Kings Village & Terraces in Gqeberha is going on auction on the 26th of April 2022 via Nexus Property Group.
Located in the upmarket suburb of Walmer Heights, the property boasts an ideal position on the busy intersection of Buffelsfontein Road and Newcombe Avenue. Being next door to the popular Access Park retail centre, which is anchored by Builders Warehouse and Woolworths, it has the opportunity to include complementary retail which will strengthen the entire retail offering in the node.
“The current owners of this particular property have gone into business rescue and the distressed nature of the sale allows for a purchaser to transact at fair value and unlock significant upside through asset management and redevelopment”, comments Greg Nafte, director of Nexus Property Group.
The property is anchored by a 12 000m2 retail shopping centre and it includes 6 500m2 of self-storage space, approximately 3 000m2 of office space as well as 9 apartments and 4 townhouses.
According to Nafte, the property has been well maintained and it is in an excellent condition. The residential units have been consistently popular, and the self-storage space is well let with the potential to expand from 250 storage units to 393 within the current footprint.
“The Intercare Clinic and related medical offices are busy and are supported by Klinicare Kings Court Pharmacy and China Town Port Elizabeth, which is the anchor retail tenant. The retail section, however, has not lived up to its potential and would benefit from having the right operator with local knowledge and influence to turn it around.”
The self-storage portion of the property has its own access and is equipped with a goods lift. There is ample open parking servicing the retail centre and basement parking for the offices and residential component. There is also a backup generator and a rainwater harvesting system in place.
With the property currently being 52% let and producing a gross income of R619 000 per month, there is clear potential to be explored. Neighbourhood retail centres have been amongst the most defensive retail assets in South Africa for much of the past decade.
