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Workspace Wonderland: Five Buildings, Infinite Potential for Success
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for sale
Private Tender
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Location
Summary
- Office complex consisting of 5 buildings
- GLA 5,800 sqm (and a historic house measuring 270 sqm)
- Government tenant: Department of Water Affairs (3,487 sqm)
- Extent: ± 1,1 hectares
- Projected Net Operating income for the period 1 July 2023 to 30 June 2024 of approximately R4.4 million
Situation
The subject property is favourably situated in Greenside, a suburb of Kimberley. Kimberley is equipped with well-developed infrastructure and is part of the Sol Plaatje Municipality.
Kimberley City primarily comprises of commercial and light industrial properties, with some 4 residential properties located to the east. The area is easily accessible via the N8 Bloemfontein
route, as well as the N12 and R59 arteries from Johannesburg and Vereeniging.
The newly established Sol Plaatje University is expected to bring a surge of activity to the area, with sources indicating that the facility will have over 7,000 students in the next decade. This bodes well
for the property sector in this former mining town.
The property is located in Greenside, to the southeast of the Kimberley CBD, and is in close proximity to all necessary amenities, including education facilities, public transportation, shopping centers, and recreational facilities. The property is surrounded by similar commercial properties of varying sizes, uses, zoning, and conditions.
Description
The building is tenanted by Department of Water Affairs, occupying 60% of the office GLA.
This well-placed, commercial building that is mostly occupied by the Department of Water & Sanitation.
Block A of the property measures approximately 2136 square meters and features a double volume saw-tooth design structure with fitted ceilings, spanning approximately 1561 square meters. The building is constructed with painted brick and plaster and has a combination of dry-walled and solid walled offices. The building includes a reception office and seating area with a street-front entrance, a combination of private offices, open plan offices, and storerooms, an upper-level office component on the street frontage and main driveway entrance spanning approximately 472 square meters, a basement with a walk-in safe, storeroom, and training room spanning approximately 103 square meters, three fitted kitchens, and two sets of male, female, and disabled restrooms.
Block B of the property measures approximately 2382 square meters and includes a painted brick and plaster building with a combination of dry-walled and solid walled offices spanning approximately 2135 square meters, multiple storerooms, private and open plan offices, a double level office component on the street frontage spanning approximately 247 square meters, two sets of male, female, and one disabled restrooms, and a single staff kitchen.
Block C of the property measures 270 square meters and comprises a reception office, boardroom, private offices, staff kitchen, and single male and female restrooms.
Block D of the property measures 105 square meters and includes male and female staff changing rooms and restrooms.
Block E of the property measures approximately 253 square meters and includes a main storeroom with a small roller shutter door, an equipment and chemical storeroom.
The property has dual access with a large, secure parking area.
The property has a backup generator as well as 30 000 litres of back up water.
The seller has informed us that the HVAC is in the process of being upgraded.
Zoning and Title Deed Information
Title Deed Information
Title Deed Number: T99/2014
Legal Description: Erf 2380 Kimberley
Registered Owner: Delta Property Fund Limited
Local Authority: Sol Plaatjie
Extent: 1,0956 hectares
Zoning Information
Zoning: Commercial
Primary Uses: Offices and industrial
Height Restriction: As per scheme
Coverage: As per scheme
F.A.R.: As per scheme
Parking: Building Lines: As per scheme
* Extracted from valuation report.
Rentable Areas
| Use Size (Sqm) | Sqm |
| Office | 5,800,50 |
| Total | 5,800,50 |
| Parking Bays | Bays |
| Lock up | 16 |
| Open | 22 |
| Total | 38 |
Tenancy
Tenant: Department of Water Affairs
- Area: 3,487.50 sqm
- Tenant has right of first refusal
NOI
| First Year NOI | |
| Period July 2023 to June 2024 | |
| Gross Income (ZAR) | 6,600,722 |
| Gross Expenses (ZAR) | 2,232,232 |
| Net Operating Income (ZAR) | 4,428,490 |
| *A full breakdown of the projected NOI is available upon signature of an NDA and access to the due diligence information | |
VAT
The Seller has been registered for VAT (Value Added Tax) and therefore VAT is payable by the Purchaser.
Sales Process
This property is being sold by way of a Private Treaty process under a Sole Marketing Mandate with CBRE-X online.
Interested parties will have access to the Property Brochure and NDA on registration on the CBRE-X online website.
Should you wish to access the full Due Diligence information in the ClicktoPurchase (CTP) data room, we will require you to sign the Non-Disclosure Agreement (NDA), and provide information regarding the entity and individuals represented by that entity, that is expressing an interest in the property. This can be in the form of a link to your company website, your company profile or a brief resume for both the company and key individuals involved in the transaction.
On successful review of your registration, you will be granted access to the CTP data room. Besides all DD documentation, you will also have access to the sale agreement.
Should you wish to submit an offer on the property, you will be required to provide proof of funds or comfort from a financial institution that they would favourably consider an application from yourself for funding for the property in question. Interested parties are invited to submit their best unconditional offer as soon as possible.
Only interested parties that have submitted an NDA and provided the aforementioned information, will be invited to view the property in the company of the Agent or a representative of the Seller.
FICA and KYC verification will be required in order to register on (CTP).
In the instance where a binding offer acceptable to the Seller is presented, the Seller reserves the right to accept any offer but undertakes to instruct the Agent to inform all interested parties (those that have signed a NDA and accessed the DD information via CTP) that there is an offer under consideration at least 5 business days after receipt of that offer.
The agent will present all offers to the Sellers.
All offers need to be open for acceptance for a minimum period of 15 business days from date of submission.
The agent will communicate acceptance of their offer to the winning party and inform all other parties that have not been successful.
Offers will be assessed on, amongst others, the following criteria:
• The price offered.
• Ability to perform and provision of comfort letter or proof of funds for the transaction in question.
• Conditionality of the offer and timeline to conclude the deal.
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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Disclaimer
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