Commercial investment properties in Cape Town’s CBD are sought after but not always easy to obtain, says Farrell Perling, executive sales head at ClareMart, which will bring one such building to auction at the end of this month.
“Long Street, in particular, is a very trendy location and, as part of the city’s urban upgrade programme, this precinct has had a massive facelift over the last 10 years. It now has an eclectic mix of commercial and residential spaces for upmarket living, working and playing,” he says.
The property ClareMart will bring to auction is at 161 Longmarket Street, on the corner of the vibrant Long Street. The building offers the advantage of being exposed to large volumes of pedestrian and vehicular traffic.
“There is a balanced mix of tenants, all with leases in place and cancellation clauses in favour of the landlord. With the ever-increasing demand for office space in the CBD, there is unlikely ever to be a shortage of prospective tenants. Commercial space in the CBD also commands upside rents, which grow steadily year on year.”
The façade of the building is aesthetically pleasing and the architecture captures the essence of a bygone era that epitomises high quality craftsmanship, he says.
“Inside, the original wooden floors have been preserved and the high ceilings complement the spaces, providing a backdrop of design from yesteryear, against which modern retail and office space comes alive.”
The building will be on show from noon to 2pm on July 18 and July 24, and will go under ClareMart’s hammer at the Hellenic Community Centre, 24 Bay Road, Mouille Point, at 12.30pm on July 31.
A 5% deposit and the auctioneer’s commission of 10% excluding VAT will be payable on the fall of the hammer. The balance will be payable on registration of transfer.
For more details, email Farrell Perling on [email protected], call 0720407274 or see www.claremart.co.za.