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Beautiful Office Building in Bryanston, Johannesburg
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for sale
private treaty
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Location
Summary
- Investment grade office opportunity
- Single tenant, occupying 44% of total GLA
- Offers easy access to the N1 Western Bypass via Winnie Mandela Drive
- Great exposure to passing traffic on Winnie Mandela Drive
- Bryanston is a strong office node, with various amenities including shopping centres, hospitals, residential suburbs and schools
- First year’s Contractual Income of Approximately R3.3million
Situation
Bryanston is a well-established northern suburb of Johannesburg, surrounded by Fourways, Rivonia and Magaliessig. The area is bounded by the N1 Western Bypass, with Main Road (M71) being a key arterial route through the area. Bryanston enjoys a mix of property types, but predominately comprises of commercial properties along the main throughfares and large affluent residential suburbs. The property forms part of the Wedgefield Office Park at 17 Muswell Road which enjoys excellent exposure to Winnie Mandela Drive. The N1 interchange is located approximately two kilometers to the north.
Description
The property showcases a pseudo-Georgian architectural style, featuring B-grade offices spread across two levels, an underground parking facility, and an exterior adorned with neutral shaded face brick. The roof is elegantly tiled with clay, and the building incorporates covered balconies. Its orientation is towards the North, overlooking meticulously landscaped gardens and open parking spaces. The interior finishes are tailored to meet the specifications of the tenants. External enhancements encompass brick paving, while the property’s perimeter is safeguarded with access control, brick walls, and steel palisade fencing.
Currently single-tenanted, Council for Medical Scheme occupies c.2,118 sqm of the office GLA and utilizes 20 parking bays.
Title and Zoning Description
Title Deed Number | T35099/2011 |
Registered Owner | The GEPF |
Erf Number | 46 Bryanston |
Extent | 10,799 sqm |
Local Authority | City of Johannesburg |
Zoning | Special |
Height Restriction | 2 Storeys |
Coverage | 60% |
FAR | 0.20 |
Parking Bays | Basement: 126, Covered: 89 & Open: 96 |
Tenancy and Covenant
Tenancy
Tenant: Chartered Accountants (SA) Medical Aid Fund
Area: 2,118 sqm
Lease term: 3 years
Lease Start: 01 December 2022
Lease Expiry: 30 November 2025 Rent: R254,160
Escalation: 8% per annum
Covenant
The Chartered Accountants Medical Aid Fund (CAMAF), which was established in 1951, was originally designed for accounting professionals and offers superior benefits to qualifying members. The fund focuses on a niche market and provides a range of benefits that are competitive relative to most open schemes.
Net Operating Income
Period: 1 April 2024 – 31 March 2025
Contractual Income R3,382,419
Recovered Income R2,220,634
Rates & Taxes Expense (R2,225,279)
A full breakdown of the projected NOI is available upon signature of an NDA, along with tenancy schedules, rent rolls and plans where available.
No rental has been applied to the vacant areas. 2,716 sqm of office space is currently vacant.
VAT
The Seller has been registered for VAT (Value Added Tax). It is intended that the sale will be treated as a transfer of a going concern, provided that the purchaser is registered for VAT and the requirements for going concern are met in terms of the VAT Act, No. 89 of 1991.
Sales process
This property is being sold by way of a single stage open private treaty process.
Interested parties are requested to notify us of their interest to purchase the property in writing to the email addresses of the agents provided herein. To investigate the opportunity in greater detail interested parties will also be expected to submit and conclude the Seller’s Standard Non-Disclosure Agreement (“NDA”) – available under the Downloads tab.
The NDA must be completed if the purchasers want access to a comprehensive due diligence data room. In the data room bidders will gain access to:
- A comprehensive Open Private Treaty Process Letter (setting how offers must be submitted);
- Property specific due diligence information; and
- A template sale and purchase agreement.
Bids will be accessed on three main criteria:
- Price;
- Ability to perform / track record & proof of funds; and
- Conditionality (i.e. speed of performance).
Disclaimer
The website provides information about properties but does not guarantee its accuracy. Users access the site at their own risk and should seek professional advice before making any decisions based on the information provided. Property descriptions are general and do not constitute an offer or contract. All details are believed to be correct but should be verified by users. The company and its employees do not make any representations or warranties regarding the properties. Prices quoted are exclusive of taxes. The information on the website may contain errors, omissions, or may change without notice. Users should conduct their own investigations before making any investment decisions. The information provided should not be considered financial or investment advice. Any information given by the company or the vendor is for illustration purposes only and does not constitute a representation, condition, or warranty. Users are responsible for conducting their own due diligence to verify the accuracy of the information provided.
Contacts
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CBRE Excellerate
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Joint Agency
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Disclaimer
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