Naayore Mall is a prime investment opportunity, now available for sale in the sought-after location of Grootfontein. This property offers a range of impressive features, making it an attractive option for discerning buyers.
The Naayore Mall building itself boasts a generous retail area of 735m², ensuring ample space for various businesses to thrive. Additionally, the property includes well-maintained ablution facilities, a convenient carport spanning 53m², and spacious verandas measuring 196m².
Inside, you will find 14 individual retail shops, each equipped with its own small kitchenette and communal ablution facilities. The security arrangement in place ensures peace of mind for both tenants and customers.
The property is characterized by its tasteful finishes, including tiled floors and cellotex ceilings. The average quality fittings, steel and aluminium window frames, and burglar bars further contribute to the overall security and aesthetic appeal.
Externally, the property exhibits paved areas, cement brick construction, plastered walls, and a galvanized iron roof. While the property is in an average condition, it meets all standard requirements. It is important to note that a compliance certificate from the Grootfontein Municipality is essential for proper valuation.
Currently, there is a low demand for commercial leasing at Naayore Mall. However, based on information from letting agents, lease amounts typically range from N$14 to N$60 per square meter. After careful consideration of various factors such as market rates, size, and location, we have determined a fair market rate of N$65.00 per square meter.
The subject properties are currently occupied by local tenants who have opted for short-term rentals with a 10% escalation rate. Although this is higher than market norms due to the current economic climate, the tenants have expressed interest in extending their leases for an additional year.
This exceptional property is now available on the market for N$3,500,000. For further details or to arrange a viewing, please contact Rochelle Mulder. She can be reached via WhatsApp on +264 81 794 6016 or by phone at +264 81 859 3213. Don't miss out on this fantastic investment opportunity at Naayore Mall in Grootfontein.
