± 750 m² Income Generating Retail Building, 432 Dr Pixley Kaseme (West) Street, Durban CBD, KZN
Gross lettable area: ± 700 m² | Gross annual income: ± R1.650 Million | Prime location within CBD | Situated within busiest trade zone of SA
This frontline retail property comprises a triple storey building used as retail, offices and storage. The retail clothing shop known as Webbers occupies part of the ground floor, part of the first floor and the entire second floor. The second shop on the ground floor and part of the first floor are occupied by La Dive Hair Salon, an exclusive and upmarket hair salon. Sprinkler systems and fire safety equipment are in place. Internally and externally, the building has a modern appeal and is in excellent condition. Leases terminates in February 2023 for the Webbers tenant and March 2023 for La Diva Salon tenant.
This property offers the Purchaser the opportunity for an increase in future yields due to the quality tenants, long leases and intrinsic values. The location is prime and attracts tenants offering goods and services to a mass market.
The property is located within the busiest node of the Durban CBD on Dr Pixley Kaseme (West) Street. The property falls within the Durban Central precinct, as per eThekwini’s new Urban Development Zone (UDZ). This is one of nine new precincts demarcated within the greater central city, together forming the UDZ. The aim of creating this zone is to stimulate new investment and urban regeneration to the central parts of the eThekwini city, through tax saving incentives applicable to new development or building restoration.
The neighbourhood within the immediate vicinity of the subject property comprises mostly of street level retail space on the ground floor and offices and flats on the upper floor levels.
The property is on a level site which is rectangular in shape and offers frontage onto Dr Pixley Kaseme (West) Street which is subject to high volumes of pedestrian and vehicular traffic.
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