With demand growing for Durban CBD properties, In2Assets has secured three mixed-use prime properties in Dr Pixley ka Seme (West) Street for its next major auction at the Durban Country Club on June 19 at 11am.
The properties on offer are:
* 372 Dr Pixley Kaseme Street - a retail and commercial building with a gross lettable area of more than 2200m² and gross annual income of over R9million.
The property is on the corner of Joe Slovo (Field) Street, one of the CBD’s busiest corners. With frontage on both streets, it falls in the Durban Central precinct in terms of eThekwini’s new Urban Development Zone.
This is one of nine new precincts demarcated in the central city to stimulate new investment and urban regeneration through tax saving incentives for new development or building restoration.
* 393 Dr Pixley Kaseme Street - retail property with a GLA of about 1400m², a “quality tenant” and gross annual income of about R2.3m.
The property has been recently upgraded to modern retail standards. The front façade has also been modernised and sprinkler fire safety systems are in place.
The ground, first and second floors are occupied by Sports Scene while the basement is empty. The lease ends in October 2026.
In2Assets says this property offers the opportunity for an increase in future yields due to the quality of tenants, long leases and intrinsic value. The location attracts tenants offering goods and services to a mass market.
* 432 Dr Pixley Kaseme Street - with a GLA of about 700m², this property generates a gross annual income of about R1.65m.
This triple-storey building is used as retail, office and storage space. The retail clothing shop, Webbers, occupies part of the ground floor, part of the first and the entire second floor.
The second shop on the ground floor and part of the first floor is occupied by La Diva Hair Salon.
In2Assets says the building has a “modern appeal and is in excellent condition”. The lease ends in February 2023 for Webbers and March 2023 for the hair salon.
For more details call Virend Deonarain on 071 383 1735 or see www.in2assets.com