AUCTION — Durban City Property to fall under the hammer

Headlining the property auction is a landmark retail and office centre - Price City - situated at 350 Umgeni Road in the established commercial suburb of central Durban known as Old Fort.

Aucor Property will hold its April multiple commercial auction in Johannesburg on the 14th of April 2016 at the Park Hyatt Hotel in Rosebank at 12h00.

The auction is set to feature 19 different properties located across the country. Headlining the auction is a landmark retail and office centre - Price City - situated at 350 Umgeni Road in the established commercial suburb of central Durban known as Old Fort.

Warren Aronson, Business Development Executive for Aucor Property comments, “This property is ideally suited to investor looking to expand a portfolio into the Durban CBD area. The major attraction on this particular lot is that there is a lease in place until January 2020 with the Department of Home Affairs. The lease has a negotiated gross monthly rental income amounts to R299 000 per month, with this tenant drawing high volumes of feet to the property, which the other tenants benefit from. The property has a gross annual income of just over R7,200,000.00”

Situated on just under 15,000sqm on Umgeni Road, which is a major arterial route that links the Durban CBD to Durban North and the N2 highway, the property benefits from excellent exposure onto Umgeni Road, as well as the Durban Train Station in close proximity to the site. As a result of this there is high volumes of both passing vehicular and foot traffic. The property is currently zoned for commercial, retail and service industry purposes. The total GLA is 9,812m²

The property features three buildings and has 3 major tenants, being the Department of Home Affairs; Trans-Natal Butchery and Abattoir, who have been tenants for 18 years and Trademore Cash & Carry. The Home Affairs portion of the building was recently renovated has various waiting room areas, offices and 5 central air-conditioning units. The remainder of the building is fitted to tenant requirements. 

Aronson concludes, “It is not often that a property of this calibre in this location comes onto the market and the combination of a long term and entrenched tenant, solid annual income figures and the excellent location in an established and busy commercial node has made this property extremely desirable to investors.”