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Prime Investment Opportunity: Durban CBD Residential Conversion
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for sale
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Location
Summary
- Landmark building in Durban Central
- 21,793 m² GLA, with offices and ground floor retail
- 12,804 m² of office space currently available
Situation
The property is located within the Durban CBD with exposure to Monty Naicker Road, Joe Slovo (Formerly Field Street) and Dr Pixley Kaseme Streets. Durban is the largest city in KwaZulu-Natal and is home to the busiest port in Africa. Due to its close proximity to the port, the Durban CBD is still favoured among shipping companies. Durban is also a major tourist destination due to its subtropical climate and extensive beaches. In recent years Durban’s business hub has moved from the CBD to decentralised nodes like Westville and Umhlanga. There has been a variety of refurbishments of older buildings in the city centre, with several buildings being converted into residential flats.
Description
The property comprises of several erven jointly forming an irregular shaped stand with no visible slope.
The building has a double volume ground floor section covering all the erven. The ground floor is mainly used as retail accommodation. On the Northern side of the site is a multi-storey structure shaped in an octagon, with a glass façade and is used as office accommodation. The building has six elevators up to floor 21 and two glass shuttle elevators for floors 21-24. It is said to be the highest building in the Durban CBD stretching 146 metres.
A sky bridge over Monty Naicker Road connects the property with a car park to the North. The car park is known as Pine Parkade.
The property has a total GLA of 21,793 m² and is currently occupied by approximately 36 tenants.
The office anchor tenant is the Department of Water Affairs occupying 4,616 m². There are currently 30 retail tenants comprising of food, fashion and other service outlets.
The offices have a total vacancy of 12,804 m², while 668 m² of retail is unoccupied.
The property generates additional income from an MTN antenna.
Zoning and Title Deed Information
Title Deed Information
- Title Deed Number: T34157/2012
- Notarial Deed of Cession and Assignment of Lease: K2674/2004
- Legal Description: Portion 6 (of 5) of Erf 11784 Durban (149 m²), RE of Portion 1 of Erf 11784
- Durban (525 m²), Portion 9 (of 5) of Erf 11784 Durban (23 m²), Portion 7 (of 1) of Erf 11784 Durban (35 m²), Portion 3 of Erf 11784 Durban (122 m²), Portion 3 of Erf 11782 Durban (440m²), Portion 2 of Erf 11784 Durban (236 m²), RE of Erf 11778 Durban (721 m²), RE of Erf 11781 Durban (721 m²), Erf 11786 Durban (12 m²), Portion 8 (of 4) of Erf 11784 Durban (73 m²), RE of Portion 1 of Erf 11782 Durban (141 m²), Erf 11785 Durban (22 m²), RE of Portion 4 of Erf 11784 Durban (194 m²), RE of Portion 5 (of 1) of Erf 11784 Durban (75 m²)
- Registered Owner: Delta Property Fund Limited
- Local Authority: eThekwini Municipality
- Extent: 3,489 m² combined
Zoning Information
- Zoning: General Business
- Permitted Uses: Business premises, dwelling houses, domestic staff accommodation, residential building, shop, restaurant, fast food outlet, licensed hotel, place of assembly, place of amusement, institution, place of instruction, creche, industrial building, social hall, totallsator depot
- Special Consent: Action sports bar, adult premises, bath house, bottle store, casino, escort agency, funeral parlour, massage parlour, place of worship, night club, parking garage, petrol service station, panel beating, shelter, spray painting, tavern, work house. 20% may in certain areas be added to the permissible floor area when parking is provided
- Height Restriction: 59-degree angle from opposite side of street (max width 30m) or 110m with a 5m setback at 15m
- Coverage: N/A
- F.A.R: 8.0 of which residential may be either 4.0 or 2.0 dependent on its locality in CBD
- Parking: See Appendix 6
- Building Lines: 4.5m from centre line of vehicular street or 2m from C.L of non-vehicular street
Rentable Areas
| Use | Size (sqm) |
| Office | 18,921.10 |
| Retail | 2,697.84 |
| Unlettable Unit | 174.06 |
| Total | 21,793 |
| Parking | Bays |
| Basement Parking | 0 |
| Total | 0 |
Tenancy
| Office Tenants | Leased Area |
| Department of Water Affairs | 4,616.48 m² |
| Berkowitz Cohen Wartski | 747.87 m² |
| PPT | 308.51 m² |
| Forever Living | 59.75 m² |
| Salligram and Associates Attorneys | 178.57 m² |
| Isisekelo Training Solutions (Pty) Ltd | 205.54 m² |
| Retail Tenants | Leased Area |
| NIBBLES | 149.42 m² |
| The Shoe Booth | 92 m² |
| Ndiaye Smart Fashion | 84.03 m² |
| Pink Closet | 78 m² |
| Icebolethu Funerals | 161 m² |
| Reathusa Finance | 161 m² |
| Micromex Trading (Pty) Ltd | 34.15 m² |
| Sall Exclusive | 29.29 m² |
| Feni Superatte (Pty) Ltd | 31.26 m² |
| Mahlangu Arts Trading | 36 m² |
| Bombshell Perfumes | 32 m² |
| Shawarma Empire | 36 m² |
| Sadia’s Fashions | 36 m² |
| MSI Patel Optometrists | 32 m² |
| Impilo Family Loans | 33.10 m² |
| Copy-Rite Copy Centre | 36 m² |
| Blades and Bullets | 34.07 m² |
| The Standard Bank – GC 1000 502 676 | 36 m² |
VAT
The Seller has been registered for VAT (Value Added Tax) and therefore VAT is payable by the Purchaser.
Sales Process
This property is being sold by way of a Private Treaty process under a Sole Marketing Mandate with CBRE-X online.
Interested parties will have access to the Property Brochure and NDA on registration on the CBRE-X online website.
Should you wish to access the full Due Diligence information in the ClicktoPurchase (CTP) data room, we will require you to sign the Non-Disclosure Agreement (NDA), and provide information regarding the entity and individuals represented by that entity, that is expressing an interest in the property. This can be in the form of a link to your company website, your company profile or a brief resume for both the company and key individuals involved in the transaction.
On successful review of your registration, you will be granted access to the CTP data room. Besides all DD documentation, you will also have access to the sale agreement.
Should you wish to submit an offer on the property, you will be required to provide proof of funds or comfort from a financial institution that they would favourably consider an application from yourself for funding for the property in question. Interested parties are invited to submit their best unconditional offer as soon as possible.
Only interested parties that have submitted an NDA and provided the aforementioned information, will be invited to view the property in the company of the Agent or a representative of the Seller.
FICA and KYC verification will be required in order to register on (CTP).
In the instance where a binding offer acceptable to the Seller is presented, the Seller reserves the right to accept any offer but undertakes to instruct the Agent to inform all interested parties (those that have signed a NDA and accessed the DD information via CTP) that there is an offer under consideration at least 5 business days after receipt of that offer.
The agent will present all offers to the Sellers.
All offers need to be open for acceptance for a minimum period of 15 business days from date of submission.
The agent will communicate acceptance of their offer to the winning party and inform all other parties that have not been successful.
Offers will be assessed on, amongst others, the following criteria:
- The price offered.
- Ability to perform and provision of comfort letter or proof of funds for the transaction in question.
- Conditionality of the offer and timeline to conclude the deal.
Disclaimer
The website provides information about properties but does not guarantee its accuracy. Users access the site at their own risk and should seek professional advice before making any decisions based on the information provided. Property descriptions are general and do not constitute an offer or contract. All details are believed to be correct but should be verified by users. The company and its employees do not make any representations or warranties regarding the properties. Prices quoted are exclusive of taxes. The information on the website may contain errors, omissions, or may change without notice. Users should conduct their own investigations before making any investment decisions. The information provided should not be considered financial or investment advice. Any information given by the company or the vendor is for illustration purposes only and does not constitute a representation, condition, or warranty. Users are responsible for conducting their own due diligence to verify the accuracy of the information provided.
Contacts
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CBRE Excellerate
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Disclaimer
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