10 DERBY ROAD BERTRAMS STUDENT ACCOMMODATION AND 5 SHOPS. ERF 551 Bertrams Johannesburg South Africa. Auction Date: Tuesday, 27th March H00

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1 LENASIA PROPERTY AUCTION PROPERTY ON AUCTION 10 DERBY ROAD BERTRAMS STUDENT ACCOMMODATION AND 5 SHOPS ERF 551 Bertrams Johannesburg South Africa Auction Date: Tuesday, 27th March H00 Venue: On-Site Auctioneer: Tim Varenzakis For more information regarding auction registration, see Guideline for the Auction on page 4. WH Auctioneers Properties (PTY) Ltd th Road, Randjespark, Midrand Tel: Contact for further info: Darryl Shaff Cell: Page 1

2 Index 1. Guidelines for Auction Page 3 2. Directions to Auction Page 4 3. General Property Info Page 5 4. Title Deed Info Page 5 5. Locality Page 5 6. Description of Improvements Page 7 7. Financial Info Page 8 8. Rates and Taxes Accounts Page 9 9. Approved Plans Page Letter of Approval UJ Page Site Photographs Page Directions to Venue Page Zoning Information Page 18 Page 2

3 1. GUIDELINES FOR AUCTION Auction date & venue: Wednesday 14 TH March 2018 ON Registration: Bidders can register any time prior to the auction or on auction day at the property. Identity document and FICA documents required. All potential buyers are required to pay a registration fee of R in order to bid at the auction. This fee can be paid either by bank guaranteed cheque or EFT payment into the Auctioneers Trust Account. Cash will NOT be accepted at the auction venue. Banking information will be provided when requesting registration forms. Once registered each buyer will be issued with a buyer s card reflecting a buyer s number. Upon signature of the registration documents, all buyers will have acknowledged and accepted the Terms and Conditions set out in the Rules of Auction. Registration Fee: R (Refundable to unsuccessful bidders) Deposit: 21.4% of Hammer Price. Confirmation period: 7 Business days. Guarantees: Balance of the purchase price payable within 21 business days after confirmation of sale. The bid price excludes the buyer s premium which is payable over and above the hammer price. Example: Bid Price: R Buyer s Premium: 10% on bid price equating to R plus VAT on the Buyer s Premium VAT on Buyer s Premium: R 1, Total Purchase Price R The auctioneers have the right to regulate the bidding and to bid on behalf of the seller at the auction up to (but NOT exceeding) the reserve price as mandated by the seller. When the auctioneer knocks down the property to the highest bidder the successful bidder will sign the Conditions of Sale on the day. A deposit of 21.4% is payable on the fall of the hammer. This is made up of the Buyer s commission 10% plus VAT = 11.4% and 10% deposit on the property price The deposit is payable by way of a Bank Guaranteed cheque or electronic fund transfer. The deposit and buyer s premium are deposited into the WH Auctioneers Trust account. Page 3

4 2. DIRECTIONS TO AUCTION VENUE Take De Villiers Graaff Motorway/M1, Houghton Dr and M31 Take exit 16 for Houghton Drive toward M31/Johannesburg/Joe Slovo Drive Continue onto Houghton Dr Use the left lane to stay on Houghton Dr Turn left onto St Andrew Main Rd/M31 Keep left to continue on Charlton Accsess Rd Turn left onto Charlton Terrace Use the left lane to turn slightly right onto Bertrams Rd Turn left onto Derby Rd Arrive at 10 Derby Road Page 4

5 3. GENERAL Property Address: Erf & Suburb & City: Building Name: Erf 551 Bertrams Johannesburg G-Lodge and adjoining shops 4. TITLE DEED INFORMATION Deeds Office: Johannesburg Title Deed No.: T8098/2010 Combined Erven Size: 892 m² 5. LOCALITY It was established in 1889, making it the oldest suburb in the city and lending it plenty of history and heritage for added character. Bertrams shares its border with Central Johannesburg, so it is close to many of the shops, office blocks and tourist attractions of the City of Gold. Within its own borders, a public swimming pool and The University of Johannesburg (UJ) can be found. With the proliferation of youthful students comes a distinctly fun and trendy vibe, which complements the suburban look and feel of Bertrams. Thanks to its close proximity to the shops and business centres of Jo burg, Bertrams is accessible and a convenient base from which to explore the city. In addition, it is close to the main transport routes, which grants easier access to the OR Tambo International Airport and other important attractions such as a 10 minute walk to Emirates Ellis Park, 3km from the JHB Art Gallery and only 19km from O.R Tambo International Airport. As you will see on the illustration below I have highlighted three properties. The reason for this is that we are selling as well as 6 Rockey Street Doornfontein on the same day on behalf of the same seller. I have circled both of those properties as well as outlined the UJ Campus so you can see the proximity from the properties to the campus. Page 5

6 The GPS co-ordinates for the property are as follows: S '33.4" E '33.9" Page 6

7 6. DESCRIPTION OF IMPROVEMENTS The current improvement on the property is a two story building on the one section and a single storey development where the retail outlets are The hotel section comprises of 18 en suite bedrooms. These bedrooms are made up of two beds, three beds and four beds. The asset comes complete with all furniture and fixtures. The ground floor comprises of the restaurant and foyer area. In the foyer is the reception are and a small admin office. The garage has parking for 14 cars. The first floor is where the bedrooms are all situated. As mentioned there are 2,3 and 4 bedrooms options available. The rooms are fully carpeted with flat screen T.V s. All have desks in addition to en suite bathrooms consisting of a shower, toilet and basin. All the furniture is included in the acquisition of this asset. The retail section stands adjacent to the residential section. The 5 shops all on the street level. There is a guard tower with a 24hr security guard posted who oversees the hotel and retail shops. The shops all have roller shutter doors. Signage is on the street level, one sign per shop. There are approved plans to convert the retail into a further 5 bedrooms which will equip a further 15 beds/students. The building has recently undergone a revamp. The structure has modern finished and is in excellent condition. Roof: External Walls: Internal Walls: Corrugated Sheeting Paved and Plastered Plastered and painted. External Floors: Paved parking areas Internal floors: Condition: Tiled/concrete and carpet The building appears to be in a good condition requiring minor maintenance. Renovations to some shops have taken place. The roof leaks seem to have been repaired.. The building is kept very clean and neat. All maintenance and upkeep is managed by the owners directly. A structural survey of the building has not been undertaken and will not form part of this report. All structural and maintenance information are as per information provided by the owners and upon visiting the site. Page 7

8 7. ESTIMATED FINANCIAL INFORMATION Estimated Income and Expense Schedule Student Accommodation as it stands Monthly Income Monthly Total Annual Total Current 54 Beds over 10 months 54 x R R R % Expenses as estimate R R Net Income calculated over 10 months R Asset Value capped at 13% R Asset Value capped at 15% R Asset Value capped at 16% R After Conversion of extra 5 rooms 15 Beds Student Accommodation Monthly Income Monthly Total Annual Total Current 69 Beds over 10 months 69 x R R R % Expenses as estimate R R Net Income calculated over 10 months R Asset Value capped at 13% R Asset Value capped at 15% R Asset Value capped at 16% R Page 8

9 8. RATES AND TAXES Page 9

10 9. APPROVED PLANS Page 10

11 Page 11

12 Page 12

13 Page 13

14 10. LETTER OF ACCREDITATION Page 14

15 11. SITE PHOTOGRAPHS Page 15

16 Page 16

17 12. Page 17

18 13. ZONING INFORMATION Page 18

6 ROCKY STREET cnr DAVIES STREET DOORNFONTEIN STUDENT ACCOMMODATION AND 7 SHOPS. ERF 91 Doornfontein Johannesburg South Africa

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