Tenanted CBD heritage building on offer

Current monthly rental income is R90 000

A TENANTED, double-storey commercial building on Castle Street, in Cape Town’s central business district, will be auctioned on Wednesday.

The property is one of the many old buildings situated above Buitengracht Street. It has a heritage grading 3(b) and falls within a conservation area as it is older than 60 years, says Tanya Jovanovski, franchisee of Rawson Auctions Western Cape.

“The building has high ceilings and exposed roof trusses with skylights to allow ample light into the property. It draws on features such as hardwood and exposed brickwork to give a French brasserie-style interior, while remaining beautifully elegant,” she says.

Located at 123 Castle Street, the building is bordered by Hout, Rose, Castle and Buitengracht streets.

The property is situated within a mixed-use node comprising retail stores, top restaurants, prime offices and residential apartments. It is also close to the financial services hub of Cape Town and the trendy De Waterkant precinct.

Other nearby amenities include the Chris Barnard Memorial Hospital, Boston House College, the Company’s Garden, Cape Town railway station and two of the most attractive properties in the area, the Cape Town International Convention Centre and the world-famous V&A Waterfront.

The 228m² property to be auctioned offers 450m² over both floors and is currently being leased for R90 000 a month, with water and electricity covered by the tenant. The lease will run until November, but can be renewed, Jovanovski says.

“The building appears to be in a good state of repair with little, if any, maintenance required. The buyer could keep renting it out, increase the volume, or use it for their own purposes. Its applications will be limited only by the new owner’s imagination.”

The property will be auctioned at noon on Wednesday.

The reserve price is available on application, but all offers will be considered. The seller is registered for VAT, so transfer duty will not be payable.

No registration fee is required to bid. However, the buyer will be expected to pay a deposit of 5% of the purchase price, as well as 10% commission plus VAT over and above the purchase price, to Rawson Auctions on the seller’s acceptance of the offer. Bidders are required to be registered and must have with them certified copies of their identity documents and proof of residence.

All offers should be submitted on Rawson Auctions’ Offer to Purchase form, with its standard terms and conditions. A copy can be obtained by contacting the Rawson Auctions Western Cape office on info@rawsonauctions. com or 021 837 1700. Bids can be delivered to the Rawson Property Group’s head office at 222 Main Road, Rondebosch, which is also the auction venue.

For more details or to book an appointment to view the property, call Heidi Phillips on 072 770 1395 or Tanya Jovanovski on 082 411 9599.

This heritage property is situated in Castle Street, within a mixed-use node comprising retail stores, top restaurants, prime offices and residential apartments. It is currently being leased for R90 000 a month, and will be auctioned on Wednesday.