Commercial Property On Auction in Nigel Central
Primary Use of the Subject Property:
Commercial and residential building with standing tenants.
The subject building is an L-shaped commercial building, and borders onto residential and industrial properties and onto Van Riebeeck and Kingsway Roads. The site has a slight downward slope towards the eastern boundary and offers good exposure.
The site is partly enclosed with plastered brick walling. Remote-controlled gates allow access into the property as well as the basement. All the entrances to the building are secured with gates and bars on the windows and doors.
The property hosts 11 x open parking bays, 20 x IBR covered steel frame parking bays and 12 x basement parking bays.
The part three-storey building complex is known as “Monoceros”, offering office space and private accommodation units. The property further hosts additional storerooms and an ablution building.
The ground and part of the first floor has been allocated for offices of which most have drywall portioning, which can easily be converted to suit the owner’s or tenant’s needs. The remainder of the first and second floors hosts residential dwelling units.
This is a multi-tenanted complex. The subject residential units are similar in size and is on average approximately 75m². The units are easily accessible. The complex is an older building but in a generally well-maintained condition. The complex is well planned and appears to be well constructed.
The building currently has twelve tenants that vary in size and rental incomes. Some of the tenants have leases in place with some of the expired tenants currently renting on a monthly basis. The key tenant is Eskom which leases approximately 1670m² of the building.
Site works & other:
The site works which include boundary brick walling, brick paving and an entrance with security office and remote-controlled gate are all in good order.
Internal and external finishes:
It should be noted that we have not undertaken a structural survey of the improvements, but the subject building appears to be structurally sound and in an average state with no visible structural defects. Internally the finishes are of average standard. The finishes are in a generally well maintained condition, with only routine maintenance required.
Structure: Standard brick structure
Floors: Tiles and carpet
Walls: Plastered and painted brick and dry walling
Roof: Concrete tiles
Windows & doors: Steel glazing
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