Description
The property is prominently situated on Ravouvou Street in Lautoka, within the bustling Industrial Subdivision. It encompasses two Native Leases, each with significant terms remaining:
– **Native Lease No. 24563** offers a remaining term of 60 years, as detailed in the accompanying Valuation Report.
– **Native Lease No. 22751** has an impressive remaining term of 68 years, as per the Valuation Report.
The valuation reports assign the following values to each lease:
– **Valuation for Native Lease No. 24563:** $375,000.00
– **Valuation for Native Lease No. 22751:** $1,560,000.00
This prime property is ideally located in the vibrant Central Business District (CBD) of Lautoka City, strategically positioned along the bustling industrial corridor of Ravouvou Street. It is within easy walking distance of numerous well-known businesses, making it a sought-after spot for commercial activities. The proximity to Lautoka’s commercial centres has greatly enhanced the demand for industrial properties as well as provided valuable employment opportunities to the local community. The industrial market in Lautoka is thriving, characterised by ongoing developments stretching from Lovu to Viseisei.
Given its central location, the property enjoys access to a full range of municipal services, ensuring convenience and functionality. These services include three-phase electricity, telephone connectivity, a reliable reticulated water supply, sewage lines, regular garbage collection, street lighting, road maintenance, water hydrants, and all other essential amenities readily available in the city center.
The subject lots are irregularly shaped, encompassing a total land area of 1,676 square meters (combined). The land is characteristically flat and well-drained, facilitating ease of access and construction. The foundation consists of solid natural ground, capable of supporting the property’s maximum permitted use. Currently, the site boasts a high-raised warehouse/workshop, alongside a modern double-story building constructed on a robust reinforced concrete foundation.
**Structure 1 (per Valuation Report for NL 22751):**
This expansive high-raised warehouse/workshop is designed for versatile use, built upon a solid reinforced concrete foundation. The construction is characterized by durable materials, featuring reinforced concrete foundations, stylish trimdek walls with partially concrete finishes, ample louver windows for ventilation, sturdy steel posts, a robust steel roof frame, and trimdek roofing tin. Inside, the facility is organized into a spacious warehouse, an open workshop area, two common washrooms, a functional shed, and a sheltered carport. The main floor areas are as follows:
– Main: 430SQM
– Shed: 64SQM
– Carport: 28SQM
**Structure 2 (per Valuation Report for NL 22751):**
This impressive double-story concrete building, also constructed on a reinforced concrete foundation, offers a dynamic combination of office spaces and storage facilities. The robust construction includes reinforced concrete foundations, solid concrete walls, sturdy concrete columns, partially louvered and minimally fixed glass windows, timber solid doors, and a finished tiled concrete ceiling on the ground floor, enhancing both functionality and aesthetics.
– **Ground Floor:** This level accommodates two well-appointed office spaces at the front, while the remainder of the floor serves as workshop and storage areas by the lessee, featuring high ceilings that allow for ample natural light and ventilation.
– **First Floor:** The upper level is utilized as additional storage space, providing efficient use of vertical space.
The main floor areas are as follows:
– Main: 265.74 SQM
– Canopy: 92SQM
**Structural Improvements (as per Valuation Report for NL 24563):**
The site includes a rundown carport that contributes to the overall character of the property, which is currently mostly vacant, classifying it as a vacant lot. The property is fully fenced with secure gates, offering high-quality office spaces, extensive storage capabilities, and adaptable workshop areas. With the potential for a rental income ranging from $8,000.00 to $10,000.00 per month, this property presents an excellent investment opportunity in a thriving industrial sector.
