Richards Bay shopping centre up for auction
THE retail sector remains one of the most dynamic urban markets, with changes taking place almost daily.
Changes in South African society, especially during the past four years, also have had an impact on the retail market, making it one of the most exciting fields in which to invest. This is one of the reasons, according to auctioneer Andrew Miller of In2assets, why the Richards Bay Taxi City shopping centre will be a choice attraction when it comes up for auction on May 25.
This landmark shopping centre at the major taxi junction in Bullion Street, Richards Bay, is underpinned by strong national tenants, including Boxer Cash & Carry as the anchor, KFC, Doves, Pep Stores, Price & Pride and Tansat Africa, to name but a few.
With more than 60 shopsand an annual rental income of about R20 million, this vibrant corner site, spanning a gross lettable area of 13 400m², is a hive of activity and the gateway to the Richards Bay CBD.
“The auction of this popular centre will offer investors looking for value beyond metropolitan areas a great opportunity,” says Miller.
“Strong national tenants and a prime location are prerequisite variables for major property buyers looking at busy outlying towns, and the Richards Bay Taxi City centre is just the type of property that ticks all the boxes”.
The auction will take place at the Durban Country Club on May 25 at 11am. For enquiries, call In2assets at 031 574 7600.