Fully anchored shopping centre for sale

Posted On Wednesday, 29 September 2010 02:00 Published by eProp Commercial Property News
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Auction Alliance will take to auction a fully let retail centre on the corner of Carrington and Hatchard Street, Mafikeng on 20 October 2010.

Property-Housing-ResidentialThe property comprises a single storey shopping centre, with a gross lettable area of 5205m² and ample parking. The retail centre is situated adjacent to the Mafikeng train station and enjoys a high volume of pedestrian traffic.

The property is fully tenanted by various national tenants, with strong lease agreements in place, and boasts an annual rental income of R4, 72million. The anchor tenant, Shoprite, occupies the majority of the property and accounts for more than 50% of the gross monthly income.

Other tenants include Capitec, Discom, various food and fashion retail chains and two hair salons.

“This Shoprite is one of the top performing Shoprite stores in South Africa and a lease agreement is in place until the 31 October 2013 with option to renew for two 5 year periods. 

There is a massive demand for properties with strong long term leases and this specific property has not had a vacancy for more than a month in the last 8 years, which offers a profitable and low risk investment opportunity,” comments Andreas Greeff of Auction Alliance.

The auction takes place at the Southern Sun Hotel, Grayston Avenue, Sandton at 12pm on October.

Last modified on Thursday, 12 June 2014 15:32

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