Fully describe this property and its income earning activities.
This PRIME PROPERTY in a sought after town in the Cape area, is zoned for both commercial and resodfential. It currently has 8 income streams / tenants ( 2 flats, 2 offices, 2 shops, 2 salons) and commands the highest rental per square meters of any the commercial buildings in the village. This low risk investment with 8 tenants offers approx 300sqm under roof close to all pubs, shops, the local Spar and Tops. The town attracts the most feet of tourists and visitors to the towns Heritage Village. Other activities like nearby is whale-watching, shark cage diving, fijnbos and wine estates makes this a destination town. The building has been designed to offer a variety of possible configurations with inter-leading spaces and in future could be used as a medical centre, restaurant, gallery and guest house, professional offices, or remain as retail and residential.
What is the approximate age of the buildings?
Portions of the building was erected in the early 1900. More development by the owner has taken place with a full re-wiring of the building in 2000.
What is the zoning of the property and what can be developed thereon?
Commercial and Residential
Are there building plans available?
Is a property valuation available?
Does the business have any contract work?
8 tennants all have leases in place
Is the property being let by a letting agency?
The Legal entity who manages the lease portfolio is a PTY. This can be bought with the building.
Is a copy of all the lease agreements on the property available?
Is Seller finance available and for what amount?
To be discussed
What is the monthly rates and taxes payable to local authority?
R 1 800
When does the current lease end?
Lease are done year on year.
Is there an option of renewal & what period?
- The building is fully tenanted and has a unique position opposite the market square in the central business zone of the town a. Roads leading to the town have been upgraded which will bring an influx of people and visitors b. The next door newly built SPAR building will bring more feet to the CBD Current sales of residential properties in town are booming Commercial properties are in short supply as several have been sold in the past year. It commands the highest rental per square metre of any commercial building in the village. Risk spread over 8 tennants
What is the reason for the sale?
Owner wants to join family in the UK
Annual Turnover Amount between R 500 thousand and R 6 million