35 Hope Street is a refurbished office building conveniently situated on the periphery of town in the popular suburb of Gardens. It is near to the train-station hub and major routes feeding the city of Cape Town. The Gardens Centre is just a stone’s throw away and soon this property will be within walking distance of Eurocape’s new development of East City Centre, comprising retail and residential space. There is the opportunity to purchase this property for R17.5 million (equating to a gross yield of 11% and a net yield of 10.1% currently). There is an 8 year lease in place that had 3 years still left to run from 1 October 2011.
The current lessee pays a number of the expenses associated with the property (in particular, they are
responsible for the maintenance of the interior of the property), but expenses of approximatelyR145,872 per
annum are for the account of the owner (they are responsible for the exterior of the property and insurance,
plus a portion of the rates), resulting in a net annual rent of R1,774,128.