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Please consider the environment before printing this Property |
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Sound mixed-use investment in the heart of Bloemfontein
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for sale
Private Tender
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Location
Summary
- Mixed-use building in a prime location, Bloemfontein Central
- Fully let, occupied by The Department of Labour and four retail tenants
- Easy access to the nearby N8 highway
- Projected Net Operating income for the period 1 July 2023 to 30 June 2024 of approximately
R2.38 million
Situation
Bloemfontein, is the capital of Free State province and it is the judicial capital of South Africa. While being known for its scenic beauty, with natural and manmade attractions, such as King’s Park and the Franklin Game Reserve, it is also a major mining and agricultural hub.
Bloemfontein Central is accessible from the N8. The N8 highway also intersects with the N1 towards
the north-west of the Bloemfontein CBD, linking Gauteng, Bloemfontein, and Cape Town, therefore
allowing for high volumes of passing vehicular and pedestrian traffic.
Laboria House is located on Charlotte Maxeke Street, a major arterial road through the centre of the
Bloemfontein Central. The property is conveniently located, with easy access to public transport and nearby services such as the Bloemfontein Train Station, Hoffman Square and various shopping malls.
The immediate area surrounding the property is in line with the typical central business area character of major city centres, comprising a number of mixed commercial, residential and retail buildings.
Description
The site is improved with a mixed-use, seven storey building with retail on the ground floor, six office floors and a seventh floor (penthouse), comprising of a slightly smaller executive office suite. Each floor has a slightly different configuration with the basement, ground, mezzanine and first floor levels spanning the majority of the rectangular site, with frontage and visibility on both street fronts. The upper floors (second to sixth floors) are arranged and stacked fronting Charlotte Maxeke Street, offering a predominantly square footprint with the communal staircase and lift lobby adjoining.
The building is in a fair condition, constructed with concrete walls, decorative tiles and steel trimming finishes along the Charlotte Maxeke Street front façade. The ground floor retail has large aluminium framed shop fronts, fitted to tenant specifications with tiled floors, painted walls and suspended ceiling boards. The C-grade offices, are finished with paint and have internal partitions throughout. They have individual air conditioning units, carpets, tiles and suspended ceilings with fluorescent lighting.
The property is fully let, with four retail tenants on the ground floor occupying 277 sqm, King Pie, a fashion shop, an internet café and a cellphone shop. The Department of Labour occupies 3,221 sqm, the majority of the office component.
The building is equipped with two lifts, 20 basement parking bays and there are storage areas available.
Zoning and Title Deed Information
Title Deed Information
- Title Deed Number: T156/2016
- Legal Description: Portion 3 of Erf 24900 Bloemfontein
- Registered Owner: Delta Property Fund Limited
- Local Authority: Mangaung Metropolitan Municipality
- Extent: 1,092 sqm
Zoning Information
- Zoning: Business
- Primary Uses: Residential Buildings, Places of Assembly, Institutions, Shops, Business Premises, Auctioneers Business, Undertakers Business, Gymnasium, Commercial Workshop, Office, Guest House
- Permitted Uses: Special Buildings, Block of Flats, Places of Instruction and Adult Instruction,
Dwelling Houses, Public Buildings, Light Industry (dry cleaning only), Business Premises (Bakery only), Betting Room, Service Industry - Height: 28m
- Coverage: No restriction
- F.A.R: 6.0
- Parking: As per scheme
- Building Lines: 3 metres on Charlotte Maxeke Street
Rentable Areas
| Use | Size (sqm) |
| Office | 3,323.22 |
| Retail | 277.770 |
| Storerooms | 394 |
| Total | 3,944.92 |
| Parking | Bays |
| Basement | 20 |
| Total | 20 |
Tenancy
| Tenant | Leased Area |
| Department of Labour | 3,220.57 m² |
| The New Discovery Fashion & Boutique Store (Mezzanine) | 102,65 m² |
| Smart Shop | 72.77 m² |
| Rehoboth Internet Café | 69.15 m² |
| King Pie | 36.99 m² |
| The New Discovery Fashion & Boutique Store (Retail) | 98.79 m² |
Net Operating Income
FIRST YEAR NOI
| Period July 2023 – June 2024 | |
| Gross Income (ZAR) | R4,757,154 |
| Gross Expenses (ZAR) | R2,370,018 |
| Net Operating Income (ZAR) | R2,387,137 |
*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). 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 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
Legal Information – Disclaimer South Africa:
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