Shopping centres go under the hammer

Aucor Property’s next multiple auction will be held at 12h00 on 16 October, at the Park Hyatt Hotel in Rosebank, Johannesburg. Headlining the auction is a portfolio of retail properties which include:

Lydenburg Spar Shopping Centre

The Lydenburg Spar Shopping Centre is located at the corners of Voortrekker and Viljoen Streets in the established town of Lydenburg, Mpumalanga. Situated on the Sterkspruit/Dorps River tributary of the Olifants River, Lydenburg is at the base of the Long Tom Pass.

The Lydenburg Spar Shopping Centre is situated in the heart of the town’s CBD and is surrounded by a high concentration of both retail outlets and commercial buildings. The area has good accessibility and limited congestion, and the main arterial routes are all within easy reach.

The property spans four portions of erf 186 and has a combined land extent of 9 425m². This fully let property has a GLA of 4 119m² and a gross income of about R4 million per annum. The anchor tenant is Spar and this lease is in place until 2022. The centre forms a U-shape and has ample parking in the middle, with easy access to all shops.

Edgars Building, Klerksdorp

This three-storey standalone retail gem is located at 70 Oliver Tambo Street (formally Church Street) in the Klerksdorp CBD. The immediate surrounding area comprises high-density multiple-storey buildings, with most featuring retail shops on the ground floor and offices on the upper floors. KFC, OK Furniture, Bradlows and Ellerines are all located within the immediate area. Together with Rustenburg, Klerksdorp forms the economic heart of the North West province and is one of the hubs of the South African gold-mining industry.

The building is fully let to Edgars as a single tenant and this lease is in place until 2016. The property has an erf extent of 1 983m² and a GLA of 4 223m². The current gross income is around R2,1 million per annum. The ground and first floors are used for retail purposes, while the second and third floors are used for storage and offices. The storage area on the top floor is doublevolume, allowing for maximum use of this space for the stacking of boxes. The building features two escalators which provide access from the ground floor to the first floor, as well as a goods lift which connects all three storeys.

The service yard on the southern side of the building accommodates 10 shade-net parking bays for use by the staff. There is no on-site parking for customers, but there is on-street parking along the three adjoining streets.

Pick n Pay Shopping Centre, Hoedspruit

This regional shopping centre, featuring Pick n Pay as the anchor tenant, is situated on the R40 on the northern periphery of the town of Hoedspruit. The town has grown in recent years due to its proximity to private game reserves and the Kruger National Park, and the Hoedspruit Air Force Base. The area has good accessibility and limited congestion, and main arterial routes such as the R527 and R40 are all within easy reach.

The property features a singlestorey retail shopping centre with ample parking. The retail areas vary in size and from 42m² to 2 626m². Roller-shutter doors at the rear of some of the retail units allow good accessibility to the shops for delivery and loading purposes. The largest area, currently occupied by Pick n Pay, has its own service area located at the rear of the building and is accessed via a security-controlled gate. This area is secured with a boundary wall.

The centre has a land extent of 24 325m² and a GLA of 8 035m². Comprising 34 units, the centre features major national tenants including Mr Price, FNB, Spur, The South African Post Office and Pep. Currently 32 units are let and the current lease agreement with Pick n Pay is set to expire in 2017. The gross income is about R6 million per annum.