Commercial Property For Sale in New Germany, Pinetown

Property description

Ideal for student accommodation. Its 3.4 km form UKZN Pinetown campus. The current owner, a developer, is in the process to redesign this property for student accommodation. See photos 7 and 8.
This 7-floor building, with a total of 9757 sqm floor area, is ideal for redevelopment. A further 2963 sqm is unused, totaling a bulk of 12 720 sq. The erf size is 5088 sqm The current floor-area can nearly be doubled in size and parking by redevelopment . Currently there is 136 parking bays.
75% of the building is rented out, predominately retail and offices. The gross annual income is R 638 000.00. Please note that all existing leases contain a redevelopment clause with a notice period of either 3 or 6 months.

The redesigned plan includes 1925 sqm for student accommodation. The building is zoned for ’General Commercial, making provision for ‘Flats and Education Establishments’. A further 2850 sqm, above the existing parking level, is also available for redevelopment into student accommodation. A total of 4888 sqm will provide approximately 90, two-bedroom flats. That will provide accommodation for approximately 362 students. Please note that UG and LG floors can also be utilized for student accommodation. It is not limited to the above-mentioned space.
There is a tertiary institution close by, that is not only interested in the student accommodation of the building,, but also in lecture rooms, training facilities, student activities and whatever the building provides as far as daily activities and facilities needed for such an institution. The building is situated in the Central Business District of the Pinetown suburb.
The lower and upper ground level is currently retail and medical facilities. From floor 1 up to floor 7 is predominately office space.
Most of the buildings in Pinetown are commercial in nature – with schools, shopping centers, KZN University Pinetown Campus, other colleges and government offices in the area.
The property offers easy access to the M13 off ramp and Old Main Road. The property is within close proximity of public transport with easy access to public transport interchanges and taxi ranks.