Guy de la Porte of Airport Propertyhas sold a well located Muizenberg Industrial Investment Property. This historic building was the original home of the Porter Motor Group, which is now part of the Imperial Group. Situated at 39 Main Road Muizenberg the property consists of showroom space with workshop below on a split level. Positioned next to the landmark Masque Theatre, the property is in an excellent position with good passing trade. The property was sold to a private investor, who seeing the opportunity to add value, allowed the cancellation of the lease with the workshop tenant who was paying historically low rentals. The space will be refurbished and a tenant sought at higher market rentals. Airport Property was granted a sole mandate to sell the property and with Commercial and Industrial Investment Property under Five Million Rand in high demand, there were a number of local investors competing for the property. The property eventually sold for R 2.1 Million (Ex Vat) . With a GLA of 600m² on a site of approximately 850m², this property was purchased at only R3500 per m² and when fully let should give a return in excess of 12%. Properties like this form the building blocks for entrepreneur property investors to grow much larger portfolios into the future.
