The Woods, previously known as The Colony shopping centre in an upmarket area in Johannesburg is up for sale.

Galetti Auction said that the property has blue chip long leases, a 160kWh solar system and a projected annual income of R18.35 million.

The 11,887 sqm property is located at 345 Jan Smuts Avenue and is near the upmarket suburbs of Rosebank, Hyde Park, and Craighall, which generate high demand and have contributed to the resurgence of commercial property in the last few years.

“Over time, more businesses have started to infiltrate these residential areas as the suburbanisation movement continues. Here, businesses opt to move to suburbs like Craighall based on factors like cost and convenience,” said Guy Dowding, joint managing director of Galetti Auction.

“The area’s biggest drawcard would have to be its large family homes, quality education facilities, security, a strong sense of community, well-maintained parks, restaurants and cafes, tree-lined streets, convenient proximity to major roads and other business hubs such as Randburg, Woodmead, Sandton and Rosebank.”

In 2022, developers Cadastral Capital gave the property a major facelift, with Checkers Food and Liquor Store signing on as its anchor tenant.

The centre is home to some of the city’s most popular restaurants – Pronto, Besos, and Liberté- while also housing the popular Colony Arms pub. Other tenants include Dischem Baby City and Dial-a-Bed.

The property’s monthly income is R1.5 million per month, which Dowding thinks will attract investors and landlords across the country.

Competitive bids can be made until Thursday, 29 February 2024.

Images of The Woods can be found below (Source: Cadastral Capital):