Rustenberg Retail opportunity

Posted On Tuesday, 20 September 2011 02:00 Published by eProp Commercial Property News
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The High St Auction Co has announced that its next property auction will be held on 5th of October 2011 at Summer Place in Hyde Park at 12h00.

Property-Housing-ResidentialOne of the properties that will go under the hammer is 121 Kerk Street, Rustenberg.

121 Kerk Street in Rustenburg is zoned for Business 1 and is known as the Standard Bank Building. Kerk Street is in the bustling commercial node of the Rustenberg CBD and the foot traffic in the surrounds is extremely high due to the location as well as the presence of several multi-national tenants in the area.

Furthermore, the building has excellent exposure onto the busy Oliver Tambo Drive, which serves as the main arterial route through the Rustenburg CBD.  Retail traders in this area are known for their high turnover business. The main taxi rank is situated close to the property where commuters come into town to do their shopping. 

The Rustenburg municipality has upgraded the area surrounding the Standard Bank Building. This includes cleaning up the adjacent parking lot, re-painting of road signs and improving security. The Standard Bank Building has use of the free municipal parking lot next door which can accommodate up to 325 cars. 

Nick Pretorius, Director at the High St Auction Co comments, “The building is fully let with Standard Bank being the main tenant with a 7 year lease in place which expires in 2017. Standard Bank has recently revamped the inside of their premises to cater for the large amount of clients using their facilities. 

Furthermore, a 6 year lease which also expires in 2017 has been signed with the JD Group who have also completed a revamp of their premises for their Morkels Branch.”

Pretorius concludes, “With the current long term tenants in place and the ideal position of this building, 121 Kerk Street is an excellent opportunity for an investor looking to expand their portfolio in this rapidly developing town.”

Last modified on Tuesday, 10 June 2014 08:48

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