LENASIA PROPERTY AUCTION PROPERTY AUCTION MIXED USE BUILDING 57 ROOMS AND 4 RETAIL SHOPS Lumber House, 28 De Ville Street, Corner Albertina Sisulu Street Erf 23 Paarlshoop Auction Date: Venue: Auctioneer: Tuesday, 20 February 2018 12H00 28 DeVille Street Cnr Albertina Sisulu Road, Paarlshoop, On-Site Tim Varenzakis For more information regarding auction registration, see Guideline for the Auction on page 4. WH Auctioneers Properties (PTY) Ltd 578 16 th Road, Randjespark, Midrand The Tel: auction 0115745700 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 www.whauctions.com Contact for further info: Daniel Pelkowitz Cell: 072 360 7510 Email: danielp@whauctions.com Page 1
Index 1. Directions to Auction Venue Page 3 2. Guideline to Auction Page 4 3. General Page 5 4. Title Deed Information Page 5 5. Locality Page 5 6. Description of Improvements Page 7 7. Financial Information Page 9 8. Site Pictures Page 14 9. Zoning Certificate Page 19 Page 2
1. DIRECTIONS TO AUCTION VENUE FROM JOHANNESBURG Take the M1 South toward Johannesburg CBD. Take the Smit Street Offramp. Continue along Smit Street which will become Bartlett Street. Turn Left into Bellona Street. Cross over the railroad tracks and turn right into Albertina Sisulu Road. Follow the road and YOU WILL SEE THE AUCTION BOARD on the left. Page 3
2. GUIDELINE FOR THE AUCTION Auction Date & Venue: Tuesday, 20 February 2018 @ 12pm ON SITE 28 Deville Street Paarlshoop. Registration: Bidders can register at any time prior to auction or from 11am on auction day at the abovementioned venue. Identity and FICA documents are required in order to register for the auction. All potential buyers are required to pay a registration fee of R25 000 in order to bid at the auction. This amount can be paid either by bank guaranteed cheque or EFT into the Auctioneer s trust account. Cash will NOT be accepted at the venue. 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 accept the Terms and Conditions set out in the Rules of Auction. Registration Fee: R25 000.00 (Refundable to unsuccessful bidders) Deposit: 21.4% of hammer price Confirmation period: 7 business days. 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 purchase price. Example: Highest bid with buyer s premium Bid Price: R 100 000.00 Buyers comm. (10%) R 10 000.00 VAT on the Buyer s Premium R 1 400.00 Total Purchase Price R 114 000.00 The auctioneers have the right to regulate the bidding at the auction and to bid on behalf of the seller 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 percentage is made up of the commission payable by the successful bidder of 10% plus VAT (namely, 11.4%) plus a 10% deposit on the purchase price of the Property. The deposit is payable by way of a Bank Guaranteed cheque or electronic transfer. The deposit and buyer s premium are deposited into the WH Auctioneers Trust account. For queries regarding the properties on auction contact: Daniel Pelkowitz: 072 360 7510 Joshua Pelkowitz: 072 536 5482 WH Auctioneers offices: 011 574 5700 Page 4
3. GENERAL Property Address: Erf & Suburb & City: 28 Deville Street Paarlshoop Erf 23 Paarlshoop, Johannesburg, Gauteng 4. TITLE DEED INFORMATION Deeds Office: Johannesburg Title Deed No.: T2833/1965 Erf Sizes: 743m 2 Zoning: Business 1 (Zoning Certificate Attached) 5. LOCALITY The subject property is located on Albertina Sisulu Road in Paarlshoop, Johannesburg. The property is located directly opposite the Langlaagte Train Station. The GPS co-ordinates for the property is as follows: S - 26 20'22.6" E - 27 99'16.8" Page 5
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6. DESCRIPTION OF IMPROVEMENTS The subject property consists of a 3 storey, mixed-use building, comprising of 57 rooms, 4 Retail Shops and 7 parking bays. The façade of the building comprises face-brick as well as plastered and painted brickwork. Access to the 2 nd and 3 rd storeys is gained via internal staircases there are no lifts in the building. Internal passages are power floated and painted concrete as well as laminate tiles. All windows have steel window frames. Street Front Shops There are 4 street front retail shops in the building occupied by various tenants. Shop 1 the unit is rectangular measuring approximately 45m 2. The shop is currently used as the letting office for the building. Walls are plastered and painted brickwork while floors are ceramic tiles. The shop has its own pre-paid electricity meter. The shop front is glass and the unit has a dedicated roller shutter door. There is no rental being collected for the shop. Shop 2 the unit is rectangular measuring approximately 82m 2. The shop is currently occupied by a Dry Cleaner. The shop has a kitchenette and has its own water supply as well as a pre-paid meter. There is a storeroom within the unit. Floors are carpet tiles on power floated concrete; the ceiling is painted concrete and the walls are a combination of plastered and painted brickwork. The shop front is glass and the unit has a dedicated roller shutter door. The unit has its own dedicated geyser. The tenant is billed for rental, and refuse/sewerage. Shop 3 the unit is rectangular measuring approximately 81m 2. The shop is a fully fitted fish and chips take away restaurant. There is an industrial kitchen complete with full industrial extraction system, fryers, stoves, fridges and grease traps. There is an administration office as well as ablutions located behind the kitchen. There is also access to the backyard. Internal floors are ceramic tiles, walls are plastered and painted brickwork while the ceiling is painted concrete. The shop has its own pre-paid electricity meter. The shop front is glass and the unit has a dedicated roller shutter door. The tenant is billed for rental, and refuse/sewerage. Shop 4 the unit is rectangular measuring approximately 80m 2. The shop is occupied by a supermarket operator. The shop does have its own water supply however there are no ablutions. Internal floors are ceramic tiles, walls are plastered and painted brickwork while the ceiling suspended ceiling boards from a concrete ceiling. The shop has its own pre-paid electricity meter. The shop front is glass and the unit has a dedicated roller shutter door. The tenant is billed for rental, and refuse/sewerage. Room Description The rooms are all similar in design however differ in size and finish depending on which floor they are situated. Room Breakdown: Basement 17 Rooms First Floor 15 Rooms 2 nd Floor 25 Rooms Basement The basement section consists of 17 rooms all measuring approximately 10m 2 each. Walls are plastered and painted brickwork while the floors and ceilings are concrete slabs. Each unit is fitted with a pre-paid electricity meter. There are communal kitchens, bathrooms and showers which service the basement units. There are no rooms with their own ablutions. Maintenance is required to certain walls in the basement which are showing signs of wear and tear as well as water damage and damp. Internal passages as well as the floors within the kitchen and bathrooms are all ceramic tiles. There is also a room in the parking lot which is occupied. Page 7
First Floor The basement section consists of 15 rooms. The rooms range in size from approximately 17m 2 to 20m 2. Walls are plastered and painted brickwork while the floors and ceilings are concrete slabs. Each unit is fitted with a prepaid electricity meter. There are communal kitchens, bathrooms and showers which service the basement units. There are no rooms with their own ablutions. Internal passages as well as the floors within the kitchen and bathrooms are all tiled. Second Floor The basement section consists of 25 rooms. The rooms range in size from approximately 10m 2 to 12m 2. Walls are plastered and painted brickwork while the floors and ceilings are concrete slabs. Each unit is fitted with a prepaid electricity meter. There are communal kitchens, bathrooms and showers which service the basement units. There are no rooms with their own ablutions. Internal passages as well as the floors within the kitchen and bathrooms are all tiled. Roof The roof is IBR roof sheeting and appears to be in a good condition. Parking There are 7 parking bays available on site behind the building. The parking lot is a concrete surface with a concrete ramp allowing access the parking area. The tenants are charge R120 per month per parking bay. Site Access and Security Access to the property is gained through a walk-in security gate which can inly be accessed with an access tag. Tenants are given access tags upon signing a lease. These tags are managed by the building managers. 24hr security. Access to the parking lot is gained via a manually operated gate. Services Each unit has its own pre-paid electricity metre. The building has a bulk water metre. Residential tenants do not pay for water. There are 2 on-site staff which manage the leasing as well as daily general management. Summary Roof: IBR Sheeting External Walls: Face brick and Plastered and Painted Brickwork Internal Walls: Face brick, plastered and painted. External Floors: Tiles/Tar/Concrete/Paved walkways Internal floors: Tiled Condition: The building appears to be in a fair condition however the building does require maintenance is terms of paintwork to the façade and passageways. The walls, stairwells, bannisters and gutters are showing signs of wear and tear and need painting and maintenance. 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. Page 8
7. FINANCIAL INFORMATION As per the rent rolls and rental statements attached, tenants are billed monthly for rental, parking in for the retails tenants refuse and sewerage. There are pre-paid electricity meters in every unit which are monitored off-site by a company called Meter Mate pre-paid. Rental collections and council payments are all managed by First Property trust. FPT charge a 5% collection fee on a monthly basis. Tenants are required to sign a 12-month lease and pay a one-month deposit upon signing the lease which is held by the owners. There are currently 7 vacant units. Owners are responsible for maintenance, rates and taxes and insurance. There is an issue with the electricity supply to the site as the owner has not received an electricity bill for the past 2 years. The owner has attempted to have this issue resolved for the past 2 years directly with council but to no avail. Electricity is managed by Meter Mate. The site has been billed based on estimates for an old meter. Page 9
RENT ROLL Page 10
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Gross Annual Income: R1 392 936 Page 14
8. SITE PICTURES Page 15
STREET FRONT SHOPS Page 16
BASEMENT ROOMS Page 17
FIRST AND SECOND FLOOR ROOMS Page 18
9. ZONING CERTIFICATE Page 19
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