1845 m² Commercial space in George Central

*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