Beautiful Heritage Building with good rental return.
The “Kronendal Homestead” is a beautiful Cape Dutch building and Provincial Heritage site.
The total property consists of 2 erven, as follows:
1. Kronendal Homestead – ERF 7779 (140 Main Rd, Hout Bay) Erf size: 4142 sqm Zoning: GB1 Total lettable area: 1777 sqm (incl. exterior seating area/ courtyards for DEUS; excluding parking and common areas) Please note that this ERF is a provincial heritage site because of the historic Kronendal Homestead. The “Office Park” buildings (units 1 -6) are not historic.
1. Klein Kronendal – ERF 677 (140 Main Rd, Hout Bay) ERF size: 812 sqm Zoning: SR1 (rezoning application to GB1 submitted) Total lettable area: 213 sqm (excl. parking, garden and stoep)
With the anchor tenant being Deus Ex Machina Restaurant, the other tenants include Sealand Gear, CrossFit Gym, a Physio, a Barber and Fibre Company.
Asking price for both properties is R 21 000 000 plus VAT, which equates to an approximate rental yield of 9.2% after operating costs.
Current rental income is R2,224,525 gross per annum.
There is plenty of parking with 4 parking areas in total.
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Please note: Most banks charge an administration and initiation fee. Disclaimer: These calculations are only a guide. Please ask your conveyancer for exact calculations.
