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Unparalleled office investment with plenty of opportunity in the heart of Bloemfontein
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for sale
Private Tender
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Location
Summary
- Government anchor tenant with 4 retail shops
- 7 Storey building with GLA of 3,689 sqm
- Prime location along Charlotte Maxeke Street, Bloemfontein CBD
- Projected Net Operating income for the period 1 July 2023 to 30 June 2024 of approximately R2.12 million
Situation
The property is situated on a corner stand with frontage onto both Aliwal Street and Charlotte Maxeke Street, a major East-West arterial road through the centre of Bloemfontein CBD, and just south of the N8-highway that traverses the town centre. The N8 highway (Nelson Mandela Drive) is also the national arterial route that runs east-west and links Kimberley, through Bloemfontein to the border post with Lesotho.
The N8 highway also intersects with the N1 towards the North-West of the Bloemfontein CBD, linking Gauteng, Bloemfontein, and Cape Town.
Bloemfontein is known for its scenic beauty and for being the judicial capital of the country, as well as being a major mining and agriculture hub.
Description
The property is currently 100% let with a 175 sqm retail tenant vacating in May 2023. It is anticipated that there will be good demand for this vacant shop. 3,192 sqm of the office space is leased to the Department of Rural Development & Land Affairs. This lease expires at the end of February 2024 and is in the process of being renewed.
The multi-faceted and multi-storey levels allow for differing configurations on the floor plates, with the ground floor being predominantly retail. Floors one to eight (accessible via the primary reception area and lift lobby on ground floor) offer mostly identical commercial office floor plates.
Additionally, the site includes a basement parking area, as well as a ninth floor (penthouse) section comprising an additional self-sufficient office suite (which can be utilized for accommodation purposes, as well). The building is serviced by 3 lifts.
Zoning and Title Deed Information
Title Deed Information
- Title Deed Number: T124/2016
- Legal Description: Portion 5 of Erf 805 Bloemfontein
- Registered Owner: Delta Property Fund Limited
- Local Authority: Mangaung Metropolitan Municipality
- Extent: 834 sqm
Zoning Information
- Zoning: Business, subzone ‘H’
- Height Restriction: 28m
- Coverage: N/A
- F.A.R.: 6.0
- Parking: as per scheme
- Building Lines: 3m along Charlotte Maxeke Street
Rentable Areas
| Use | Size (sqm) |
| Office | 3,128 |
| Retail | 497 |
| Storerooms | 64 |
| Total | 3,688.60 |
| Parking | Bays |
| Basement | 39 |
| Total | 39 |
Tenancy
| Tenant | Leased Area |
| Rural Development & and Affairs (Department of Public Works) Tenant has Right of First Refusal | 3,192 m² |
| Barko Financial Services | 115 m² |
| African Sun | 180 m² |
| Bohlokwa Tombstone | 26.60 m² |
| Venus Tenant to vacate at the end of May 2023 | 175 m² |
NOI
FIRST YEAR NOI
| Period July 2023 – June 2024 | |
| Gross Income (ZAR) | R4,354,142 |
| Gross Expenses (ZAR) | R2,225,718 |
| Net Operating Income (ZAR) | R2,128,424 |
*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
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