800 m² Commercial space in Point Waterfront

R 12 500 000

Craig Murphy

PWR Industrial & Commercial

800 m² Commercial space in Point Waterfront

R 12 500 000

Floor Area 800 m²

OUTSTANDING ENTERTAINMENT VENUE FOR SALE

R6 MILLION ASSESSED LOSS INCLUDED IN THE PURCHASE PRICE

Conveniently located in The Sails on Timeball, in the very heart of the Point Waterfront, this impressive venue boasts a canal side setting and comprises of 3 retail spaces, that have been joined together, resulting in a magnificent 2 floor, double volume, entertainment venue, which has hosted many formal business functions, birthday parties and numerous private functions.

Beautifully fitted throughout with executive finishes and surround sound, this venue offers its guests a bar, cigar lounge, dance floors and podiums, as well as the stunning canalside walkway at the Durban Point.

Close to all public transport routes and with private undercover parking, this venue can play host to a various number of events. The licences for the facility are up to date & included with the sale of the premises.

The fittings and furnishings throughout the venue are also included in the sale. Stock at a separate rate** Please enquire regarding this optional extra.

The selling price includes the three properties which are registered in one company, (see info below), plus there is another CC, which is being sold, which includes the business. The price also includes three valuable licences (Entertainment / nightclub, Restaurant / food & Liquor) and to top it all, there is an assessed loss of approximately +/- R6 million, included in the selling price of R14 million rand (neg.).

The property is sold as a going concern, and can be ZERO RATED for transfer duty purposes, so there would be no transfer duty.

IMPORTANTLY, it is also the ONLY property within the Point Waterfront that has a nightclub / entertainment licence!!!

This is an incredible opportunity and should not be missed, especially with everything that is happening in the Point Waterfront and the new development that is imminent!!!!

The entertainment venue comprises of the following properties:

Shop C1-01 - Retail Area = 113.72 m2

- Mezzanine = 28.43 m2

- Exclusive use area (A+B) = 159.01 m2

- Right of use area (Deck) = 173.20 m2

Shop C1-01a - Retail Area = 55.30 m2

- Mezzanine = 13.83 m2

- Exclusive use area (A+B) = 107.61 m2

Shop C1-02 - Retail area = 108.28 m2

- Mezzanine = 27.07 m2

- Exclusive use area (A) = 134.15 m2

Total number of parking bays = 17

Total area:

Internal floor area including mezzanine = 400 m2

Exclusive use area = 400 m2

Parking = 213 m2

Selling price = R 14 000 000 (exclusive of vat) (neg). Equates to R14 500-00 /m2 with upmarket finishes.

Selling price includes the following:

- All three sections as described above

- 17 parking bays

- Business with the following licenses

Business & Entertainment License

Liquor License

Food license

- All fixtures and fittings (both movable and immovable items) - inventory to follow

- All fittings and fixtures, furniture, sound/lighting/video equipment, fridges and cold room, air-conditioning, computer equipment and tills (Freehold - no leases in place)

NB. Price excludes stock on hand which can be acquired at net cost at the date of sale.

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Experience Durban Central

Durban Central is a diverse, colourful neighbourhood that includes the beachfront areas, the Berea, Morningside, Glenwood, Musgrave and the CBD. The beach is the biggest attraction and locals flock the promenade to cycle, run, surf, swim, fish or just catch some sun. There are also incredibly lush parks and open spaces dotted around the neighbourhod for residents to take advantage of. The nightlife in Durban Central is exciting with numerous bars, pubs, restaurants and night clubs in close proximity to each other. As its name implies, Durban Central's location makes it convenient to get to any of the other areas around Durban.

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800 m² Commercial space in Point Waterfront

R 12 500 000

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