Well Run Mixed Use Building in Joubert Park For Sale

Magnum is a newly renovated building in the Johannesburg CBD high-rise. It consists of 93 residential apartments and 4 retail shops in the hustle and bustle area Joubert Park with a total GLA of 7640sqm. This building operates at 98% occupancy with arrears of below 1% All residential and retail have prepaid electricity meters. The property has a fully functional biometric access control system and the lifts are less than 12 months old.
Located in Joubert Park, Johannesburg CBD, this property has extremely high foot traffic keeping the supply of residential tenants flowing and the trade for the retail below, pumping. It is located right by the Park Central Taxi Terminal, a major transport node as well as Park Central Shopping Centre.
Features:
25 bachelor units, 12 two-bed units, 30 three-bed units, 26 four-bed units
Purchase Price: R59 000 000
Annual Income: R10 455 559
Annual Expenses: R4 166 014
Net Annual Income: R6 289 545
Yield = 10.66%
Deposit: 10% refundable deposit payable within 7 (calendar) days of signature, into conveyancer’s trust account
Due Diligence: 30 (calendar) days for due diligence (DD)
Finance: To run concurrently with DD

JOUBERT PARK
Joubert Park is a suburb of Johannesburg, South Africa.
Joubert Park was established in 1887 at the request of the Diggers' Committee, Johannesburg's earliest local government, as a 'public park or garden to be planted with trees'
The suburb shares its name with the largest park in the Central Business District, which is located a few blocks from the main train station for the city (known as Park Station).
Joubert Park is the location of the Johannesburg Art Gallery.