Main Road Diep River, Cape Town, has proved to be a surprisingly successful trading and office area and many of the charming small cottages and villas built here in the first half of the 20th century have now been converted and in some cases upgraded for commercial purposes.
One such property that is now coming up for sale is at 67 Main Road Diep River. This building has 548 m2 of floor area and brings in a net rental income of R36,770 per month, which after deductions for insurance, rates and taxes is reduced to R31,4457.
Rawson Auctions will be handling the auction on Wednesday 24th July at the Rawson Property Group’s head office, 222 Main Road, Rondebosch. The time set for the auction is 12 noon.
Rawson Auctions’ Western Cape co-franchisee, Tanya Jovanovski, said that the current tenants include a fitness centre, Ring-A-Rose, Ink on Main, Gold Fever and Sonja Boltman Consultants. The first floor of the building is for commercial use, while the second floor is configured for residential purposes. The current leases have between seven months and three years still to run.
A large section of the erf is not being used, allowing room for potential expansion and development opportunities.
The reserve price can be acquired upon request.
Jovanovski said that trading and office premises along the entire length of Diep River have been much in demand recently. The building up for auction is situated right opposite the Diep River Police Station and next to a busy grocery store — making it even more appealing to the commercial tenants.
Rawson Auctions do not charge any registration fee to bidders attending their auctions but they do insist that a deposit of 5% of the purchase price is paid on the fall of the hammer as well as a 10% commission plus VAT for the auctioneering company.
