Diagonal street Retail Centre to be auctioned

Posted On Tuesday, 10 June 2014 10:49 Published by
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Aucor Property has announced that it will hold its next multiple auction event on the 26th of June 2014 at 12h00 at the Maslow Hotel in Sandton.


The auction will feature 21 lots including a heritage building located on the famous Diagonal Street in the Johannesburg CBD and bound by President, Market and Ntemi Piliso Streets.

William Amerseder, Business Development Executive for Aucor Property comments, "Due to the fact that the buildings are older than 60 years, they are protected by Section 34 of the National Heritage Resources Act and as such hold significant historical value.

This property has a rich and interesting history and was purchased in 1927 by Jassub Ebrahim Gardee who was at the time described as the 'largest Indian landowner in the Union'. He came to South Africa in 1892 and transformed his retail business into a successful wholesale business which was famous for importing goods from the United Kingdom.

The property is still owned by his descendants some 87 years later." The property, spanning 6 erven with a total size of 2 417m2, is exposed to three busy corners facing President Street, Diagonal Street, Albertina Sisulu (Market) Street and Ntemi Piliso Street and offers excellent frontage to passing pedestrian and vehicular traffic in the Johannesburg CBD.

Despite the old Johannesburg Stock Exchange moving out of Diagonal Street, many large corporates and banks still have premises in the precinct and as such the surrounding area is vibrant and busy with easy access provided by the Bus Rapid Transit (Rea Vaya) system which has a stop just adjacent the property on Albertina Sisulu Street.

With a GBA of 4 561m2, the property is made up of components which include double storey street facing buildings and a central concrete yard area. There is a single store/ablution building located in the yard area. The main buildings all feature retail shops, 30 in total, which vary in size and configuration on the ground floor. All the shops have roller shutter secured shop openings.

Additionally, there are two basement shops. The first floor is used for accommodation and comprises of 13 residential flats. These flats do differ in configuration and quality of fixtures and finishes. The main access point for the majority of flats is through a corridor from Diagonal Street. The property also has 4 storerooms and a store basement which is accessible from the central court yard.

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