The auction will feature 29 commercial, industrial and retail properties that have a estimated market value of R400 million.
John Hislop, business development executive for Aucor Property comments, “Headlining this event is a prime retail offering located in the residential hub of Douglasdale in Johannesburg’s northern suburbs. Douglasdale Village Shopping Centre is located on the corner of Leslie Avenue and Douglas Road in Douglasdale. Both roads are main arterials that connects Dougalsdale to Fourways, Lonehill, Bryanston and Northriding. The area has seen tremendous growth in recent years and the retail centre is surrounded by cluster and townhouse developments that drive traffic into the centre.”
Developed on 1.54 hectares of land, the centre is well laid out in a convenient u-shape design with an open parking lot occupying the core of the property. The centre features 288 parking bays which are spread over the open area lot and a basement parking facility.
In addition, the property houses a separate restaurant building that is currently tenanted by the well-known Hogshead brand. Woolworths is the anchor tenant and recently acquired additional space in order to increase their store size to 1000m2. Woolworths also has its own loading area, which minimises any inconvenience to other tenants and shoppers. Other well established tenants include Clicks, Nino’s, DIY Depot, Nando’s, Sorbet and The Throbbing Strawberry.
“While we have seen numerous retail centres coming to the market over the past months, it is rare for such a well-located centre to be on the market,” says Hislop. “This provides a rare opportunity for investors looking to grow their retail portfolio with a well performing and established centre in such a desirable location. Currently the centre generates a lease income of over R8.5 million per annum making it a very viable investment for the right buyer.”