Property description

This well located, landmark building has come on to the market. It has been under the same ownership for the past 28 years, and is now available to a discerning investor.

Located in a prominent position, corner site, in popular Illovo Beach, the ground floor has retail components, whilst the first floor consists of residential units.

Three outlets at ground floor are a second hand shop, convenience store and a pub/restaurant.

Residential units are a three bedroom unit, two x two bedroom units, a one bedroom and a bachelor flat.

All tenants, both residential and retail, are long standing, some residential tenants having been in occupation since 2009. Most are on a month to month basis, but two leases are in place until November of this year.

Retail leases are in place until June 2026 and February 2028. The third one is on a month to month basis.

Current net annual income is in the region of R225000, representing a current return of nearly 6.5% in a market expecting further rate reductions.

A detailed income/expenses spreadsheet is available to interested purchasers.

“RE/MAX Toti operates in terms of a franchise agreement with RE/MAX of Southern Africa.”