|
Please consider the environment before printing this Property |
|
22 Storey Office Building with Ground Floor Retail Available in Pretoria CBD
|
for sale
Private Tender
|
Location
Summary
- 22 Storey office building with ground floor retail
- GLA: 23,694m²
- Approx 80% let ground floor retail
- Office component is vacant
- Possible residential conversion
Situation
The Pretoria CBD has good access to freeways and main roads such as the N1, M1 and N$. Public transport, in the form of busses and minibus taxis, serve the area on the main arterials. The neighbouring properties mainly comprise of similar type developments offering ground floor retail with offices above. The subject property is however much higher than most of the surrounding buildings. The property is prominently situated at the north-western corner of Lilian Ngoyi and Madiba Streets in a prime spot in the Pretoria CBD. Madiba Street is an arterial west-to-east one-way road and Lilian Ngoyi Street a primary one-way north-south road from Fountains Circle in the south to Boom Street in the north. Sammy Marks Square, Tshwane House, Liberty Building, Regents Place and Mosque Plaza are all within the immediate vicinity of the property. All amenities such as primary, secondary, and tertiary educational institutions, churches, shopping centres, police and fire stations etc. are within convenient reach to the subject property.
Description
The erf has a rectangular shape with a moderate natural downward slope to the north. Improvements comprise of a 22-storey commercial building with double parking basement providing approximately 227 bays. Ground floor mainly comprises of retail accommodation incorporating five shops of which one has an internal mezzanine level storage / retail. Three of the shops (Steers, Webbers and the ex-bakery) front onto Madiba Street with the remaining clothing retailer and Pep having frontage onto Lillian Ngoyi Street. The primary entrance to the office tower lobby is from Lillian Ngoyi Street with vehicular access into the parking being along the eastern boundary, also from Lillian Ngoyi Street.
The ground floor and parking levels have the largest footprint with floors 2 to 22 above being square shaped and all having a similar layout. Access to the upper floors is via six lifts as well as centrally located stairwells. The ablution and kitchen facilities are adjacent to the lift lobbies with the offices arranged around the central core and comprising of a combination of open plan and drywall partitioned accommodation. The retail trades well and is almost fully let, but the office component either needs to be let or a residential conversion should be considered.
Title and Zoning Description
Title Deed Information
- Title Deed Number: T42786/2016
- Legal Description: Erf 2989 Pretoria
- Registered Owner: Delta Property Fund Limited
- Local Authority: City of Tshwane
- Extent: 4,122m²
Zoning Information
- Zoning: Business 1
- Primary Uses: Business Buildings, Government
- Purposes, Retail industry, Shops and Showrooms
- Height Restriction: 10 Storeys
- Coverage: 95%
Rentable Areas
| Building | Size (sqm) |
| Offices and storeroom | 21,339 |
| Storage | 2,355 |
| Total | 23,694 |
Parking Bays | |
| Basement | 227 |
| Total | 227 |
Tenancy
Tenant: Webbers
- Area: 313m²
Tenant: Pepkor Trading
- Area: 995m²
Tenant: Steers/Debonairs
- Area: 231m²
Tenant: Yusra Brothers Trading Wholesale
- Area: 358m²
Tenant: Out-Smart Outdoor Advertising
- Area: Billboard
Tenant: Vodacom
- Area: 2 antennae
Forecasted Monthly Rates and Taxes Expense
| Current Rates and Taxes | R264 413.20 |
| Projected Rates and Taxes for July 2023 | R280 277.00 |
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
|
CBRE Excellerate
|
||
|
|
||
Disclaimer
Legal Information – Disclaimer South Africa:
Whilst reasonable care is taken to ensure that the information contained on this website is accurate, The Company cannot guarantee its accuracy and we reserve the right to change the information on this website (including these terms and conditions) at any time without notice.
Any person who accesses this website or relies on this website or on the information contained in this website does so at his or her own risk.
Information, ideas and opinions expressed on this website should not be regarded as professional advice or the official opinion of the Company and you are encouraged to consult professional advice before taking any course of action related to information, ideas or opinions expressed on this website.
The website and its content (including but not limited to pictures of properties, text, graphics, advertisements, files, links, financial calculators, general property information, or other items) are provided on an “as is” and “as available” basis, without any representations or warranties of any kind (express or implied). The Company disclaims all representations and warranties, including those regarding the condition, quality, performance, accuracy, suitability, fitness for purpose, completeness, or freedom from viruses or other harmful mechanisms of the website content. The Company makes no representation or warranty that the website content will be accurate, up to date, uninterrupted, or error-free. The Company cannot be held liable for any inaccurate information published on the website, except where such liability arises from gross negligence or wilful misconduct.
Indemnity:
You agree to indemnify the Company against any loss, claim, or damage which may be suffered by yourself or any third party arising in any way from your use of this website, website content, and/or any linked third-party website.
Limitation of Liability:
The Company shall not be liable for any direct, indirect, incidental, special, or consequential loss or damages arising from your use of, or reliance upon, the website or the website content; or your inability to use the website or the website content, and/or unlawful activity on the website and/or linked third-party websites. The Company is not liable for any loss or damage suffered by you or any third party arising in any way from your use of this website, website content, and/or any linked third-party website. You acknowledge that you are solely responsible for the use to which you put this website and all the results and information you obtain from it, and that all warranties, conditions, undertakings, representations, and terms, whether expressed or implied, statutory, or otherwise, are excluded by the Company to the fullest extent permitted by law.
© 2024 Singer Vielle Ltd