Three dominant sites on sale
Aucor Property will hold a multiple commercial property auction on September 13 at midday at the Houghton Golf Club. At least 26 properties will come under the hammer on the day including three prime retail investment properties in north of Johannesburg.
Illovo Junction – Corner Oxford Road and Corle Drive, Illovo
It is a strategically located landmark site that has been redeveloped over the last decade into an upmarket leisure and dining destination hub, between the Sandton and Rosebank CBDs. The mixed-use retail centre draws a diverse crowd throughout the week with an eclectic selection of restaurants and coffee shops.
Warren Aronson, business development executive at Aucor Property, says: “We rarely see such quality property come up for sale in the Illovo node and this particular site would appeal to any investor wanting a foothold in the area.
“The building itself has been a landmark at the top of Corlett Drive for as long as one can remember and has been modernised over the years to meet the growing demand for trendy and upmarket offerings in the area. The huge volumes of passing traffic between the Rosebank and Sandton CBDs make this site even more desirable as the property is further enhanced by the extra-sized digital billboard that creates an additional revenue stream. The fact that the property is fully let is a further benefit.”
Illovo Junction is a fully-let three-storey building with a ground floor retail component and two upper floors of offices – all currently configured according to tenants’ requirements.
The building has a rooftop section that features a small lettable area, storerooms and a number of parking bays which are accessible by a spiral ramp. In total, there are 24 covered bays and 10 open bays.
The Village – 60 Tyrone Avenue
It is situated in the leafy, upmarket suburb of Parkview and is the only real neighbourhood retail offering here. Tyrone Avenue has a high volume of traffic and links Parkview to Greenside and Parkhurst.
Aronson says: “Parkview is another node within the northern suburbs that has grown in popularity over the years and The Village has become a regular meeting place for this close-knit community.
“The property has a great blend of long-standing tenants, two of which have been in the building for more than 30 years. Retail and commercial property along this stretch does not come onto the market often with the last retail property sale taking place more than seven years ago.
“This is indicative of the solid investment opportunity that exists and with a current gross annual income of R3 417 298.56, potential buyers for The Village are well positioned to acquire a rare retail investment addition to their portfolio.”
The Village’s double-storey centre is divided into a number of lettable retail units on both floors and also has a basement floor – the only one of its kind in Tyrone Avenue – with tenant parking, storerooms and ablution facilities. It is zoned for Business 1, with a GLA of approximately 1 364m2.
Saks Corner – 138 11th Street, Benmore
Situated in the prime retail strip of Benmore and directly opposite the newly renovated Benmore Gardens, Saks Corner is a strong income generating asset.
Aronson says: “Given the tremendous amount of growth in the Sandton CBD over the past decade, the popularity of retail and commercial property in the surrounding areas remains at a premium due to the demand. Sites such as Saks Corner rarely come onto the market as investors know that once they have a foothold in an area such as this, they really need to grow it and entrench their investments.”
Saks Corner spans two erven with a GLA of approximately 1 199m2 and is zoned for Business 1. The primary structure on the site features multiple street facing units with a secondary structure fronting Lilian Avenue. There are three separate ancillary structures comprising of storage space and common-use ablutions, which are accessible via an access-controlled yard entrance fronting Lilian Avenue.