Glorious Edwardian investment property in Pietermaritzburg CBD
This is an opportunity to own 2 x solid rental income properties on the same erf. Two magnificent buildings for one price. One is Edwardian (red brick) and dates approximately 1906. The other building which is at the same address, is newer, also very colonial in style, also around 1930's. Both buildings are protected by the KZN Heritage act of 1977. These are both the previous premises of the YWCA and the head mistress mansion. Extent of property 2911m2. Total gross building area; 1601m2. 140m2 covered carports. 54m2 staff quarters. 2 x 'stable' offices, garage and storeroom 84m2 (excluding verandah of 24m2). Maintenance manager's cottage 76m2.
48 x demarcated parking bays of which 9 x are covered.
The main redbrick building (building 1) comprises a ground floor with 2 x storeys of face brick walls under a tiled roof with wooden windows. Floors are Oregon. Building is well maintained with recent kitchen and bathroom upgrades.
The other building (building 2 YWCA) comprises a double storey with painted plastered brick under iron roof with wooden windows and carpeted flooring.
The main redbrick building (building 1) has about 20 x mixed tenants ( SME - lawyers/ doctors/ business). Tenants who have been there for the better part of 10 years and the balance with year on year leases.
Building 2 (YWCA) - The anchor tenant is a national financial services provider and has spent considerable money on Neotel lines and major backup generator etc over the last 7-8 years. An established tenant re-signed for another 3 years (end 2018) at approx R50,000.00 plus /month.
They occupy the building in its entirety with approx 150 staff.
Gross combined monthly yield, approx R113 000.00, nett R78 400.00.
Asking 9,5M Excluding VAT.
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