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RICHARDS BAY DEVELOPMENT OPPORTUNITY TO BE SOLD ON AUCTION

Savile Row Auctions has announced that its last auction for the year will be held at Summer Place in Johannesburg on the 26th of November 2009, starting at 10h00 with the residential property offering, followed by commercial properties at 12h00.
 
One of the highlights on this auction includes Town Square Lifestyle Centre in Richards Bay. The property is situated in Richards Bay on the corners of North Central Arterial, Krugerrand Street and Bullion Boulevard. The site is conveniently located within the periphery of the Richards Bay CBD and is bound by these three well exposed streets providing easy access to the N2 route.  This locality of this prime site affords it excellent exposure to passing trade. The property has been zoned for Zone L use for a Lifestyle Centre as already approved by the Development Tribunal on the 2nd of October 2009.  The total site area is 90185m² with a GLA of 60059m². The estimated annual income will be in the region of R6 million per month.
 
Mark Kleynhans, Managing Director of Savile Row Auctions comments, “There has been significant development in Richards Bay recently with the completion of the Boardwalk Shopping Centre as well as other retail and commercial centres in the area. This property will offer the right investor and developer a unique opportunity to create a lifestyle hub in one of South Africa’s up and coming regions.”
 
Other commercial highlights that will feature on the auction include:
 
26 Forssman Drive – Kyalami
This highly visible multi tenanted business park is 3469m² and is divided into 15 Units ranging from 75m² – 525m². There is ample onsite parking and excellent security. This property offers a rental upside as well as sectional title opportunities. The property has a Current Gross Annual Income of R1,596,269.00.
 
676 Gallagher Ave – Halfway House
Conveniently situated across the road from the Gallagher Estate conference centre, this property has a site area of 5804m², with a total GLA of 3000m².  Each of the 24 mini industrial units are 125m² in size. The units are currently being rented at an average of R38.00 per m² but have the potential to achieve rental of between R45.00 – R50.00 per m². Current leases in place will escalate at 10% per annum. This property is ideal for the investor looking for a stable investment.
 
36 James Crescent – Midrand
This newly refurbished property is ideal for the first time investor and offers 14 mini industrial units of 125m² each. The site is 1750m² in total and is fully let.  With excellent exposure onto Pretoria Main Road this property is located just 20 metres from Boulders Shopping Centre. The property features an added benefit of an additional income stream due to the fact that there is an MTN mast on the site.
 
Kleynhans concludes, “Savile Row Auctions has made its mark in the South African property auction space in a very short space of time. On the residential side, we are the exclusive provider of property auction services in South Africa for properties listed by Lew Geffen Sotheby’s International Realty and with the strong commercial offering that we are taking to auction on the 26th of November, we have shown that we have the required expertise in the commercial and industrial property markets as well.  We look forward to continuing our successes in the market place into 2010 and beyond.”


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