Development / Retail Opportunity in Wynberg

Development / Retail Opportunity in Wynberg

Development / Retail Opportunity in Wynberg

Main Road, Wynberg, Cape Town, City of Cape Town, Western Cape, 7800, South Africa

Buy

R65,000,000

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Property ID :

 RH-38040-property

Area
10,371 SQM

Description

Darrell Kruyer from “Lance Real Estate” has been issued Sole Mandate to sell the popular “Wynberg Centre” located at 123 Main Road, Wynberg, Cape Town.

The asking price has been heavily reduced to R70 Million, plus VAT (if applicable) recently, making this proposition a worthwhile investment for the opportunistic developer. The large erf size of 10, 371 m2 would suit an overall redevelopment to create a landmark shopping centre and mixed-use development in the Southern Suburbs. The property is zoned as GB5 (see zone certificate attached).

In its current form there is no anchor tenant occupying the 2550 m2 which reduces the yield significantly. “Lewis Stores” is the current anchor in the centre.

Erf size 10, 371 m2

Total GLA 8725 m2

Vacant Retail (both floors) 4021 m2

As a result of the centre breaking even the property is not sold on a yield but rather as a development opportunity.

The centre consists of two levels, ground floor retail and first floor consisting of offices and retail. There is a variety of tenants including the Medical Centre & the Post Office on the first floor as well as storage facilities. The centre boasts ample free roof deck parking plus overflow parking on the ground floor level.

In its current state there is no major anchor tenant as yet to occupy the 2550 m2 ground floor.

The centre is strategically located alongside the Wynberg Station which brings large amounts of foot traffic through the centre to the village.

Rates: R62,000 P/M

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