Commercial properties Main Road, Mellville up for auction

Posted On Tuesday, 17 August 2010 02:00 Published by eProp Commercial Property News
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Auction Alliance will be taking two properties on Main Road, Mellville - well known for street cafes, cigar lounges and restaurants and good commercial property exposure - to the auction floor on August 18.

Property-Housing-ResidentialThe properties are well situated close to the university and the area offers a mixture of well-established retail shops, restaurants and residential dwellings.

The first property consists of office and retail space on the corner of 7 Main Road and 3rd Avenue, Melville. The property is zoned for business and consists of a double-storey building with a gross lettable area of about 1,973m².

The lower level of the building offers retail areas which front onto Main Road and 3rd Avenue and the upper level comprises offices and a Stones restaurant. The property has ample parking space in the form of basement parking as well as open parking bays accessed from 3rd Avenue.

Various tenants are leasing the premises including anchor tenant, Nando’s, who occupy 195m² of the ground floor retail space. The available space is split into a 1,773m² retail/restaurant area and 200m² of office space. The occupied space is 1,202m² with 771m² vacant. The property generates a R1, 419, 724 gross annual income.

The second property, a triple-storey building situated at 14 Main Road, Melville, offers retail space and residential apartments.

The lower level of the building is occupied by ABSA Bank and customized for its use. The middle and upper levels comprise three flats of different sizes on each floor and an additional staff flat is situated on the roof level, making a total of seven apartments.

These floors are accessed by means of a pedestrian entrance next to the bank. There are covered parking bays at the back of the property and the parking area is accessed by Main Road or 3rd Avenue.

Most of the flats are being leased on a month-to-month basis and the property has a gross lettable area of approximately 1,138m²,  generating a gross annual income of R1, 194,073.

The auction takes place on August 18 at 12pm at The Southern Sun Hotel, Grayston Drive, Sandton.

Last modified on Friday, 13 June 2014 10:23

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