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Please consider the environment before printing this Property |
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7-storey mixed-use opportunity in Hatfield
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for sale
Private Treaty
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Location
Summary
- 7 Storey office building with ground floor retail
- GLA: 6,390.46 m²
- Anchored by the Department of Public Works
- 56% occupancy
- Projected Net Operating income for the period 1 January 2024 to 31 December 2024 of approximately R4.7 million
Situation
Pretoria is South Africa’s Capital City, home to the Union Buildings, museums, seat to the Tshwane
Metropolitan Municipality but more importantly, home to the national government’s department headquarters. Pretoria is easily accessible via the BRT system (A Re Yeng), taxis, metro train and the Gautrain.
The property is located 3.6km southwest of the Union Buildings, 21 km north of Centurion and 65km northeast of the Johannesburg CBD. Pretoria’s configuration is designed in a way that all government buildings are in the central area of Pretoria with embassies located at Eastcliff, Arcadia and east of Pretoria central. The property is located on a major busy corridor, home to several local government departments and street-front shops.
The property is located along 1077 Arcadia Street, Hatfield, a mixed-use node which is home to the University of Pretoria. It is a commercial hub located east of Pretoria CBD and west of Pretoria East, the surrounding areas offer ease of accessibility to and from the CBD, with various modes of transportation ranging from trains, taxis to buses. Ease of access is through several notable road networks which include the M2, M11, M18, motorways providing access onto the N14 and N1 highways.
Description
The property is improved with a commercial building comprising of seven storeys, six of which are
offices and ground floor retail space. The building consists of a reinforced concrete framework with
plastered brick and mortar infill which is externally covered with a concrete façade and has a
concrete foundation. The windows are aluminium double-glazed fenestration and the building has a
flat concrete roof with aluminium waterproofing. Parking is provided through the means of a one-level basement parking and open parking bays.
Further improvements include aluminium sliding doors and standard flush internal doors. Ceramic tiled floors are layered along the entrance, passage, kitchen and ablution areas with fabric carpets in the office areas. Offices are a combination of plastered and painted brick and mortar in-fill and drywall partitioning. Each floor provides separate male and female ablutions with floor to wall tiling.
All ceilings within the building consist of gypsum board.
The building currently has three tenants: Boxing South Africa (446 m² GLA), Vumi Construction and
Trading (105.01 m²) and the Department of Public Works. DPW occupy space on the third, fourth,
fifth and sixth floors (a total of 3,016 m² GLA), they are interested in taking up additional space of
approximately 1,500 m².
The office vacancies measure 2,145 m² in total and are located on portions of the second and third
floors. Ground floor retail is currently vacant (426.73 m²).
There is additional income being generated on a month-to-month basis from the rental of parking
bays.
Zoning and Title Deed Information
Title Deed Information
- Title Deed Number: T22748/16
- Legal Description: Erf 86 Hatfield
- Registered Owner: Delta Property Fund Limited
- Local Authority: City of Tshwane Metropolitan Municipality
- Extent: 2,542 m²
- Zoning Information
- Zoning: Special
* Only the above could be obtained from the valuation report, zoning certificate currently not available.
Rentable Areas
| Description | Size (sqm) |
| Retail | 426.73 |
| Offices | 5,711.45 |
| Storerooms | 252.28 |
| Total | 6,390.46 |
| Parking | Bays |
| Open and covered | 93 |
| Total | 93 |
Tenancy
| Tenant | Leased Area |
| Boxing South Africa | 446 m² |
| Vumi Construction and Trading | 105.01 m² |
| Department of Public Works | 3,015.94 m² |
Net Operating Income
FIRST YEAR NOI
| Period January 2024 – December 2024 | |
| Gross Income (ZAR) | R9,987,216 |
| Gross Expenses (ZAR) | R5,199,092 |
| Net Operating Income (ZAR) | R4,788,124 |
- A full breakdown of the projected NOI is available upon signature of an NDA and access to the due diligence information.
- We have assumed a rental of R100/m² for the additional office space that DPW may take up.
We have assumed take up from June 2024.
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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