MIXED USE VREDEHOEK BUILDING ON OFFER

 An entire mixed use tenanted building in Vredehoek will be sold by the ClareMart Auction Group when they host their next multiple commercial auction. Vredehoek, a popular residential suburb that lies just outside the city centre on the lower slopes of Devil’s Peak, offers a convenient suburban lifestyle within the city.  According to agent Andrew Edelstein the redevelopments of older blocks of flats into trendy “hot spots” and apartments have translated into the revival of the neighbourhood. “Properties here have escalated in price during recent years and old Victorian houses and cottages share space with popular restaurants and trendy bars in this area,” adds Edelstein.

Situated at 27 Derry Street in Vredehoek, this centrally located building offers sectionalising opportunities and is ideal for investment purposes. “The property is located in a prime location and investors looking to generate a healthy income won’t go wrong after researching the potential the building has to offer,” adds Edelstein.

The ground floor comprises of a restaurant and a studio. The first and second floors comprise office spaces, a penthouse apartment. The building further features  two garages.

The 100m² restaurant has a six year lease in place which expires in September 2012 and is currently in its renewal period. The 45m² ground floor studio and garage is tenanted with a seven year lease which expires in February 2012 and has a one year renewal option with an 8% escalation. The 80m² office space on the first floor has a four year lease in place which expires in September 2010 has a one year renewal option and an 8.3% escalation. The penthouse apartment and garage on the second floor has a private tenant with a one year lease in place which expires in November this year.

The current gross rental for the entire 335m² property is approximately R290 000.00 per annum. The property offers a special business zoning, a height restriction of three storeys, a building extent of 375m² and is controlled by building line guidelines.

Those interested may view the property by appointment and will be auctioned at this month’s multiple commercial auction, taking place in the Ball Room of the Mount Nelson Hotel on Wednesday 28 July at noon. For more information contact the ClareMart Auction Group on 021 425 8822