Retail Park - Nelspruit
We take pleasure in attaching the following information with regard to the above property:
- Cadastral Information
- Property Improvements
- Tenant Information
- Property Valuation
- General Information
- Notes
- Income and Expenditure Forecast
- Title Deeds
- Building Plan
- Cadastral Information
Physical Address: Corner of Louis Trichard and Henshall Street Nelspruit
Description: Erf 1979 of Nelspruit
Erf Size: 2974m2
Zoning: General Business
Lettable Area: 2072m2
Owning Entity: Metropolitan Life Ltd has sold the property to Thina Ross Projects (Pty) Ltd. Transfer is yet to take place.
- Property Improvements
The property is of concrete and steel construction across ground floor. The property comprises ground floor retail space divided into seven shops ranging in size from 124 m2 to 546 m2 all of which have extensive glass shop frontage onto Henshall Street. All of the premises are air conditioned. The common delivery area is located at the rear of the property with access controlled by means of security gates.
The property in Nelspruit is generally in good condition.
- Tenant Information
The property is occupied retail tenants, covering a broad spectrum of retail genre. Each of the premises is leased on a net lease basis with a pro-rata recovery of all operating expenses. A schedule of the tenants is as follows:
Shop 1 – Furniture King
Shop 2 – ABSA
Shop 3 – Afrisure
Shop 4 – Zaheer Ahmed Cheema
Shop 5 – Lowveld Tombstones
Shop 6 – Orange Cash Loans
Shop 7 – Paragon Hotel
- Property Valuation (Jun 08 – May 09)
With reference to the attached Income and Expense Schedule, we believe a fair market valuation as below:
Net Annual Income: R1,062,216.00
Value: R10,000,000.00
Return on Investment: 10.62%
General Information
Nelspruit CBD is undergoing something of a renaissance and is a very attractive business growth opportunity.
The property for sale is situated adjacent to the newly constructed retail and business park in Nelspruit CBD and is prime for redevelopment, with the added incentive of being in the Urban Development Zone, as detailed in Government Gazette 27077, No. 1432 dated 10 December 2004. Given the locale of the
property, it is ideally suited to service related and financial retail tenancies and we believe the rentals obtainable for this property are R70/m2 or more. No value has been has apportioned to the additional bulk available on the property.
- Notes
Although every effort has been made to ensure the accuracy of the information contained herein, the seller cannot accept any liability for errors or inaccuracies. This information is provided for guideline purposes only. Please confirm detail should any queries arise.
Other Commercial Properties For Sale
WINE FARM - Dawn Mountains Farm - Franschoek Valley - Paarl District - NEW HOT LISTING
CAMPSDRIFT - Pietermaritzurg - NEW