Mixed-use Mowbray property on sale for first time in 15 years

AN INCOME generating retail and residential property in Mowbray is available for the first time in 15 years, and will be sold on auction in April by Nexus Property Group.

“Properties are typically tightly held in this area, and this property has changed hands only once since it was originally built,” says Nexus director, Greg Nafte.

“It is on the corner of Main and Victoria roads consists of 17 shops and four large first floor apartments, and currently generates an annual gross income of R2.6 million.”

Nafte says there is scope to upgrade or refurbish the building to attract higher profile tenants, and service the increasing population in the area. He says a significant number of properties in the area are owned by the University of Cape Town, and over time the location has become populated with students taking up residence.

“Many older buildings here have been refurbished and redeveloped. The demand for student and residential accommodation surrounding the university will continue to increase in years to come, and this is creating a viable opportunity for property investors.”

Nafte says the increasing population and influx of students are also creating viable retail property investment opportunities.

The development of high density apartment blocks increases foot traffic and buying power to feed the retail businesses in the area.

“This property is being released to the market in line with the private fund’s strategy of focusing on its core assets, creating an opportunity for property investors to secure assets in a tightly held area. The fund has allocated the future proceeds to property development in other areas.”

A R50 000 refundable deposit and FICA documents are required to register for the auction, which will be held at the Nexus premises at 125 Waterkant Street, Green Point at noon on April 5.

Call Greg Nafte on 083 414 4474 or Elias Tzouvanni on 076 153 2352 to register or to arrange a viewing, or visit www.nexusproperty.co.za.

STUDENT DEMAND: Mixed-use property on the corner of Main and Victoria roads in Mowbray will be auctioned on 5 April.