Property
Description
Property Description
On Long Street, in the heart of the Cape Town City Centre, Section 244 in the Park On Long scheme combines three ground-floor shops and five apartments in one 350 m² section. Three secure parking bays (Sections 81, 82 and 83, 11 m² each) are included.
The three shops sit side by side with street frontage on Long Street, which has pedestrian traffic throughout the day and a Red City Sightseeing bus stop close by. They suit retail, food and beverage or service tenants.
Above the shops, a lift serves the five self-contained apartments, all let to residential tenants.
As let, the property earns about R99 588 a month (R1 195 056 a year), according to the owner's rent roll. Retail 1 (139.5 m²) is owner-occupied and will be vacant on transfer, so a buyer can trade from it or let it. Let at R500/m² a month, with one parking bay also let, income rises to about R170 838 a month. At R37 000 000, that is a gross yield of 3.23% as let and 5.54% fully let.
The property is sold subject to the existing leases. Shop fittings, stock and furniture are excluded.
Features
Legal: Section 244 and Sections 81, 82 and 83, SS Park On Long (Scheme 163/2000), Erf 161604 – Title deed ST1056/2020 – Sectional title
Section 244: 350 m²
Parking: 3 secure bays (Sections 81–83, 11 m² each)
Units: 8 – three ground-floor shops and five self-contained apartments
Lift access to the apartments
Street frontage on Long Street
Red City Sightseeing bus stop nearby
Tenant mix: Retail 1 (139.5 m²) owner-occupied, vacating on transfer; Retail 2 T-shirt shop; Retail 3 hair salon; five apartments let
Income: R99 588 a month as let (owner's rent roll); about R170 838 a month fully let
Gross yield at R37 000 000: 3.23% as let; 5.54% fully let
Sold subject to existing leases
Excluded: shop fittings, stock and furniture
Area Description
The property is in the Cape Town City Centre (the CBD), on Long Street, one of the city’s most iconic and vibrant commercial streets, known for its retail, restaurants, bars, galleries and heritage buildings. The location benefits from constant pedestrian and tourist foot traffic, including the Red City Sightseeing bus route, and sits within walking distance of St George’s Cathedral, the Company’s Garden, Greenmarket Square and the main banking and business district. Its central position offers strong exposure for ground-floor retail and high demand for the upper-floor apartments, with excellent access to shops, restaurants, banks, schools, medical facilities and public transport.
Area Amenities
Mandela Rhodes Place – 270 m
Nedbank (St Georges Mall) – 330 m
St George’s Cathedral – 360 m
Lite-Kem Pharmacy (Litekem, Darling Street) – 410 m
Standard Bank (Thibault Square, Long Street) – 470 m