Web Ref No CL445

NB. OVER R6 MILLION ASSESSED LOSS INCLUDED IN THE PURCHASE PRICE

Conveniently located in The Sails on Timeball, in the very heart of the Point Waterfront, this impressive venue boasts a canal side setting and comprises of 3 retail spaces, that have been joined together, resulting in a magnificent 2 floor, double volume, entertainment venue, which has hosted many formal business functions, birthday parties and numerous private functions.

Beautifully fitted throughout with executive finishes and surround sound, this venue offers its guests a bar, cigar lounge, dance floors and podiums, as well as the stunning canal side walkway at the Durban Point.

Close to all public transport routes and with private undercover parking, this venue can play host to a various number of events. The licences for the facility are up to date & included with the sale of the premises.

The fittings and furnishings throughout the venue are also included in the sale. Stock at a separate rate** Please enquire regarding this optional extra.

The selling price includes the three properties which are registered in one company, (see info below), plus there is another CC, which is being sold, which includes the business. The price also includes three valuable licences (Entertainment / nightclub, Restaurant / food & Liquor) and to top it all, there is an assessed loss of approximately over R6 million, included in the selling price of R17 million rand (neg.).

The property is sold as a going concern, and can be ZERO RATED for transfer duty purposes, so there would be no transfer duty.

IMPORTANTLY, it is also the ONLY property within the Point Waterfront that has a nightclub / entertainment licence!!!

This is an incredible opportunity and should not be missed, especially with everything that is happening in the Point Waterfront and the new development that is imminent!!!!

The entertainment venue comprises of the following properties:

Shop 1 - Retail Area = 113.72 m2

- Mezzanine = 28.43 m2
- Exclusive use area (A+B) = 159.01 m2
- Right of use area (Deck) = 173.20 m2


Shop 2 - Retail Area = 55.30 m2

- Mezzanine = 13.83 m2
- Exclusive use area (A+B) = 107.61 m2


Shop3 - Retail area = 108.28 m2

- Mezzanine = 27.07 m2
- Exclusive use area (A) = 134.15 m2

Total number of parking bays = 17


Total area:

- Internal floor area including mezzanine = 400 m2
- Exclusive use area = 400 m2
- Parking = 213 m2

Selling price = R 17 000 000 (exclusive of vat) (neg). Equates to R14 500-00 /m2 with upmarket finishes.

Selling price includes the following:

- All three sections as described above
- 17 parking bays
- Business with the following licenses;
- Business & Entertainment License
- Liquor License
- Food license
- All fixtures and fittings (both movable and immovable items) - inventory to follow
- All fittings and fixtures, furniture, sound/lighting/video equipment, fridges and cold room, air-conditioning, computer equipment and tills (Freehold - no leases in place)

NB. Price excludes stock on hand which can be acquired at net cost at the date of sale.