Commercial Property For Sale in George

Property description

I am delighted to offer you this prime commercial property in the heartbeat of town that boasts excellent visibility and convenient access, making it an ideal investment opportunity for savvy entrepreneurs.

The versatile building/s presents a multitude of opportunities, perfect for a showroom with ample office space or adaptable for use as a church, indoor sport centre (for example a indoor action cricket/netball) or a training centre.

The property offers the following:-
(Property replacement value rates used at cost/sqm)

• Showroom (810sqm x R15 000 = R12 150 000)
• Workshop (900sqm x R10 000 = R9 000 000)
• Washbay (110sqm x R8000 = R880 000)
• Carports (320sqm x R2000 = R640 000)
• Yard/Paved area (900sqm x R1200 = R1 080 000
• Land Value (3704sqm x R1200 = R4 444 800)

TOTAL replacement Value/Cost = R28 194 800

This cost excludes professional fees and municipal costs associated with a new development.

Potential RENTAL income = R238 457 (Excluding VAT) x 12 Months = R2 861 484 Gross Annual Rental Income

Annual Expenses (per month):-

• Rates and Taxes (R14 710 = R176 520)
• Maintenance (R7500 = R90 000)
• Insurance (R6500 = R78 000)
• Administration (R6250 = R75 000)

TOTAL per annum = R419 520
Gross annual income = R2 861 484
Less annual expenses = R419 520
Net on annual income = R2 441 964

This is a VAT transaction.
Net asset yield = 11.6%

Do not delay, call me today for your private viewing.