Landmark Retail Centre in Petervale to be auctioned

Posted On Thursday, 02 December 2010 02:00 Published by eProp Commercial Property News
Rate this item
(0 votes)

On the 7th December Auction Alliance will take the Petervale Shopping centre, Bryanston to the auction floor at the Sandton Southern Sun.

Property-Housing-ResidentialThe shopping centre is located on the corner of Cambridge and Frans Hals Roads in Petervale which borders Bryanston and is a landmark in the area.

Most of the tenants, such as the “Sandton Butchery’ have been in the centre for a number of years. Other tenants include a bakery and deli, appliance repair shop, pool shop, pizza place, fish shop, video hire, liquor store, two very different pubs, and a scrapbooking shop.

This recently revamped neighbourhood retail centre is fully let with lease agreements in place for the next 3years.

The most notable bonus about this property is that it has an ‘Engen petrol station’ which lease expires in 2010. Most of the leases escalate at between 9 and 10 %.

The centre offers a gross lettable area of 3575m² and generates a gross rental income of R3, 1 million per annum, which makes the average rental approximately R92 per m².

The auction takes place at 12pm on December 7 at the Southern Sun Hotel, Cnr Grayston and Rivonia Roads, Sandton.

Last modified on Thursday, 12 June 2014 11:56

Please publish modules in offcanvas position.