Appetite for Joburg CBD commercial

Posted On Friday, 24 February 2012 02:00 Published by eProp Commercial Property News
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Two landmark buildings in the CBD, previously owned by Vukile LTD, were snapped up by a 'anonymous' private investor for R67.6 million on auction

Laurence RappThis sugests a welcome return of investor appetite for commercial property within Johannesburg’s inner city’s retail core.

"I am very bullish on Johannesburg CBD, and believe that the revival of the CBD is only starting!" comments the purchaser who wishes to remain anonymous.

Anchored by blue chip tenants such as Truworths, this asset is a valuable addition to any property investor’s portfolio,” comments Auction Alliance.
The first property is prominently situated on the corner of Eloff and President Streets, with the main entrance located on the corner. The 8 storey property is fully tenanted by Truworths LTD, who has a long term lease in place until December 2015 and produces a gross annual income of R7, 054,000.00 April 2012 – March 2013).

The second building is well-situated on the corner of Eloff and Market Streets, and hosts 18 floors of office and retail space and features 3 basement parking floors. The property features a lease with Truworths and Edgars until June 2016, and has no retail vacancies. The property produces a gross annual income of R12, 883,000.00 April 2012 – March 2013.

This significant sale within the Johannesburg CBD is another indication that investors are starting to take advantage of the exceptional long term value that central Johannesburg property is offering on our auction floors,” comments Auction Alliance, “The quick and efficient sale of this listed property fund’s asset proves the efficacy of the auction method which invariably results in a very pleased seller and buyer.”

Last modified on Wednesday, 14 May 2014 18:34

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