Pretoria Retirement Village for sale

Posted On Tuesday, 18 September 2012 13:34 Published by eProp Commercial Property News
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The High Street Auction Company has announced that its next multi property auction event will be held on Thursday, 20 September, 2012, at Summer Place in Hyde Park, Johannesburg and one of the featured properties is the Fleurenville Retirement Village, Arcadia, Pretoria


The retirement village itself is relocating to the north of Pretoria, and as such the existing premises will be going under the hammer.

It's location at 675 Pretorius Street is situated approximately two kilometres east of the Pretoria CBD, in the suburb of Arcadia. The street is a one-way, main arterial road linking the N4 highway and the Pretoria CBD, and carries high volumes of vehicle traffic towards the CBD, making for exceptional overall visibility and signage potential of the property.

The 3,828m2 + 11,287m2 building is currently utilised as a fully functional retirement home, and includes all amenities and improvements associated with such use. It also offers the potential to be utilised as a clinic, or even student accommodation if so required, while the immediate surrounding area is improved with low rise residential blocks and commercial type buildings that are both owner and tenant occupied.

The ‘U’ shaped building includes an upper and lower basement, a ground floor, and 5 further floors above, and in total houses 51 single rooms, 52 double rooms, 37 single suites and 47 double suites. The lower basement is currently utilised as both a storage and parking area, and can accommodate 37 vehicles (45 vehicles if storage areas removed), while the upper basement includes 38 covered bays, together with a reception and security area, hair salon, 2 conference rooms, staff rest rooms and ablutions, laundry, workshop, boiler room, a small kitchen, guest toilets, 8 store rooms, an office, a loading bay and more. An additional 18 open parking bays are available on this level.

The main entrance to the building allows access from Pretorius Street to the ground floor of the building. This floor includes the main reception and foyer, pharmacy, general shop, 2 lounges, dining area, administration offices, industrial kitchen, private dining area, staff dining area, staff accommodation and ablutions. In addition to the units on the first floor, a secondary dining area, nurse’s station and kitchen are included.

A number of the living units have been upgraded and include modern bathroom facilities and, in some cases, air conditioning, while an internal staircase and 3 recently refurbished lifts allow access to the upper floors.
From the date of registration, the seller is to take a head lease over the property for a period of 18 months or more. The rental for this period is to be based on an 11% p.a. of the purchase price of the property.

The seller has confirmed that during the period after registration where the head lease is in place, the only expenses to be covered by the new owner are the Assessment Rates and Insurance: all other costs during that time will be covered by the tenant. Upon vacating the property, all normalised expenditure will then be payable by the new property owner.

For more information on this property, please contact Rodney Beck at The High Street Auction Company on 011 684 2707.

Last modified on Thursday, 29 May 2014 17:33

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