2 047 m² Retail Space in Nahoon

Shopping Center Investment.

Fresh Lifestyle Properties has been appointed to sell this excellent investment opportunitya well-located property in the Nahoon business node of East London. The property is adjacent to the popular Vincent business district and faces a main road, one of the area''s major thoroughfares, providing direct access to the CBD, beachfront, Beacon Bay, and eventually Mthatha. Its strategic location results in high volumes of vehicle and pedestrian traffic, boosted by nearby commercial establishments such as Checkers, which attract large crowds.

The area is composed of various business properties engaged in diverse commercial activities, with essential amenities located nearby. The property improvements include several buildings forming part of a larger complex. These structures are of conventional brick construction with plaster and face brick walls, topped with iron and tiled roofs. The finishes are standard for the area and well-maintained.

The buildings include retail spaces facing the main road, a management office on the first floor, and additional retail units. The property also features office buildings and a double-story residential building that includes garages and apartments. This type of accommodation is well-suited to the local demographic, which consists of middle- and upper-income households. Tenants include Weyers Meats, Anca Factory shop, Cartime, Canons Pub, Oh Crumbs, and more.

No major defects were observed during the inspection. Overall, the improvements are in fair to good condition. Site works include paving and a carport.

The accommodation breakdown is as follows: the retail buildings cover approximately 1,437 m², the office premises total 310 m², the residential area is 150 m² 2 apartments, and the garages occupy 150 m² 5 units occupied separately, bringing the total to 2,247 m². Currently, there are 12 tenants occupying the property, paying an average rate of roughly R157 per square meter. The property generates a monthly rental income of approximately R321,833, resulting in an annual gross income of R3,850 000.Annual escalation at 6 per annum.

Operating expenses, which include sundries, repairs and maintenance, audit fees, management fees, insurance, and municipal charges, amount to about 27 of the monthly income. This property represents a strong investment opportunity at the right price for the right investor. The current tenants are well-established and long-term, with a low turnover rate, making it an attractive and stable income-generating asset and currently fully tenanted.

Zero rated deal possible price excludes vat.

Please make contact with me today for further breakdowns of costs.