Boland Bank House in Durban’s CBD has been sold for R53 million following a R5 million renovation, according to a company media release.
“The owners recognised the tax incentives offered for the re-vamping of properties within Durban’s Urban Development Zone. The refurbished office space amounting to 7 250m2 which had been vacant since the SA Revenue Services moved has been leased to the University of South Africa,” said Tim Hoskings of Maxprop.
“New retail tenants have been introduced to the building to improve the mix and the gross rentals being achieved are R 120 m2.”
Unisa’s move into the building at the corner of Aliwal Street and West Street was progressive and commenced when the first few floors were refurbished and released to them in July.
“The owners were not intending to sell, but an attractive offer was received for this fully let building,” said Hoskings.
“It is interesting to see that vacancy rates in Durban CBD have been reported to be down to 1,8% which indicates a resurgence of interest in the core business district. This sets the tone for the long awaited increase in rentals which are expected to exceed the current inflation rate which in turn could stimulate the redevelopment of the whole CBD.
“An agreement has been negotiated with Interpark who will bring additional value to the building through the management of the casual parking available in the building. This should be very popular because of the overcrowding of West Street when taxpayers attempt to file their returns and pay their taxes.”
“With parking at a premium in the CBD and fetching up to R700 per bay per month, our rates of R500 will further enhance the attraction of these premises,” Hoskings concluded