February 27 2025 10:45
A sizable portfolio of some of the trendiest mixed properties located in certain buzzing Durban and Cape Town business and leisure districts, is on the market for the first time.
The portfolio forms part of the Urban Lime property fund, which has entered a business rescue process amid mounting financial pressure. The two business rescue practitioners, ASO Capital and Claritas, have appointed Nexus Property to run a formal sales process by closed tender. This sale of 32 properties is an unusual market opportunity, especially as the portfolio includes properties located in the well-known high streets of SA’s Cape Town and Durban metropoles; the kind of assets which rarely change hands.
Any interested parties in the properties or in the entire portfolio can sign an NDA and receive access to the data room and receive the tender document. Offers can be submitted on Nexus’ platform before March 7 this year at 2pm.
Nexus is a corporate real estate services brokerage which specialises in commercial property sales through the auction and private treaty mechanisms across South Africa. Its co-founder, Elias Tzouvanni, explains that Urban Lime’s portfolio is among the best portfolios he has seen hit the market since he entered SA’s commercial real estate industry from London, 17 years ago.
The portfolio includes a rich mix of properties including restaurants, offices and medical precincts.
The portfolio is dynamic because, over years, the minds at Urban Lime have rejuvenated many of the properties within it, some of which are heritage buildings. They have also transformed the precincts these buildings are home to, by bringing in popular brands and Cape- and Durban-founded retailers and restaurants.
You can just look at Florida Road which now houses the likes of Pizza Hut, Starbucks and local “go-to-s” like Seattle, Jack’s Grill and Bird & Co.. Florida Road is still famous for its nightlife, fine cuisine and its Durban spirit. The Durban portfolio also includes a mix of buildings in the CBD tenanted to long-standing businesses, and a small residential element of three properties.
Florida Road precinct
The Western Cape portfolio includes buildings containing galleries, boutique stores and restaurants and a pharmacy in the city’s “famously cool” Bree Street. There is a sizable 1674m2 GLA sectional title retail scheme in the much-loved cosmopolitan Sea Point district and the Church Square building, known as Speakers Coner, located in one of the city’s longest-standing popular high streets, Parliament Street. The building contains FYN and Ramenhead, two of the world’s highest rated restaurants.
Bree Street precinct
Interest in the assets has been tremendous with hundreds of qualified enquiries for assets in both cities having been received.
Bree Street precinct
In Durban’s case it is notable that numerous buyers are showing interest in this high-quality real estate for the first time in years. The city went through a tough period amid Covid-19 and devastating floods and riots, but now the true buying power of Durban has returned. Money is no longer dormant in this fantastic city.
Urban Lime developed a sizable portfolio over numerous years with many of the properties within the portfolio being of the standard that the best landlords in the country would desire owning. Private landlords with the ability to transact at very high levels have so far shown interest and time is running out to make a play for the portfolio or individual properties.
Nexus Property group is very well known for running formal sales processes for listed and private companies around southern Africa, with a small presence in London, helping clients to acquire and asset manage properties.
For more information, visit https://www.linkedin.com/company/nexusproperty/ or email info@nexuspg.co.za or contact Elias Tzouvanni at https://www.linkedin.com/in/elias-tzouvanni-nexus/
Partner content for Nexus Property
alistair@propertyflash.co.za
