95 on Main Development Property.

The property's prime location is on Main Road, Somerset West, and is offered together with the additional property at the rear that stretches between Main Road and Andries Pretorius Street, with a total ground coverage of 5,078m².

Currently covering the tenanted ground floor, first and second tenanted floors, and a rooftop, the building is a landmark in the Somerset West CBD and considered a prime location. The immediate surrounding area boasts a variety of major banks, supermarkets (such as Woolworths, Checkers, Shoprite, and Pick 'n Pay), as well as popular retail stores like Russells, Ackermans, Pep, Clicks, and Jet.

The local precinct is currently undergoing a period of regeneration and development, which is injecting new life into the village. There is a plethora of restaurants and retail shops mushrooming all around that support the precinct concept of work, live, and play environments. This revitalisation creates a favourable environment for investment and suggests that the property's value will increase significantly in the future.

The City of Cape Town has recently spent R65m to upgrade the Somerset West Public Transport Interchange (PTI), which is spread across two large sites, one of which is the rear of the large Shoprite precinct adjacent to this property, evidencing the City’s confidence in the potential of the area.

This property, with its mixed-use development potential, offers various possibilities for enhancing its investment value. This flexibility allows developers to cater to different market segments and capitalise on the diverse needs of the community. The shortage of residential rental stock is a known fact, and this opportunity can help to bridge that gap. The current lettable space is 6,676m², of which 2,610m² is filled by 3 tenants plus 23 parking bays. The additional 4,000m² is open space that can be demarcated for lettable parking bays or redevelopment of the property. The rezoning of the properties allows for an additional 10,208m² for development. The renderings provided indicate the potential that this opportunity presents to an astute investor and developer.

Overall, this commercial development opportunity presents an excellent chance to invest in a rapidly growing area with high potential for returns.
Excludes VAT - All reasonable offers will be considered
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