City centre rejuvenation and inner-city demand drive sales of R300m

© Pei Ling Hoo – 123RF.com

"This proves the economic vibrancy of the inner city, and demand exceeded expectations following a tough last quarter," said Mark Kleynhans of Aucor Property. "Sales were boosted by the confidence in the buying power of inner city and buoyant expectations fuelled by the downtown rejuvenation."

According to Greig Want of Aucor Property, average rentals paid by vendors in the city centre of R1,400/m² could be equal to or even better than rentals in Sandton. "High street trading densities defy all logic; trading is carried from the street to the upper levels of the buildings," he said.

Properties on offer included:

• Retail centre Windsor Parade at the corner of Beatrice Street and Duchess Avenue, Windsor Randburg, on an erf of 991m², a gross lettable area of 489m² and gross annual income of R435,000 sold for R2.4m.
  
• Early Dawn Centre on the corner of Rivonia Boulevard, 9th Avenue and Eden Crescent on an erf of 4,374m², a gross building area of 2,608m² and a gross annual income of R3.2m. The 14 shops are fully let (R16.5m).
  
• Retail and apartment block on the corner of Kenmere Road and Hopkins Street, Yeoville Boulevard, on an erf of 1,485m², gross lettable area of 2,347m², gross annual income of R400,000. Five shops and 12 apartments (R8.45m).
  
• A retail building at 42-44 De Villiers Street on an erf of 992m², gross building area of 1,883m², gross annual income of R2.064m. Sold for R18.3m.
  
• Retail and offices at the corner of Joubert and Bree streets, Lincoln Mansions on an erf of 501m², gross building area of 1,840m², gross monthly income of R1.05m (R10m).
  
• Retail and apartments Springbok Hotel, corner Bree and Joubert streets, on an erf of 1,495m², gross lettable area of 1,410m² and gross annual income of R4.4m. The fully let building has 15 shops, 22 apartments on the first floor and 29 second floor apartments.
  
• A vacant modern luxury home in Houghton Estate on an erf of 3,965m² with five bedrooms, five bathrooms, double garage, solar-heated swimming pool and a large garden with a tennis court (R3m).
  
• Numbers 157-159 Commissioner Street on an erf of 991m², gross building area of 835m² and gross annual income of R840,000. It was sold with six shops, fully let, for R4m.
  
• A retail centre in Georgetown, Germiston, on an erf of 1,129m², gross lettable area 878m² and gross annual income of R1.3m. It was sold with five shops fully let for R3.45m.
  
• Retail strip with nine shops in Danville, Pretoria, on an erf of 1,759m², gross lettable area of 2,009m² and gross annual income of R1.2m (R2.75m).
  
• Vanderbijlpark retail centre The Mall, on the corner DF Malan and Paul Sauer streets, on an erf of 3,755m², gross lettable area of 2,009m² and gross annual income of R4.5m (R14m).
  
• Die Bult, Potchefstroom, sectional title offices on an erf of 792m², gross annual income of R1m, two office units in the university precinct (R5m).
  
• At Bult Wes, Potchefstroom student accommodation, gross annual income of R456,000 (R2.5m)
  
• Eleven sectional title units Bult Wes, Potchefstroom student accommodation, Majorie's Place, Wilgen Street, gross annual income R660,000.

Source: Business Day