R13 million for Military Road and Central Flats

OCTOBER 20, 2014

A number of blocks of flats in Military Road and other parts of Central and the CBD have been put on the market with a combined asking price of just under R13 million.

The three blocks of flats in Military Road have a combined price of R6.8 million, and consist of 16 apartments and 16 garages.

The blocks are Arundel Court, Athlone House and Penelope Court, and are situated at 25, 29, and 31 Military Road.

The Cape Town-based agents state they are fully tenanted and currently produce a gross monthly income of R52 000. According to the agents, the flats have been “restored” or “beautifully maintained”.

The agents have also advertised a number of other blocks in Central and the CBD.

One of the buildings is at 330 Govan Mbeki, which the agents says is fully tenanted and consists of two shops, and upper level warehouse.

There is also a vacant site behind the building which is on the market for just less than R1.5 million.

A block in Elizabeth Street has been given a price tag of R2.1 million, while other properties at 3 Butler Street, 11 Havelock Street and 23 Palmerston Street, Richmond Hill are on the market for R850 000, R995 000 and R750 000 respectively.

Most of the properties fall within the original mandate area of the Mandela Bay Development Agency (MBDA). - MetroMinutes