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R14,000,000

Potential with a foundation

Known for many years to be a popular & well priced point of trade in fine antiques as well as more recent various items of furniture, and also a few rather unique odds and ends, family owned & run Phillips Bargains on 473 Mahatma Gandhi Road has been a Durban local jewel for many years.
An open plan concrete ground floor with a build in steed I-beam mild weight-bearing Mezzanine level allows the main showroom the potential for storage or multiple viewing areas depending on your need, this floor could be modified to create a spacious and well-lit double volume room in a prominent location.
The footprint of the piece of this premises s approximately 1165sqm, PLEASE NOTE THE INTERNAL FLOOR SPACE IS NOT AN EXACT FIGURE.
The entry to the premises is on Mahatma Gandhi road and has an awning over the main entrance to the premise. There is sufficient parking for at least 4 cars in this secure, fenced off area with cover for protection for the cars. and the boundary of the premises stretches from Mahatma Gandhi Road to Bay Terrace, and up Norge Lane, which has a door into the property and can act as a delivery area. The property has easy access onto all major freeways and inner city and is on public transport routes.
The premises have 3-phase power, is already equipped with staff amenities and is disconnected from a second wing that is currently full-time Tenanted with a timeous and reliable Tenant. The showroom area and Tenanted area are separated by a currently seal access, which can be re-opened of so desired.
A well knows fact is that the very generous owners of this property allow for The Nest to rent a part of the current building. This sanctuary is an honest client to the landlord, and naturally offers many less fortunate fellow South Africans a safe roof over their heads and a warm meal daily, as well as a religious facility and contact community efforts to better the premises, circumstances and occupants to a better future.
This building has a very high potential to become an income earner for the keen eyed investor. With missed-used development rights of up to 6 storeys, this current structure can be, relatively easily, modified into a missed use development of your choice. Apartment, student accommodate, office space with apartment on top & the added benefit of one sound anchor tenant which will greatly assist the development expenses.
There have already been plans drafted for these modifications and were initially approved by council, so the process should be relatively easy and modifiable to suite your unique vision of this remarkable property full of heritage and heart.
With the pending Point Waterfront developments, this will surely be a good investment to consider. Owners wishing to sell to return to their home countries, and will miss this building!
This is a diamond in the rough. Do not let this wonderful opportunity pass you by, contact Craig immediately!

Features

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0
Building Name:
Phillip's Bargains
Zoning:
Commercial
Exterior
Security
No
Sizes
Floor Size
400m²
Land Size
1,165m²

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Transfer Costs

Natural Persons Legal Persons
Transfer Fees
Deeds Office Levy
Transfer Duty
Postage and Petties:
Rates/Levy Clearance
Pro-Rata Rates/Levies
Deeds Office Search
Electronic Document Preparation
Vat @ 15%
TOTAL:
Please note: Most banks charge an administration and initiation fee.
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%
TOTAL:
GRAND TOTAL:

Income

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MONTHLY REPAYMENTS

 

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Monthly Payment

185,011.03

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