Aucor assists Growthpoint Properties to offload high exposure Retail complex
The property is well located in the established commercial suburb which enjoys a high trading density, just to the south of Emalahleni’s Central Business District and in close proximity to a central taxi rank.
A high exposure retail property located in Witbank belonging to a listed property fund, Growthpoint Properties, is scheduled to fall under the Aucor Property hammer on April 17 at 12h00.
Witbank also known as eMalahleni, meaning the place of coal, is situated on the Highveld of Mpumalanga where the city is known for coal-mining in the surrounding region. As such the city has been nicknamed the “Energy Capital of South Africa” and is a hub of successful businesses, schools, restaurants, hotels, collieries, and leisure activities. The primary economic activity of the region is coal mining, which in turn has given rise to Witbank as an industrial site with steel mills, a power station and heavy industry business. Around this core is all the supporting businesses that keeps a community alive and growing.
4A Diederich Street currently houses a large subdivided warehouse which spans two erf’s measuring a total of 23 412m2 and a GLA of 9570m2. The property is well located in the established commercial suburb which enjoys a high trading density, just to the south of Emalahleni’s Central Business District and in close proximity to a central taxi rank. In addition to this, the site has excellent road frontage onto Eadie Street/Walter Sisulu Drive (R544), which links Emalahleni’s CBD with the N4 Freeway, which in turn connects Emalahleni to Pretoria. The N12 to Johannesburg is also considered conveniently accessible.
The main building is rectangular and is subdivided into sections accommodating 3 separate tenants, namely, Metro, Cashbuild and Wood Stuff. Internally, the building is configured to these tenants’ individual needs and includes offices and ablution facilities. With easy access via roller shutter doors the 4m tall internal structure offers very good stacking height. In addition to this, the northern side of the building which is tenanted by Metro features a receiving area and a petrol pump. The southern side of the property has an open sided IBR shed space which measures 1650m2 as well as a ±220m² store and additional ablution or storage buildings. The property has ample parking.
Errol Taylor of Growthpoint comments, “We are releasing this property to the market as it falls outside of our current investment node and philosophy.”
Jonathan Aitken, Business Development Executive at Aucor Property says, “The property is fully let to reputable South African businesses with long leases .These have been negotiated with an average of an 8% escalation year on year. Research has shown us that there is significant demand for this type of property offering amongst investors who are looking to expand their portfolio’s in growing business nodes across the country. These high density trading areas create excellent opportunity and returns. We look forward to working with the Growthpoint team on this matter.”
Aucor's April Auction event will take place at the Park Hyatt Hotel in Rosebank on Thursday, 17 April at 12h00.
