November 2016: Retail property owners and investors are gearing up for the auction of a well-maintained South African property that has never before been on the market. Situated on the busy Voortrekker Road in Maitland, Cape Town, with high-volume foot traffic and excellent exposure, this property presents buyers with an exclusive opportunity to acquire a unique stock in a historically high-trading area.
According to Greg Nafte, Co-Director of Nexus Property Group (NPG), the upcoming auction is a great opportunity for a retail property owner to expand their portfolio, as well as own a rare piece of property with further business expansion potential. “It is seldom that a property which was bought and developed almost 30 years ago, is released onto the local market by the original owner.”
Extending over 1 451m2, the large retail space – which includes onsite parking – is being sold with various existing tenants. Additionally, the property comprises three vacant shops totalling 590m2, making it the perfect purchase for an owner occupier to set up shop from, while simultaneously earning rental income from the existing tenants. “Current rental returns from tenants total at around R560 000, with further rental potential of roughly R500 000 gross income per annum if the vacant spaces were to be rented,” explains Nafte.
He continues, “The owner developed the property 30 years ago and is simply reaching a point in his investment career where he wants to downscale his portfolio. This decision now opens up the market to new investors to obtain a property in an otherwise tightly held retail area of the Western Cape.”
In order to register for the auction, a R50 000 refundable deposit and FICA documents will be required. Please contact Greg Nafte on 083 414 4474 to register for the auction, or to arrange a viewing. The auction will be held at 125 Waterkant Street Green Point at 12h00 on 23 November 2016. For more information please visit www.nexusproperty.co.za.