38 m² Commercial space in Umhlanga Rocks

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Marlene Kisten

Wakefields-Westville Commercial

Marlene Kisten

Wakefields-Westville Commercial

38 m² Commercial space in Umhlanga Rocks

Sold

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Floor Area 38 m²
Land Area 8652 m²

Ridge 7 is a office development marketed by Wakefields Gateway, its co-development at cost methodology and will provide 7 700 m2 of primly located premium grade office space in Tongaat Hullett Developments new Ridgeside Office Estate in Umhlanga, Durban. This development will enjoy panoramic sea views from all office levels and will be sold at cost to its investor base and end user purchasers.

We are now offering the remaining Ridge 7 office suites for sale on a co-development at cost basis. The selling price will be in a range of R25,500 sqm to R26,500 sqm plus VAT with deposits being calculated on the higher of the two figures and where cost savings are effected, refunds will be made to shareholders as has been the case on most of our previous Co-Developments. The deposit will be 34,2% where the investor will contribute a short term equity loan of 4.2% which will be refunded to the shareholder as soon as the VAT refund has been paid back by SARS to the development company. This price includes for parking but excludes stores which are listed in the feasibility study and are all currently available. We strongly recommend that your client should take storeroom/s as there is always a big demand for storerooms in these types of multi tenanted office blocks.

The selling price of R26,500 sqm is a future price for two years hence and if discounted at 9% per annum for two years, the current comparative selling price in December 2016 equates R22,300 sqm.

50% has been sold

We expect construction to commence before June 2017 with completion in December 2018.

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Upmarket Umhlanga has become the neighbourhood of choice for many who have moved North from more central areas. In Umhlanga you have the beach on your doorstep, along with malls and shopping centres just minutes away. With its top schools, great hospitals, business parks, gated estates, beachfront apartments and coffee shops, Umhlanga is convenience personified. Umhlanga offers a lifestyle for everyone, be it the happily retired, the on-the-go business person or the young and trendy student.

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38 m² Commercial space in Umhlanga Rocks

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