R 12 000 000 | office property for sale in east london central

This grand building is rich in history, built in 1898 it was once used as the East London and provincial museum. Later becoming the more commonly known "XL Bazaars" building. Offering great street appeal with a beautiful historical façade the property is ideally located on Oxford Street, notorious for its large amount of foot traffic received on a day to day basis. Having no shortage of space this premise offers approximately 1200 square meters of rettable space, with a very lucrative return. The current rental arrangements are as follows: R45,000 monthly (Lease runs until 31 March 2029. Rental escalates at 5% per annum starting in April each year.) R36,865 monthly (Lease runs to 30 April 2024. Rental escalates at 4% p.a. at the beginning of May every year.) R14,000 monthly (Lease runs on a month-to-month basis). In addition there is 400 square meters on the first floor which is currently unoccupied. All Amounts above exclude VAT Being split equally between retail and office space the first floor could be converted into accommodation, which is in high demand in this central location. Properties of this magnitude and stature rarely come on the market, so do not hesitate to contact today and arrange a viewing.