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R 5 490 000

Commercial Property for Sale in Lenasia South

52 Andes Street, Lenasia South, Johannesburg

2 500 m²

Contact Broker

Anton Schulz

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Neat mixed use resi-retail investment property

Great investment opportunity. This neat property comprises two separate double-storey buildings, one L-shaped and the other rectangular, built alongside one another in a U-shape around the paved ground-floor parking area. There is also a free-standing single storey commercial building along Andes Street featuring three individual retail units. The property is configured with a total of 20 x two-and three-bedroom residential flats (some of which are still under renovation and incomplete) as well as the 3 retail shops, caretaker room, and storerooms under the stairs at the front end of each building. The retail shops are ±45m² each, with residential apartments ranging between ±90m² to ±140m² each.

The apartment layout/configuration consists of 16 x 2-bedroom and 4 x 3-bedroom apartments with an internal configuration typically comprising: Open plan living/dining...

The apartment layout/configuration consists of 16 x 2-bedroom and 4 x 3-bedroom apartments with an internal configuration typically comprising: Open plan living/dining room, Kitchen, 2 or 3 x Bedrooms, 1x Full bathroom with a bath and shower, Built-in cupboards and hallway linen closet, Recessed entrance patio with full collapsing security gate, enclosed balcony overlooking Borapeak Street (L-shaped building) or covered walkway along the back with a back door from the kitchen (rectangular building). Zoning of the property is "Business 3".

Electricity is pre-paid and the property has its own borehole. Seven of the apartments are incomplete inside and bathrooms and kitchens will need to be installed by the purchaser. Current gross income of the property is currently around R61,000 per month with tremendous upside potential once the shops are rented out and the 7 remaining apartments are completed and also rented out. The 2-bedrooms generate rentals of around R4,800 to R5,000 per month while the 3-bedrooms generate around R5,400 per month. Shops can be rented out for around R5,000 per month. Gross potential income of the property when fully let is around R113,000 per month. The 7 unfinished apartments are basically empty shells - need to be tiled and painted and bathrooms and kitchens need to be fitted out with showers, toilets, basins, sinks, stoves, toilets and built-in cupboards. Buyer will need to complete this at own cost.

**Transfer duty applicable**

Listing number: P24-112711217, Image number: 1

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Property Overview

Listing Number

112711217

Type of Property

Commercial Property

Street Address

52 Andes Street, Lenasia South

Listing Date

27 May 2023

Erf Size

3 218 m²

Floor Size

3218 m²

Levies

R 500

Rates and Taxes

R 7 279

Zoning

General Business

Building

Gross Lettable Area

2500 m²

Number of floors

Points of Interest

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