SUCCESS WITH COMMERCIAL PROPERTY

Wakefields’ is well-known in the Kwazulu-Natal residential property market, but in the past few years, their expansion into commercial and industrial property is not only meeting with success, but their expertise is being appreciated by buyers and investors.

In 2016, Wakefields embarked on an expansion campaign into the C&I arena, largely to meet clients’ requests for commercial and industrial property expertise. For clients for whom Wakefields has been their chosen residential property group for decades, even generations, it made sense that they felt comfortable working with Wakefields’ commercial property expertise, advice and listings.  

Thirty of Wakefields’ staff and managers throughout the province, in most branches, underwent an intensive, comprehensive course in the complexities and fine print of commercial and industrial property sales and leasing. For those staff who were keen to diversify into the world of commercial property and broaden their expertise and field of work, it’s proven very exciting and, in many cases, highly successful. A number of new recruits – experienced agents as well as young newcomers - to Wakefields’ world of property, too, are choosing to work in the commercial and industrial sphere.  

Wakefields’ Berea branch has recently concluded two sales of commercial buildings and businesses known fondly to all on the Berea. Harvey World Travel moved into – and renovated - their new home now known as The White House, at 63 Stephen Dlamini Road, and so too, did Sparkport Pharmacy move from rented premises in Musgrave Road to their own home. In November, Wakefields’ Kloof sold 6,5 hectares of prime industrial land in Buckman Boulevard in Hammarsdale, for R11,8m, and the Pinetown branch sold a double-story shopping complex in Sarnia, for R3,5m. Wakefields’ Beach branch concluded two commercial sales within the last six months, one, an hotel close to the Point Waterfront for R6m - which the purchasers are about to renovate - and another, a warehouse-cum-workshop in Gale Street for R4,25m. The Beach branch reports a rise in queries around commercial property, particularly in the higher price ranges.

Myles Wakefield, CEO of Wakefields says that commercial property is an asset class which many astute investors favour over anything else, because it provides income plus capital appreciation: “Commercial property is a very different asset class from residential, and our property specialists who’ve chosen to work in this space – or indeed, those who’re applying to enrol in our commercial and industrial training programme – are finding it a very satisfying and challenging sector of the property market.”

In almost all of Wakefields’ branches throughout the province now, you’ll find a commercial and industrial property specialist dealing with both sales and leasing.