PROPERTY FOR SALE. PRICE: R (Excl. VAT)

Transcription

1 PROPERTY FOR SALE Block of 101 Flats and Pep Store Retail Springs BLOCK OF 101 FLATS THE LEGACY NATIONAL TENANT LEASE PEP STORES 32 Fifth Street Springs Erven 564 and 566 Springs PRICE: R (Excl. VAT) WH Auctioneers Properties (PTY) Ltd th Road, Randjespark, Midrand The Tel: auction is conducted in terms of the Regulations relating to auctions contained in The Consumer Protection Act 68 of 2008 and notice is given that all Contact for further info: Daniel Pelkowitz Cell: Page 1

2 Index 1. General Page 3 2. Title Deed Information Page 3 3. Locality Page 3 4. Description of Improvements Page 6 5. Financial Information Page 7 6. Rent Roll Page 8 7. Income Statement Page Unit Breakdown Page Site Pictures Page Lift Registration Document Page PEPKOR Lease Page Residential Lease Page Zoning Certificate Page Municipal Accounts Page Title Deed Page Floor Plans Page 32 Page 2

3 1. GENERAL Property Address: Erf & Suburb & City: Building Name: 32 Fifth Street, Springs Erven 564 and 566, Springs, Gauteng The Legacy 2. TITLE DEED INFORMATION Deeds Office: Johannesburg Title Deed No: T16135/2015 Land Size (Building): Erf 564: 495m 2 Erf 566: 495m 2 TOTAL: 990m 2 Zoning:. Business 1 (See Attached) 3. LOCALITY Springs is a city on the East Rand in the Gauteng province of South Africa. It lies 50 km east of Johannesburg and 72 km southeast from Pretoria. Springs as a city is an economic hub in the East Rand with a diverse economy, ranging from manufacturing, commerce, service, hospitality, mining and service providing companies. Springs is one of the industrial centres in Gauteng served by four industrial suburbs, which are New Era, Nuffield, Enstra and Fulcrum with smaller industrial areas at Dersley, suburb of Springs, Daggafontein, Selection Park, Selcourt and Strubenvale. Springs has a well developed CBD with a couple of high-rise office buildings such as the 18-story Checktown building housing the regional office of Telkom for Gauteng and head office for the trading section and Marketing of Telkom, the 12-story Standard Bank building which has been standing empty for a number of years, the 14- story Nongai building that is undergoing restoration and the 13-story Seedfam Towers and also a 14-story Everest Apartment complex. There are two major shopping malls in the Springs Downtown serving Springs, The Avenues and Palm Springs. The subject property is located directly opposite The Avenues and Palm Springs shopping centres. Page 3

4 The GPS co-ordinates for the properties are as follows: S '54.03" E '08.23" The subject property enjoys all municipal services such as tarred roads, water, sewerage and electricity. The subject property offers excellent access to the local amenities including: - The Avenues Shopping Centre - Springs Police Station - Springs Municipality - Springs Fire Station - Palm Springs Shopping Centre Page 4

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6 4. DESCRIPTION OF IMPROVEMENTS The subject property is a fourteen-storey, high rise structure which underwent a full conversion into residential units. The building is comprised of 101 newly renovated apartments. There is a retail shop on the ground floor currently occupied by PEP under a 3-year triple-net lease. GLA (Residential): m 2 GLA (Retail): m 2 TOTAL GLA: m 2 There are two operational lifts within the building as well as biometric access control complete with a turnstile. There is an SLA in place with Otis to maintain the lifts. The units can be broken down as follows: 41 X Bachelor units 60 X One-bedroom units Details of the layout are provided below. Each storey has 5 one-bedroom units and 3 bachelors except for the 13 th storey which has 5 bachelors. Each unit has a kitchen with built in cupboards, granite tops and a stove. Internal floors are ceramic tiles, while walls are plastered and painted brickwork, ceilings are painted concrete. The bathrooms consist of a shower and toilet. Each bedroom has built in cupboards and every unit has tiled floors. The units on the 1 st and 13 th storeys have access to balconies. Units on levels 2 to 12 do not have access to balconies. Services The units do not have individual geysers. Each storey has a 450-litre geyser as well as heat pumps which supply water to each unit. This assists greatly in energy and cost saving. Wireless pre-paid electricity meters are installed in each unit. In the case of power outages, the building will be powered by a 100KVA generator which will power both lifts, communal lighting as well as plugs within the units. All fire equipment is in place. 3 on-site cleaners maintain the building Parking There is no onsite parking, however arrangements have been made for tenants to park across the road at the Avenues Shopping Centre. There are also potential plans to build a bridge from the parking lot to the building. Site Access and Security Access to the property is gained through two security gates via a biometric system. CCTV cameras monitor the entrance and exterior of the building. The building is monitored by 24hour security. There are 3 on-site security guards. There is an onsite leasing and management office. Page 6

7 SUMMARY Roof: External Walls: Internal Walls: Internal floors: Condition: Waterproof Concrete Concrete, Face brick and Plastered and Painted Brickwork Plastered and painted brickwork Tiled The building is in a good condition having recently been renovated. Renovations to flats take place as and when tenants vacate. There is no evidence of roof leaks or structural damage. The building is kept very clean and neat and is serviced. 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 upon visiting the site. 5. FINANCIAL INFORMATION Financial information is as per in income statement and rent rolls provided below. Residential tenants sign 6 month leases. As per the rent rolls and rental statements attached, tenants are billed monthly for rental and water. The tenants are not charged for parking. There are pre-paid electricity meters in every unit. which are monitored off-site by a company called Enbaya prepaid. Tenants are billed a fixed fee of R300 per month for water. The retail section is occupied by PEP Stores. PEPKOR signed a 3-year lease in November 2015 with an option to renew until October See lease copy attached below. Page 7

8 6. RENT ROLL APRIL 2018 sales are subject to a minimum reserve unless otherwise stated. Descriptions mentioned herein are not guaranteed by the auctioneers and are as supplied. Page 8

9 sales are subject to a minimum reserve unless otherwise stated. Descriptions mentioned herein are not guaranteed by the auctioneers and are as supplied. Page 9

10 sales are subject to a minimum reserve unless otherwise stated. Descriptions mentioned herein are not guaranteed by the auctioneers and are as supplied. Page 10

11 sales are subject to a minimum reserve unless otherwise stated. Descriptions mentioned herein are not guaranteed by the auctioneers and are as supplied. Page 11

12 sales are subject to a minimum reserve unless otherwise stated. Descriptions mentioned herein are not guaranteed by the auctioneers and are as supplied. Page 12

13 7. INCOME STATEMENT BASED ON OWNER INFORMATION Income PEP Retail Rental (R X 12) R 950, Residential Rental (R X 12) R 3,261, Less 5% Vacancy Allowance R 210, Add Recoveries Water R 363, Electricity* R 264, Total Gross Annual Income R 4,629, Less Expenses Accountant R 30, Electricity R 675, Electricity Service Charge R 4, Water R 282, Sewerage R 122, Refuse R 10, Assessment Rates R 40, Electrical/Plumbing Maintenance R 36, Cleaning Material R 24, Refuse bags R 3, Stationary R 12, Salaries (Guards, Cleaners, Admin) R 295, Data R 3, Otis Lift Maintenance R 60, Total Annual Expenses R 1,600, Net Annual Income R 3,028, NET ANNUAL INCOME = R Page 13

14 8. UNIT BREAKDOWN Page 14

15 9. SITE PICTURES Page 15

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17 Page 17

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19 10. LIFT REGISTRATION DOC Page 19

20 11. PEPKOR LEASE. Page 20

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22 12. RESIDENTIAL LEASE EXTRACT Page 22

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25 13. ZONING CERTIFICATE Page 25

26 14. MUNICIPAL ACCOUNTS Page 26

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28 15. TITLE DEED Page 28

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32 16. FLOOR PLANS Page 32

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