Braamfontein Johannesburg Prime Office Space with Conversion Potential GBA ±1,771 (excl. basement) 9 & 11 de Korte Street and 19 Wessels Street Wednesday, 7 November 2018 @ 12h00 Venue: Houghton Golf Club Osborn Road, Houghton, Johannesburg Dino Smit 082 577 4646 DinoS@Aucor.com Version 1 (10 October 2018) Terms & Conditions R50 000 refundable deposit (strictly bank guaranteed cheque or cash transfer only). Bidders must provide original proof of identity and residence on registration. No cash will be accepted at the auction. No exceptions. All bids are exclusive of VAT. Aucor Property may bid up to reserve on behalf of the sellers. Subject to change without notification. Auctioneer: Pieter Geldenhuys
Index Disclaimer Page 3 Property Images Page 4 Executive Summary and Key Investment Highlights Page 6 General Information Page 7 Locality Information Page 8 Property Description Page 10 Lease Summary Page 13 Zoning Information Page 14 General Plan Diagram Page 23 Title Deed Page 24 2
Disclaimer & Auction Information Disclaimer Whilst all reasonable care has been taken to provide accurate information, neither Aucor Corporate (Pty) Ltd T/A Aucor Property nor the Seller/s guarantee the correctness of the information provided herein and neither will be held liable for any direct or indirect damages or loss, of whatsoever nature, suffered by any person as a result of errors or omissions in the information provided, whether due to negligence or otherwise of Aucor Corporate (Pty) Ltd T/A Aucor Property or the Seller/s or any other person. Auction Information Deposit 5% of bid price Commission 10% plus 15% VAT thereon of the bid price Confirmation period 2 Days Rules of auction and conditions of sale are available at www.aucorproperty.co.za/ 3
Property Images Johannesburg CBD 4
Property Images 5
Executive Summary & Key Investment Highlights Street Address: 9 & 11 De Korte Street and 19 Wessels Street - Braamfontein, Johannesburg GPS Co-Ordinates: -26.1941, 28.0287 (to the centre of the combined properties ) Total Registered Land Sizes: Zoning: Assessment Rates: Erf 2884-495m²; Erf 2885-247m²; Erf 2886-250m² Total (combined): 992m² Business 1 (see a copy of the zoning certificate attached to this brochure). To be verified Accommodation: Gross Building Areas: T he subject properties feature a triple storey office building constructed across two of the three subject erven being Erf 2884 and 2885. T he buildings originally hosted residential rooms but have since been converted into office space. T he three floors feature similar configuration with the portion of the building erected on Erf 2884 predominantly hosting open floor layouts that have been partitioned by means of a combination of drywalling and/or glass front partitioning into smaller office areas. T he portion of the building erected on Erf 2884 still hosts most of the originally constructed rooms with minor alterations done to the sizes in order to accommodate office spaces of varying sizes and configuration to suit a wide array of needs and requirements. Main Building Area Description Ground Floor 558,4 First Floor 558,4 Second Floor 558,4 Ancillary Buildings Parking Garage 77 Rooftop room and ablutions 18,3 Total Approximate Gross Building Areas Basement Area Notes: The approximate Gross Building Areas (GBA) are estimates and are a result of a combination of on-site measurements and aerial photograph measurements taken along the outer walls. GBA (± m²) 1771 114 1675 95 Occupation: T he property will be sold with vacant occupation upon registration of transfer with the exception of the portion of the property on which the Vodacom tower has been erected in terms of an ongoing lease agreement (situated on Erf 2885). Key Investment Highlights: Sitauted on de Korte Street in a high-density mixed-node of the Johannesburg CBD. High Volumes of passing pedestrian and vehicular traffic. The property enjoys highway exposure from the passing M1 highway. Walking distance from the University of the Witwatersrand which promotes the potential to re-convert to the original residential building layout. By bidding on this property, the purchaser acknowledges that he has acquainted himself with the extent and the nature of the property he is buying, and that he accepts the property as such. 6
General Information Street Address GPS Co-Ordinates 9 & 11 De Korte Street and 19 Wessels Street - Braamfontein, Johannesburg -26.1941, 28.0287 (to the centre of the combined properties) Title Deed Information Title Deed Description Erf 2884, Erf 2885 and Erf 2886, Johannesburg Title Deed Numbers Erf 2884 T20523/2013; Erf 2885 and Erf 2886 T20524/2013 Registered Owner Flexiwill (Pty) Ltd Registered Land Size Erf 2884-495m²; Erf 2885-247m²; Erf 2886-250m² Total (combined): 992m² Title Deed Conditions See copies of the Title Deeds attached to this brochure Municipal & Rates Information Municipality Assessment Rates City of Johannesburg Metropolitan Municipality Excluding consumption charges and city levies Based on the Tax Invoice as issued by the Municipality for the September 2018 billing period. See a copy of the rates statement attached for these and other charges, Town Planning & Zoning Information Zoning Business 1 Primary Uses (per scheme*) Shops, dwelling units, residential building, business purposes, car sales lots, places of public worship, places of instruction, social halls, canteen, dry cleaners and laundrettes, warehouses. Height Height Zone: H3 Not prescribed, but subject to clause 45(2) of the scheme. In terms of clause 45(2) of the scheme, any building erected in Height Zones 1, 2, 3 and 4 shall not project above a line drawn at an angle of 59º to the horizontal from a point at street level on the street boundary opposite to the street boundary onto which the site fronts. Density 200m² Parking As per scheme Erf 2884 Coverage 80% (offices) / 396m²; 50% (residential buildings, etc.) / 247.5m² Floor Area Ratio 6.3 / 3,118.5m² Building lines 1.5m along street frontages Erf 2885 & 2886 Coverage Floor Area Ratio Building lines 60% / 298.2m² (combined) 4 / 1,988m² (combined) 1.5m along Wessels Street, 4.5m along de Korte Street * Johannesburg Town Planning Scheme of 1979. A copy of the scheme is available upon request. 7
Locality Information Macro Locality The property is situated on the corner of De Korte and Wessels Street in the central suburb of Johannesburg know as Braamfontein. Braamfontein is the seat of various of South Africa s major corporations and institutions including the Constitutional Court of South Africa, Liberty Holdings Ltd, JD Group, Sappi, Bidvest Banks, as well as the University of the Witwatersrand. The site offers excellent frontage to high volumes of passing pedestrian and vehicular traffic with partial frontage onto the M1 highway. The immediate area is considered a strong mixed-use node characterised by a high concentration of mixed-use residential, institutional and retail properties. The site is surrounded by several transport offerings including various taxi ranks and bus stops as well as the Park Gautrain Station located approximately 1.6km from the subject site. There are a number of primary and secondary streets which service the area providing easy access in and about the CBD including nearby Rissik and Harrison Streets. All major services and amenities are provided in the area and the nearby Johannesburg CBD. GPS co-ordinates for the site are as follows: -26.1941, 28.0287 (to the centre of the combined properties). Park Station Bree Taxi Rank Image Data: Google, AfriGIS Pty Ltd, DigitalGlobe 8
Image Data: Google, AfriGIS Pty Ltd Hillbrow Harrison St Johannesburg CBD Office Building with Highway Exposure Locality Information Micro Locality 9
Image Data: City of Joburg GIS Erf 2884 Erf 2886 Erf 2885 Office Building with Highway Exposure Property Description Approximate Boundaries 10
Property Description Accommodation The subject properties feature a triple storey office building constructed across two of the three subject erven being Erf 2884 and 2885. The buildings originally hosted residential rooms but have since been converted into office spaces. The three floors feature similar configuration with the portion of the building erected on Erf 2884 predominantly hosting open floor layouts that have been partitioned by means of a combination of drywalling and/or glass front partitioning into smaller office areas. The portion of the building erected on Erf 2884 still hosts most of the originally constructed rooms with minor alterations done to the sizes in order to accommodate office spaces of varying sizes and configuration to suit a wide array of needs and requirements. Each floor is fitted with two or more ablution facilities and at least one kitchen, with some floors hosting as much as three (3) kitchenette areas. The ground floor additionally includes a large reception area. Additional features include a rooftop room with a toilet, a parking garage adjacent to the main building toward the north as well as a Vodacom tower situated on Erf 2885 with ancillary generator situated on Erf 2884 (not included in the sale). Erf 2886 is asphalt paved throughout and is solely utilised for tenant parking with primary access obtained directly via De Korte Street. Construction Fixtures and Finishes Gross Building Areas The building is constructed of rendered and painted plaster walls under IBR roof sheeting. The office areas on each floor as well as the basement facility have been fitted according to tenants needs and specifications. It predominantly includes rendered and painted plaster walls fitted with decorative wall panels and wallpaper in certain areas with a combination of tiling, carpets and wood flooring under a combination of cement and/or suspended ceiling boards. Main Building Area Description Ground Floor 558,4 First Floor 558,4 Second Floor 558,4 Ancillary Buildings Parking Garage 77 Rooftop room and ablutions 18,3 Total Approximate Gross Building Areas Basement Area Notes: The approximate Gross Building Areas (GBA) are estimates and are a result of a combination of on-site measurements and aerial photograph measurements taken along the outer walls. GBA (± m²) 1771 114 1675 95 11
Property Description Perimeter Parking Occupation Condition The property is partially bounded by painted steel palisades along the street boundaries. Erf 2886 provides nine (9) designated parking bays with additional parking provided adjacent to the west and south (Johannesburg City Council properties). The property will be sold with vacant occupation upon registration of transfer with the exception of the portion of the property on which the Vodacom tower has been erected in terms of an ongoing lease agreement (situated on Erf 2885). The property requires ongoing repairs and maintenance. We have not undertaken structural surveys nor arranged for tests/inspections of the service installations. By bidding on this property, the purchaser acknowledges that he has acquainted himself with the extent and the nature of the property he is buying and that he accepts the property as such. 12
Lease Summary This lease summary should not be relied upon in isolation and should be read in conjunction with the executed lease document, a copy of which is on hand and available to bona fide prospective purchasers upon request. Lease 1 Tenant Vodacom (Pty) Ltd Rentable Area ±9m² Start Date 1 August 2008 Expiry Date 30 June 2018* Renewal Period N/A Escalation Rate CPI rate, per annum Monthly Rental (excl. VAT) Site Rental: R2,500.00 Electricity Consumption: R1,200.00 Total: R3,700.00** Notes: 1. Information is directly extracted from the relevant lease agreement as supplied by the Seller. 2. The rental amount(s) have not been verified to current rent rolls and/or invoices. * The lease expired and has not been renewed; however Vodacom paid rent in advance for the next 12 months until June 2019. The bona fide purchaser can negotiate termination and/or extension, whichever is preferred. ** As per a signed acceptance letter dated 17 December 2009, it was agreed that the total rental amount will be fixed at R3,000.00 per month a copy of the signed letter is on hand and available to bona fide prospective purchasers upon request. 13
Zoning Information Erf 2884 14
Zoning Information Erf 2884 15
Zoning Information Erf 2884 16
Zoning Information Erf 2884 17
Zoning Information Erven 2885 & 2886 18
Zoning Information Erven 2885 & 2886 19
Zoning Information Erven 2885 & 2886 20
Zoning Information Erven 2885 & 2886 21
Zoning Information Erf 2886 Erf 2884 Erf 2885 22
General Plan Diagram Extract from General Plan Diagram No. A2940/11 23
Title Deed Erf 2884 T20523/2013 24
Title Deed Erf 2884 T20523/2013 25
Title Deed Erf 2884 T20523/2013 26
Title Deed Erven 2885 & 2886 T20524/2013 27
Title Deed Erven 2885 & 2886 T20524/2013 28
Title Deed Erven 2885 & 2886 T20524/2013 29
Title Deed Erven 2885 & 2886 T20524/2013 30
Title Deed Erven 2885 & 2886 T20524/2013 31