QUALITY COMMERCIAL PROPERTY FOR FIRST AUCTION
Johannesburg, 16 February 2012: The High St Auction Co has announced that its first property auction of 2012 will be held on 29th of February at Summer Place in Hyde Park at 12h00 and will see 26 lots with a combined market value of R 110 000 000.00 come under the hammer on the day.
Some of the featured properties include:
Westonaria Shopping Centre, 88 Edward Avenue, Westonaria has a GLA of 2792m2 and the building is zoned for Business 2. The centre which is prominently situated within the Westonaria Central Business District on Edward Avenue enjoys high traffic volumes and excellent exposure to passing traffic. The area is easily accessible via the R28 Main Reef Road as well as the N12 Moroka Bypass.
Westonaria is situated amidst gold fields and the town forms the nucleus of five gold mines in the area. The town is approximately 45 km from Johannesburg and is accessible by road and rail, making it convenient for commuters to Johannesburg. The greater Westonaria consists of a number of satellite towns, being Westonaria, Hillshaven, Glenharvie, Venterspost, Libanon, Waterpan, Bekkersdal, Simunye.
The property has been improved with a double storey building which offers 10 shops of different sizes on ground floor level and 4 offices on the first floor, on a level stand. The property also offers storerooms and communal ablution facilities for employees. Access to the upper floor is via internal staircase and parking is available in the front of the building.
Current tenants in the building include OK furniture, Capitec Bank, Chicken Licken and African Bank. The Gross Annual Income of the building is currently R1 454 million.
4 Vrede Avenue, Douglasdale situated in northern Johannesburg is a residential dwelling that has been converted into offices. With good access to the N1 highway and William Nicol Drive the property enjoys good amenities in the surrounding areas including Fourways Shopping Centre, Monte Casino and the Bryanston Country Club. The area is classified as one achieving top class investments with strong buyers and tenants willing to pay a premium for property in this area. Surrounding office parks include Eton office park, The Oval and The Ambridge office park. 4 Vrede Avenue is 2143m2 with a GBA of 500m2 and features parking for 26 cars.
The ground floor area features a reception, boardroom, 3 separate offices, 4 Training Rooms which could be used as open plan office space, a safe room, a copy room, kitchen, storage room and bathrooms. The first floor area offers a large conference with balcony. The building is constructed in a ‘U’ shape with an outside entertainment area covered with shade-net and a thatch roofed lapa. The property is well secured with high brick walls, electric fencing and remote controlled gate access.
The property is currently vacant and was last occupied by the owner, offering Grade-A type offices ranging between R70/m² and R80/m². For Grade A+ offices in the surrounding area one would expect to pay a gross rental on average of R85/m² and R95/m² which could be achieved for this property.
Isabella Court is located on the corner of Heather and Agapanthus Roads in the primarily residential suburb of Roodekop. Situated on a stand of 3153m2 this property is zoned for Residential 4 and as such features three 3 storey residential apartment blocks. All three apartment block are rectangular in shape and consist of twelve units per block (Four apartments per floor), thus giving a total of thirty six units. All of the units are two bedroom units. Dual concrete staircases provide vertical access to the floors. A central court yard area provides covered parking for thirty six vehicles. One parking bay is allocated per unit. Access to the parking area is gained via an access controlled gate located on Heather Road.
The immediate surrounds comprise mostly of freehold residential properties with a small element of retail and further north of the property, above Nederveen Road, lies a high concentration of industrial properties. The property is in close proximity to main arterial roots such as Nederveen Road where access to the N3 Highway is via the Heidelberg onramp.
Isabella Court shows the potential to be converted to sectional title. The property is currently fully let and producing an income of R69 300.00 per month. All tenants are currently on a month to month basis. It was noted that similar units in the area achieve rentals in the range of R2,500 to R3,000 per month depending on type, size, location and condition.