Airport Property has sold unique industrial property with excellent development potential in Montague Gardens for R 6 Million.
The property is let to an international tenant with the lease expiring in two years time. Based on the contractual rental, the net initial yield is 9.8%. The property has been sold to a building company who intends to redevelop and occupy the property in the future. The property lends itself to redevelopment in that a warehouse can be erected behind the office block, allow for either a single unit with a central office block and separate receiving and dispatch doors or two smaller units.
Investment properties are in high demand in Montague Gardens which is one of Cape Town’s most popular areas for warehousing, distribution and service businesses. Montague Gardens is situated in the rapidly growing West Coast growth node. More details on this property can be viewed here