Mafikeng Retail Centre sold for R39.3 million

Posted On Tuesday, 26 October 2010 02:00 Published by eProp Commercial Property News
Rate this item
(0 votes)

Auction Alliance’s October auctions saw a number of quality lots taken to auction. One of the highlights was a fully tenanted, retail building on the corner of Carrington and Hatchard Street, Mafikeng.

Property-Housing-ResidentialA high level of interest and spirited bidding on the day led to the gavel falling for a higher than expected R39.3million.

“The property, which comprises a single storey shopping centre, with a gross lettable area of 5205m² and ample parking achieved an exceptional price and exceeded everyone’s expectations.

Bidding activity was phenomenal with three major property investors fighting it out to own one of South Africa’s best quality centers,” comments Andreas Greeff of Auction Alliance.

The retail centre, situated adjacent to the Mafikeng train station, enjoys a high volume of passing foot traffic. The property is fully tenanted by various retail outlets, with strong lease agreements in place, and commands an annual rental income of more than R5.7million.

The anchor tenant, Shoprite, occupies the majority of the property and accounts for more than 50% of the gross monthly income.

The lease escalates in November. Other tenants include Capitec, Discom, various food and fashion retail chains and two hair salons.

Last modified on Thursday, 12 June 2014 14:58

Please publish modules in offcanvas position.