*Please note asking price excludes VAT which would be payable above and beyond asking price.
Fantastic investment opportunity to acquire this commercial property situated in a highly visible location in George. Positioned on Glaze Street with superb clarity and convenient accessibility. The property features a reception/showroom and 3 spacious offices. Additionally, there are two sets of toilets, two reception areas boasting air conditioning, a kitchen, and another office with built-in cupboards designated for the dealer principal.
Additionally there is another small reception/waiting room with tiled flooring, two smaller offices/reception areas, a ramp leading down to the service center, cement elevated ceilings, truck access openings, mezzanine flooring, toilets, showers & several smaller offices. Carports, a wash bay, and a separate side entrance are also available, along with accommodation for a guard.
The property offers the following: Property replacement values, rates used at cost per square meter.
1. Showroom - 810m - R15 000 = R12 150 000
2. Workshop - 900m - R10 000 = R9 000 000
3. Wash Bay - 110m - R8000 = R880 000
4. Carports - 320m - R2000 = R640 000
5. Yard/paved area - 900m - R1200 = R1 080 000
6. Land Value - 3704m - R1200 = R4 444 800
Total replacement value - R28 194 800.00
The replacement value excludes professional fees and municipal costs associated with a new development.
Potential rental income
1. R238 457 (Ex VAT) x 12 Months = R2 861 484
Annual expenses
1. Rates and rates: R14 710 x 12 = R176 520
2. Maintenance: R7500 x 12 = R90 000
3. Insurance: R6500 x 12 = R78 000
4. Administration: R6250 x 12 = R75 000
Total annual expenses R419 520
Gross annual income R2 861 484
Less annual expenses R419 520
Net annual income R2 441 964
Key Property Features
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