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R12,500,000

Monthly Levy
R3,382 Excl. VAT
Monthly Rates
R5,800 Excl. VAT

OUTSTANDING ENTERTAINMENT VENUE FOR SALE

R6 MILLION ASSESSED LOSS INCLUDED IN THE PURCHASE PRICE

Conveniently located in The Sails on Timeball, in the very heart of the Point Waterfront, this impressive venue boasts a canal side setting and comprises of 3 retail spaces, that have been joined together, resulting in a magnificent 2 floor, double volume, entertainment venue, which has hosted many formal business functions, birthday parties and numerous private functions.

Beautifully fitted throughout with executive finishes and surround sound, this venue offers its guests a bar, cigar lounge, dance floors and podiums, as well as the stunning canalside walkway at the Durban Point.

Close to all public transport routes and with private undercover parking, this venue can play host to a various number of events. The licences for the facility are up to date & included with the sale of the premises.

The fittings and furnishings throughout the venue are also included in the sale. Stock at a separate rate** Please enquire regarding this optional extra.

The selling price includes the three properties which are registered in one company, (see info below), plus there is another CC, which is being sold, which includes the business. The price also includes three valuable licences (Entertainment / nightclub, Restaurant / food & Liquor) and to top it all, there is an assessed loss of approximately +/- R6 million, included in the selling price of R14 million rand (neg.).

The property is sold as a going concern, and can be ZERO RATED for transfer duty purposes, so there would be no transfer duty.

IMPORTANTLY, it is also the ONLY property within the Point Waterfront that has a nightclub / entertainment licence!!!

This is an incredible opportunity and should not be missed, especially with everything that is happening in the Point Waterfront and the new development that is imminent!!!!

The entertainment venue comprises of the following properties:

Shop C1-01 - Retail Area = 113.72 m2

- Mezzanine = 28.43 m2
- Exclusive use area (A+B) = 159.01 m2
- Right of use area (Deck) = 173.20 m2


Shop C1-01a - Retail Area = 55.30 m2

- Mezzanine = 13.83 m2
- Exclusive use area (A+B) = 107.61 m2


Shop C1-02 - Retail area = 108.28 m2

- Mezzanine = 27.07 m2
- Exclusive use area (A) = 134.15 m2

Total number of parking bays = 17


Total area:

- Internal floor area including mezzanine = 400 m2
- Exclusive use area = 400 m2
- Parking = 213 m2

Selling price = R 14 000 000 (exclusive of vat) (neg). Equates to R14 500-00 /m2 with upmarket finishes.

Selling price includes the following:

- All three sections as described above
- 17 parking bays
- Business with the following licenses;
- Business & Entertainment License
- Liquor License
- Food license
- All fixtures and fittings (both movable and immovable items) - inventory to follow
- All fittings and fixtures, furniture, sound/lighting/video equipment, fridges and cold room, air-conditioning, computer equipment and tills (Freehold - no leases in place)

NB. Price excludes stock on hand which can be acquired at net cost at the date of sale.

Features

17
0
Building Name:
The Sails
Zoning:
Commercial
Interior
Air Conditioning
Yes
Exterior
Security
Yes
Sizes
Floor Size
400m²
Parking Bays
Basement Parking Bays
17
Extras
All fitting & finishes included in sale, excellent quality.

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Disclaimer: While every effort will be made to ensure that the information contained within the Point Waterfront Realty website is accurate and up to date, Point Waterfront Realty makes no warranty, representation or undertaking whether expressed or implied, nor do we assume any legal liability, whether direct or indirect, or responsibility for the accuracy, completeness, or usefulness of any information. Prospective purchasers and tenants should make their own enquiries to verify the information contained herein.

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Electronic Document Preparation
Vat @ 15%
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Disclaimer: These calculations are only a guide. Please ask your conveyancer for exact calculations.

Bond Costs

  Natural Persons
Fees
Deeds Office Levy
Postage and Petties
Bank Electronic Connection Fee
Electronic Document Preparation
Vat 15%
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MONTHLY REPAYMENTS

 

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Monthly Payment

156,658.44

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