Investment property for sale - fully let

Property Details

A fully let investment property is currently on the market, boasting a reputable main tenant operating a vehicle repair and enhancement business with a commendably clean operation. The property also includes a small take-away tenant occupying a corner section of the building. Strategically located on the bustling Terrace Road, ample customer parking is available in front of the property. The total under-roof area spans 700m², situated on a 1,190m² erf. Tenant 1, occupying the larger portion of the property, has a lease period of 3 years starting from March 1, 2023, with a 6% escalation clause. They pay a monthly rental of R22,000. Tenant 2, leasing a smaller section, has been in occupancy since August 1, 2022, also under a 3-year lease with rental adjustments based on CPI. Their monthly rent is R5,100. Additional costs include monthly rates of R7,473 and insurance at R1,212. This property presents an enticing investment opportunity with stable, long-term tenants and favorable lease terms.