct, as defined in the eThekwini Urban Development Zone – one of nine new precincts within the greater central city.
The aim is to stimulate investment and urban regeneration to the central parts of the city through tax-saving incentives for developments and restorations. Deonarain says the neighbourhood comprises mostly retail space on ground level and offices and flats on higher levels.
For details, contact Deonarain at 071383 1735 or vdeonarain@in2assets. com or visit www.in2assets.com.