Commercial - Retail for Sale in Maitland

Description

Accepting Offers. DESCRIPTION: Positioned on Voortrekker Road, this building has been an anchor in the Maitland and Kensington area. Easy access to public transport and main transport routes. Tenanted mixed-use building currently generating over ±R43,700 per month (±R524,400 per annum). Average return estimate at 11,75% per annum. Bulk potential of ±1,328m² addition. High-visibility zone for advertising revenue & solar generation. The investment possibilities are endless. • 3 x Front-facing, ground-floor retail shops. (Tenant mix is Superette, Groceries, Clothing). • 7 x Residential units (1 and 2 bed, 1 bath, lounge & kitchen). Prepaid electricity meters in each unit. Water on rates account. Tenants are long-standing. month-to-month leases currently. Recoveries from tenants. Only 1 vacancy at present. Currently unsectionalised block with Mixed Use 2 zoning in place. Development Potential: • FAR – 4x • Coverage - 100% • Height - 38m • Setbacks – 8m • Primary uses -business premises, mixed dwelling (block of flats), place of institution/worship/assembly/entertainment, hospital or clinic, film, hotel, etc. • Consent uses – adult services (retail and entertainment), expo centre, service station, motor vehicle repair garage, small-scale animal care, recycling centre, renewable energies, etc. All planning and applications to conform with COCT Municipal guidelines and procedures. Transfer Duty Applicable. DETAILS: • Erf no: 107941, Cape Town • Erf size: 332m² • Zoning: Mixed Use 2 DISCLAIMER: The information supplied in this advert does not constitute a warranty of any kind or nature by the Sellers of the property or by the Brokers. Buyers must conduct their own investigations prior to purchasing.