Ruyterwacht block of flats with retail potential up for grabs

NEXUS Property Group are preparing to auction a retail and residential block of flats in Ruyterwacht on Thursday.

“This tenanted block of flats has a large retail component with an attractive short-term yield. There is considerable potential for increased turnover, as rentals for the residential and retail tenants are currently below market value,” says Nexus sales director, Brendon Levin.

The 3 941m² property at 3 Paul Kruger Avenue consists of 12 large flats, eight shops, ample off-street parking and secure garages.

Levin says the seller is retiring and downsizing his portfolio, so the property is coming to market for the first time in 15 years.

Levin says the property is suited to investors who want to enhance the value of their portfolios.

“The anchor retail tenant in the block – the Saverite Supermarket – recently signed a new five-year lease. The store trades well with a large catchment area as it is the only retail outlet of this size in the Ruyterwacht residential node.

A R50 000 refundable deposit and FICA documents are required to register for the auction. The auction will take place at noon at the Nexus premises at 125 Waterkant Street, Green Point.

For details, call Levin on 084 588 8852 or Robert Shaff on 072 195 1211 to register or to arrange a viewing, or visit www.nexusproperty.co.za.

This mixed-use building at 3 Paul Kruger Avenue, Ruyterwacht will be auctioned on Thursday.