Witbank Spar Centre to be auctioned

Posted On Wednesday, 06 April 2011 02:00 Published by eProp Commercial Property News
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Auction Alliance will take an income-producing Witbank shopping centre with a Super Spar as its anchor tenant, to auction on April 14. The Spar’s lease is set to expire in 2016.

Property-Housing-ResidentialThe property is situated along Rosemead Street, an established commercial strip, which services the surrounding community and enjoys good levels of exposure due to the high volumes of passing traffic. 

The property is located within close proximity to the various amenities offered by the Witbank CBD and surrounding suburbs and is easily accessible via a number of major and secondary routes including the N12 and N4 highways.

Designed according to an L shape, the single storey property extends over a gross building area of 2,600m² and includes space for up to 10 tenants. 

Apart from Spar, the centre’s remaining tenant mix includes amongst others, a pet store, liquor store, cellular store, carwash and hairdresser. 

The centre includes public ablution facilities, covered walkways and each shop has been fitted according to the respective tenant’s requirements.  Additionally, the property features ample parking as well as a designated loading area.

Comments William Amerseder of Auction Alliance, “The improvement of the commercial property market in 2011, as a result of low interest rates and softer prices, is seeing investors picking up prime assets at up to 11% yields.

This income-producing retail centre can be regarded as an excellent investment opportunity due to its significant annual income of just over R2m per year, its location in an established commercial area of Witbank and its catering to a large catchment area”

The auction takes place at 12pm at the Hilton Hotel, 138 Rivonia Road, Sandton.

Last modified on Wednesday, 11 June 2014 17:02

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