BLOCK OF FLATS WITH RETAIL SHOP IN BEREA ROAD

BLOCK OF 14 FLATS AND A STREET LEVEL RETAIL SHOP CLOSE TO TERTIARY INSTITUTIONS

The property is located at 199 King Dinuzulu (Berea) Road, within three kilometers of the Durban Central Business District. The area is bound by suburbs such as Bulwer, Berea, Greyville and the CBD. The property is positioned approximately 350m away from the one of the busiest intersections in the Berea node, being the intersection of Botanic Gardens Road and King Dinuzulu (Berea) Road. The area has at present, mix uses of residential, commercial and business properties. The property is surrounded by similar type properties, with ground floor shops and residential apartments on the upper floors. The Berea Centre, Musgrave Centre and Davenport Shopping Centres are within walking distance from the property. Various tertiary institutions (from independent and specialized to higher education) such as DUT and ML Sultan are positioned in close proximity to the property. There are various popular food outlets, sidewalk cafes, coffee shops and recognized restaurants within the immediate area. This property is exposed to high levels of vehicular and pedestrian traffic. The property is positioned approximately 1.5km from the N3 Freeway on ramp. Pedestrian access is obtained directly off King Dinuzulu (Berea) Road and vehicular access off a lane known as Florence Avenue. King Dinuzulu (Berea) Road is a commuter transport route. The area is fully serviced and all modern amenities are found in the area.

Over the past number of years, this specific block of flats has been renovated, refurbished and maintained well to keep its standards high and as such this is a rare opportunity for one to acquire a clean block of flats in this specific node. Currently the block is used for residential purposes and not student accommodation, however the potential for student accommodation is perfect due to the locality.

This property comprises of a 4-storey block with 14 flats, a retail shop, 2 store rooms, on site secure parking and some yard area. The block is serviced with 2 stairways. The parking area can accommodate 4 motor vehicles easily and is secured with a wall with barb wire fencing. This parking area is currently rented out to tenants on a first come basis. The retail shop is accessed directly off King Dinuzulu (Berea) Road and comprises of the shop with a basement storage area. It should be noted that all movable items (including fridges and cold rooms) and stock within the shop are specifically excluded from the sale of the property.

The ground floor of the block of flats comprises 2 flats and floors 1 to 3 each comprises of 4 flats. Each flat consists of a bathroom (shower, basin & toilet) and a kitchen/kitchenette. All of the flats have their own geysers, prepaid electricity and individual water meters. The configuration of the block of flats is as follows:

- Ground floor: 1 x small bachelor & 1 x large bachelor
- First Floor: 1 x 2-bedroom flat; 1 x 1 bedroom flat, 1 x small bachelor & 1 x large bachelor
- Second Floor: 1 x 2-bedroom flat; 1 x 1 bedroom flat, 1 x small bachelor & 1 x large bachelor
- Third Floor: 1 x 2-bedroom flat; 1 x 1 bedroom flat, 1 x small bachelor & 1 x large bachelor
- Summary: 3 x 2 bedrooms flats; 3 x 1-bedroom flats; 4 x small bachelor flats & 4 x large bachelor flats

The property had a new roof constructed and installed in 2014. During the course of the renovations and refurbishments, all of the necessary approvals and investigations were conducted which include the Geotechnical Reports/Investigations, Roof/Trusses Reports and Structural Engineers investigations. The property is subject to a right of way servitude as per the SG Diagram. As per the AMAFA, the property is over 60 years old but it is not listed and does not have any heritage value. As per the layout plans provided by the Seller, the Gross Lettable Area (14 flats) is approximately 470 m².

FOR FURTHE INFORMATION, PLEASE CONTACT Bradley on 072 019 6192 or Yianni on 082 494 4555