R 999 999 999 | building property for sale in durban central

GLA: /- 13 357 sqm | Current tenant - Shoprite Checkers ( /- 3 700 sqm) | Lease negotiations with national retailers | Road frontage to Dr Pixley Kaseme (West) Street and Anton Lembede (Smith) Street | Mass market exposure | Potential Gross Annual Income: /- R 14 million This incredibly well positioned property has been the home of a national retailer for over two decade. This site parcel consists of 11 ervens with a combined extent of 5 567 sqm. The Gross Lettable Area within the property is approximately 13 357 sqm. This iconic commercial and retail building is positioned within the heart of the Durban CBD, exposed to very high volumes of vehicular and pedestrian traffic. Dr Pixley Kaseme (West) Street is set for a transformation into a pedestrian dominated linear park and upgrading of the public transport connection through the Durban CBD has already begun. Currently, national retailers such as Clicks, Studio 88, Home Choice and Mad Fashion are showing interest to occupy the property due to the evidence of the transformation of the Durban CBD into an inspiringly diverse environment. Lease negotiations are currently in process. The property is located within the busiest node of the Durban CBD on Dr Pixley Kaseme (West) Street and also has access and frontage to Anton Lembede (Smith) Street. The property falls within the Durban Central precinct, as per eThekwini's new Urban Development Zone (UDZ). This is one of nine new precincts demarcated within the greater central city, together forming the UDZ. The aim of creating this zone is to stimulate new investment and urban regeneration to the central parts of the eThekweni city, through tax saving incentives applicable to new development or building restoration. The neighbourhood within the immediate vicinity of the property comprises mostly retail space on the ground floor and offices and flats on the upper floor levels.