Mixed-Use Opportunity | Lower Main Road, Observatory | Fully tenanted

Sole Mandate - Brokers Welcome. This exceptional mixed-use property on Lower Main Road in Observatory presents a high yielding investment opportunity. The building is fully tenanted with long-standing occupants, the property features four retail units with glass frontage directly onto Lower Main Road, spanning approximately 30 meters. On the first floor, two spacious two-bedroom apartments and an office space offer versatile options for residential or commercial use. Additionally, the property includes four commercial spaces at the rear, accessible via a common passage from Lower Main Road. There is substantial potential to enhance foot traffic by curating a new tenant mix. Observatory is a vibrant, youthful suburb renowned for its student and young professional population, making it an ideal location for business and entertainment ventures. Its proximity to UCT and Groote Schuur Hospital solidifies its status as a prime destination for students and young professionals, ensuring sustained growth and demand within the area. VAT is applicable to the sale, with an opportunity for the client to zero-rate the transaction.

The property offers nine parking bays at the rear, along with eight garages accessible via a remote control gate from a side road. Zoned as mixed-use 2, the property presents versatile opportunities for offices, shops, retail, apartments, and more. With approximately 3500 m2 of additional bulk available for potential development at the rear, the property holds significant expansion prospects. Approved plans for the development of two additional units, including a two-bedroom and a one-bedroom apartment, are in place, providing an additional 130 m2 of space. The rental roll and due diligence pack are available upon request.

Property Reference #: CL3347

Agent Details:
Neil Bernberg
Port Commercial Properties Pty Ltd
Suite G01 Radar Dad Building
17 Queens Park Avenue
Salt River
7925
Cape Town