550 Bedroom Commercial Property For Sale in Johannesburg Cbd, Johannesburg

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20 000 sq.m of VERY high-profile landmark building situated JUST OFF the M2 Highway in Johannesburg with EASY ACCESS and around 200 BASEMENT parking bays.

THE PENMORE TOWERS on, No 1 RISSIK STREET in the Financial District of Johannesburg is FOR SALE. One of the HIGHEST PROFILE buildings in GAUTENG with approved SIGNAGE RIGHTS. Easy/immediate access to and from the M2 HIGHWAY. 16 floors of around 1000 m2 per floor with approx. 200 basement parking bays. +/- 16 000 m2 Gross Letting Area. Can be converted into a University, School, OR accommodation for over 1000 students with income streams of up to R5.8m per month. Plans already drawn up. Building has a center core structure - ideal for an easy dry-wall conversion. High-profile retail on ground floor - previously a high-profile BMW AUTO showroom. Built on a massive piece of land in city terms - ideal for extensive landscaping or a play/relaxation area for kids/students, open air restaurant, etc. HIGH-SPEED INTERNET FIBRE connection already installed as this was previously the Operations Centre of the Gauteng Metro Police. The building also features the LARGEST APPROVED ADVERTISING WRAP in Africa - recently with NETFLIX as advertiser, generating a huge additional monthly income stream of around R500 000 per month. Previous advertisers include COKE, JOHNNIE WALKER, HEINEKEN, NIKE, etc. The advertising/naming rights on the building alone is worth tens of millions of Rands. See our artist's impressions on how some cladding could turn this into a high-profile modern landmark building! Also see floor plans for lucrative Student Accommodation.
Conversion plans for 550 student rooms. TWO students per room at R4900 per student places the income of the building at around R5.5m per month, PLUS the income from the advertising wrap. After conversion, the building will immediately have a yield of well over 20% with a payback of loan in under 48 months. At R30 000 per square meter building cost (excluding the erf), the replacement value of this building is more than HALF A BILLION RAND!

• Points of Interest & Location Advantages
• Prime location in the heart of Marshalltown, Johannesburg CBD
• Walking distance to Gandhi Square Transport Precinct
• Close to Carlton Centre shopping, offices and amenities
• Near Johannesburg City Hall
• Easy access to Beyers Naudé Square
• Surrounded by major banks, government offices and commercial buildings
• Close proximity to major taxi, bus and commuter transport routes
• Strong pedestrian traffic and high visibility location
• Convenient access to the M1, M2 and N1 highway network
• Near various colleges, training institutions and educational facilities
• Short distance from Wits University (Braamfontein)
• Accessible to University of Johannesburg campuses
• Close to established student accommodation developments
• Surrounded by retail stores, supermarkets, restaurants and convenience outlets
• Located within a major commercial and redevelopment node
• Suitable for commercial, mixed-use, residential conversion or student accommodation opportunities
• Positioned within Johannesburg's ongoing inner-city regeneration corridor
• Strong demand area for affordable residential and student accommodation stock
• Centrally located for access to Braamfontein, Newtown, Doornfontein and Jeppestown
• Investment Highlights
• Johannesburg CBD commercial high-rise
• Approximately 20-storey building
• Excellent public transport connectivity
• High-density urban location
• Potential student accommodation conversion opportunity
• Potential mixed-use redevelopment opportunity
• Strategic CBD investment asset
• Access to a large workforce, student and commuter market
• Located within one of South Africa's largest economic hubs
• Positioned to benefit from future CBD revitalisation initiatives