Commercial property for sale in Johannesburg Central
Commercial Property in J...
High-profile HOSPITAL? School? College? Up-market HOTEL? Government department? OR STUDENT ACCOMMODATION for over 1000 students? 16000 sq.m of VERY high profile landmark building situated JUST OFF the M2 Highway in Johannesburg with EASY ACCESS and around 200 BASEMENT parking bays! The landmark PENMORE TOWERS or No 1 RISSIK STREET in the Financial District of Johannesburg is FOR RENT or FOR SALE! One of the HIGHEST PROFILE buildings in GAUTENG with approved SIGNAGE RIGHTS. Easy/immediate access to and from the M2 HIGHWAY. 16 floors of around 1000 m² per floor with approx. 200 basement parking bays. +/- 16 000 m² Gross Letting Area. Can be converted into a University, School, OR accommodation for over 1000 students with income streams of up to R5.8m per month. Plans already drawn up. Building has a center core structure - ideal for an easy dry-wall conversion. High-profile retail on ground floor - previously a high-profile BMW AUTO showroom. Built on a massive piece of land in city terms - ideal for extensive landscaping or a play/relaxation area for kids/students, open air restaurant, etc. HIGH-SPEED INTERNET FIBRE connection already installed as this was previously the Operations Centre of the Gauteng Metro Police. The building also features the LARGEST APPROVED ADVERTISING WRAP in Africa - recently with NETFLIX as advertiser, generating a huge additional monthly income stream of around R500 000 per month. Previous advertisers include COKE, JOHNNIE WALKER, HEINEKEN, NIKE, etc. The advertising/naming rights on the building alone is worth tens of millions of Rands. See our artist's impressions on how some cladding could turn this into a high-profile modern landmark building! Also see floor plans for lucrative Student Accommodation. Conversion plans for 550 student rooms. TWO students per room at R4900 per student places the income of the building at around R5. 5m per month, PLUS the income from the advertising wrap. After conversion, the building will immediately have a yield of well over 20% with a payback of loan in under 48 months. At R30 000 per square meter building cost (excluding the erf), the replacement value of this building is more than HALF A BILLION RAND!