Location and Coverage: Situated on Main Road, Somerset West, this prime property is offered alongside an additional rear property, extending between Main Road and Andries Pretorius Street. Together, they cover a substantial ground area of 5,078m².
Building and Surroundings: The building, a landmark in the Somerset West CBD, includes tenanted ground, first, and second floors, as well as a rooftop. The surrounding area features major banks, supermarkets (Woolworths, Checkers, Shoprite, Pick 'n Pay), and popular retail stores (Russells, Ackermans, Pep, Clicks, Jet).
Local Development and Investment Potential: The local precinct is experiencing significant regeneration and development, fostering a vibrant environment of restaurants and retail shops that support a work-live-play lifestyle.
This revitalisation is expected to enhance property values significantly.
Infrastructure Improvements: The City of Cape Town has invested R65 million in upgrading the Somerset West Public Transport Interchange (PTI), located near this property, demonstrating the City’s confidence in the area’s potential.
Development Potential: This property offers mixed-use development potential, catering to various market segments and addressing the shortage of residential rental stock. The current lettable space is 6,676m², with 2,610m² occupied by three tenants and 23 parking bays. An additional 4,000m² of open space can be developed for parking or other uses. Rezoning allows for an extra 10,208m² of development.
Investment Opportunity: This property presents an excellent investment opportunity in a rapidly growing area with high potential for returns. Renderings highlight the property’s potential for astute investors and developers.
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