Durban’s Boland Bank House sells for R53 million

2008-01-08 00:00

Boland Bank House in Durban’s CBD has been sold for R53 million following a R5-million renovation, illustrating a resurgence of interest in the core business district.

"The owners recognised the tax incentives offered for re-vamping properties within Durban’s Urban Development Zone. The refurbished office space — 7 250m2 — which had been vacant since the SARS moved, has been leased to Unisa," said Tim Hoskings of Maxprop.

Unisa’s move into the building at the corner of Aliwal and West streets was progressive, and commenced when the first few floors were refurbished and released to them in July.

"The owners were not intending to sell, but an attractive offer was received for this fully let building," said Hoskings.

"It is interesting to see that vacancy rates in the Durban CBD have been reported to be down to 1,8%, which indicates a resurgence of interest in the core business district.

"This sets the tone for the long awaited increase in rentals, which are expected to exceed the current inflation rate, which could stimulate the redevelopment of the whole CBD.

"An agreement has been negotiated with Interpark, who will bring additional value to the building through the management of the casual parking available in the building. This should be very popular because of the overcrowding of West Street when taxpayers attempt to file their returns and pay their taxes," said Hoskings.

"With parking at a premium in the CBD and fetching up to R700 per bay per month, our rates of R500 will further enhance the attraction of these premises."

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