The sale of the property, which is for an undisclosed sum, was concluded by local JHI broker Seamus Daly in conjunction with Greenlight Auctions.
Says Daly: “We were in the process of negotiating the lease of vacant space in the building to Union Tiles when the other tenant also vacated the property. As a result the entire building became vacant and the previous owners decided to sell and were going to auction the property when we introduced Union Tiles, who were interested in acquiring the property.
“Now that the property has been purchased by Union Tiles in order to open their 11th store nationally – their first in Cape Town - JHI is now marketing the remaining available space, which comprises some 1800sqm of prime retail and warehousing accommodation,” says Daly.
Located in a sought after position in Paarden Eiland Road and facing the N1, the property enjoys major exposure to passing traffic, with loading access from Industry Street at the rear. In addition to the N1, it has easy access to the M5, N2 and the city’s Integrated Rapid Transit (IRT) System, and is within easy reach of Cape Town harbour and central city.
The available space is marketed by JHI at R55 per square metre. Says Daly: “This is good value for money given the ideal location and exposure. It’s accessible for employees, as the IRT station and the railway station is only a five minute walk. The positioning of the building could not be better, as it is right in the hub of a well-patronised retail and warehousing hub colloquially referred to as ‘Tile Mile’,” he adds.
From its origins in 1910 as a small cement and terrazzo tile producer, Union Tiles is today a leading importer and exporter, having evolved into a multi-faceted corporation which manufactures and markets the latest trends and developments in the tile, wall and floor décor industry. With head office and factory in Bedfordview, it has existing outlets in Randburg, Centurion, Nelspruit, Bloemfontein, George, Ballito, Burgersfort, Pietermaritzburg and Windhoek. Outlying regions are covered via Union Tiles’ independent distribution network and the company supplies large export contracts to neighbouring countries.
Publisher: eProp
Source: JHI
