Commercial - Retail on Auction in Hanover Park

Description

ONLINE AUCTION Bidding Start Time: Wednesday 27 May 2026 @ 09:00 Bidding End Time: Thursday 28 May 2026 @ 14:30 Registration is essential by Monday 25 May 2026. Pre-Auction Offers may be considered. Auction Finance Available. For more information, please contact the listing agent. DESCRIPTION: This prime property is situated in the hub of Hanover within walking distance and surrounded by the local community. This is the main shopping centre in the area which makes this a investment opportunity. GLA: Total GLA - 2910m² ATM - Vacant 8m² ATM - Vacant 8m² Shop 1 - Takeaways 102m² Shop 2 - Shoprite 2353m² Shop 3 - Cellphone shop 61m² Shop 4 - Vacant 106m² Shop 5 - China shop 123m² Shop 6 - China shop 149m² Net Annual Income – ±R1,909,941.00 per annum Full rent schedule and recoveries available. ANCHOR TENANT: • Shoprite • Rental – ±R144,703.00 per month • Escalation 5% • Been there since 2005 • Lease renewal 2032 • Pay all utilities on own account • Shoprite busy appointing contractor for solar TENANTS: • 6 Line shops • 1 Vacant – potential rental ±R14,000 per month • 10% Escalation • Rental – ±R38,844.00 per month • Potential rental – ±R52,844.00 per month • All pre-paid electricity • Recoveries VAT entity. DETAILS: • Erf no: 114322, Cape Town • Erf size: 3196m² • Zoning: General Business 1 PAYMENT TERMS: 2.5% Deposit & 10% Auctioneers fee (excl. VAT on fee); Payable on the fall of the hammer by means of EFT only. Balance payable on transfer. REGISTRATION REQUIREMENTS: To bid at the auction you need to provide a copy of your identity document and current proof of residence (not older than 3 months) as well as a R20,000 refundable registration fee. 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 Auctioneers. Bidders must conduct their own investigations prior to bidding.