October 28, 2012
Earlier this year, a private investor bought the Gallery Centre through Cape Town Industrial Property specialist, Guy de la Porte of Airport Property for the bargain price of R22.5 Million (the property was purchased six years ago for over R45 million!). Situated at the entrance to Montague Gardens, it is a prominent landmark in Cape Town’s most popular industrial area.
Originally developed by the owners of Cape Franchising, the Gallery was developed to house their head office and central kitchen, Steers and Debonairs outlets. Cape Franchising held the master franchise for Steers and Debonairs at the time. They sold the property to Paramount Property Fund which was later taken over by by Growthpoint Property Fund. Cape Franchisng was then sold to famous brands who have since relocated.
GDP have since let all of the shops at R120 per m2 with only one remaining under negotiation. The ground floor retail has a good tenant mix for convenience consisting of a bank (FNB), restaurants & take aways (steers, Debonairs, Earl of Sandwich and Curry King) a laundrette, Liquor outlet, sign and numberplate shop, ink cartridge shop and betting agency & pub. The property has been sectionalised, so there is now an opportunity to purchase a fully let ground floor retail area consisting of a good mix of small shops.
Three office units sized from 240 to 700 square metres are available and can be purchased at R5500 per square metre (or leased at R65 per square metre). This is an excellent opportunity for an owner occupier or tenant, wanting budget office space close to Century City with plenty of parking. The offices have prominent signage opportunities on a busy thoroughfare.
There is strong interest in the Ex Steers Central kitchen and distribution warehouse and Guy de la Porte expects a deal to be concluded soon. The unit is unigue in that it forms part of the shopping centre and has features such as;
5 raised loading bays
600 Amps 3 phase power
Internal roof height of 7 metres plus
Private secure yard space with two sliding gates.
The unit can be combined with shops in front to create a showroom and is linked to a large office component upstairs which has balconies with mountain views.