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Stable investment: Fully-let office building in vibrant Arcadia
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for sale
Private Tender
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Location
Summary
- 7 Storey office building, with a GLA 3,770 m²
- Fully occupied by the Department of Cooperative Governance & Traditional Affairs
- Located in Arcadia, Pretoria
- Projected Net Operating income for the period 1 January 2024 to 31 December 2024 of approximately R5 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 at 508 Johannes Ramokhoase Street, situated on the corner of the aforementioned and Steve Biko Road in Arcadia, which in turn forms part of the CBD of Pretoria. Arcadia is a prominent mix-use area which offers a combination of retail, mixed-use, offices and residential properties.
The nearest and most prominent beacon is the Union Buildings which is situated some 2 kilometres to the north. The area is well established and enjoys easy access to the CBD as well as to the main arterials such as Johannes Ramokhaose and Vermeulen Streets (via Hamilton Street). All required amenities are readily available.
Description
The building is located on the corner of Johannes Ramokhoase Street and Steve Biko Road in Arcadia, Pretoria.
The property comprises a prominent mid-block property with sloping topography and is improved with a 7-storey office building bounded by Johannes Ramokhoase Street and Steve Biko Road which gives it an excellent street frontage and front/depth ratio.
The building comprises six floors of office space (1 floor to seventh floor) with only a small lobby area located on the 1 floor level. The slope of the site provides level access from ground level to the 1 floor. The sloping ground has been cut out to provide ground floor parking, which is partially below ground level. The gross building area measures 4,147 m², while GLA is 3,770 m².
The structure of the building is a conventional frame and masonry structure with floated concrete floors finished with ceramic tiles and carpets in areas. The external masonry walls are covered with decorative concrete panelling and face bricks with a combination of plaster brickwork and painted drywalling internally. The roof consists of a long-span steel sheeting on mono-pitched steel and timber rafters.
The building is fully occupied by the Department of Cooperative Governance & Traditional Affairs.
Zoning and Title Deed Information
Title Deed Information
- Title Deed Number: T30306/2016
- Legal Description: Portion 5 of Erf 372 Arcadia
- Registered Owner: Delta Property Fund Limited
- Local Authority: City of Tshwane Metropolitan Municipality
- Extent: 1,276 m²
Zoning Information
- Zoning: Business 1
Rentable Areas
| Use | Size (sqm) |
| Office | 3,770 |
| Total | 3,770 |
| Parking | Bays |
| Basement | 26 |
| Total | 26 |
Tenancy
| Tenant | Leased Area |
| Department of Coopoerative Governance & Traditional Affairs | 3,770 m² |
NOI
FIRST YEAR NOI
| Period July 2023 – June 2024 | |
| Gross Income (ZAR) | R8,006,663 |
| Gross Expenses (ZAR) | R3,011,460 |
| Net Operating Income (ZAR) | R4,995,203 |
*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
Legal Information – Disclaimer South Africa:
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