Opening bid: R4 500 000.00 + Commissions.
Auction date: 3 December 2024 at 11am
Venue: 291 Klip Road, Grassy Park or Online
This versatile property, generating a net annum income of R564 000, combines both commercial and residential spaces, making it an ideal investment. Located along the high-traffic Klip Road, it features a semi-industrial wedding venue, a residential apartment block, and significant development potential. With excellent visibility, secure access, ample parking, and opportunities for expansion, this property offers great returns and future growth.
Building 1: Wedding Venue & Commercial Space
- Wedding Venue: 280m2 semi-industrial venue designed for large events, with a rustic industrial aesthetic.
- Second Floor: Office space and storage, with plans for future expansion to increase commercial capacity.
- Studio Apartment: 25m2 on-site apartment for security personnel, ensuring 24/7 monitoring.
- Parking: Approximately 20 parking spaces available for guests.
Development Potential: 1300m2 of remaining bulk for further commercial development.
Building 2: Residential Apartments
- Apartment Block: 150m2, double-level block with 4 x 75m2, 2-bedroom units, each with allocated parking.
- Exclusive Parking: Each apartment has its own parking space, separate from the wedding venue.
- Security: The entire property is secured with perimeter walls and gates, with access from Klip Road and Thomas Crescent.
- Development Potential: 820m2 of remaining bulk for future expansion or additional residential units.
Additional Features:
- High Exposure Location: Situated on the busy Klip Road, offering excellent visibility and easy access to major routes and public transport.
- Leases in Place: Stable rental income from both the wedding venue and apartments, with secure leases in place until 2026.
- Revenue Opportunities: Potential for additional income through signage and advertising on the property.
- Growth Potential: The property offers ample space for future development, making it an attractive option for investors looking for long-term growth.
This property offers a balanced mix of commercial and residential opportunities, providing immediate returns through its current leases and significant potential for expansion. With a strong income stream and development options, it’s an excellent investment for those seeking both short-term stability and long-term growth.
