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Please consider the environment before printing this Property |
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Ideally located residential conversion opportunity in commercial node
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for sale
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Location
Summary
- 7 Storey office building
- GLA: 4,488m²
- 30% let
- Potential head office building for an owner occupier
- Residential conversion opportunity
- Projected Net Operating income for the period 1 July 2023 to 30 June 2024 of approximately R3 million (inclusive of projected rentals for vacant offices)
Situation
The subject property is located along 539 Stanza Bopape Street, Arcadia, a mixed-use node home to a number of commercial and residential properties within the City of Tshwane Metropolitan Municipality. There is easy accessibility to and from the CBD, with ample 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 N15/N1 highways.
The subject property is located 3.6km southwest of the Union Buildings, 21km north of Centurion, 65 km northeast of Johannesburg central business district. Pretoria’s configuration is designed in a way that all government buildings are located in the central area of Pretoria, with embassies located at Eastcliff Arcadia, and east of Pretoria central. The subject property is located on a major busy corridor, home to several local government departments and several street front shops.
Description
The subject property is improved with an L-shaped commercial building comprising of seven storeys, six of which are offices, with the ground floor offering some retail space. Construction of the building is that of reinforced concrete framework and plastered brick and mortar infill. Windows provide aluminium double-glazing fenestration. The roof is flat concrete with aluminium waterproofing. Parking is provided through the means of a one level basement parking and open parking bays.
Internal finishes include ceramic tiled flooring layered along the entrance, passage, kitchen, and ablution area, with fabric carpets within the offices. Offices are a combination of plastered and painted brick and mortar fill and drywall partitioning. Each floor is improved with separate male and female ablutions with floor to ceiling tiling. Ceilings within the building are that of gypsum board.
There is additional income that can be earned by entering into an arrangement for a billboard with one of the providers of same.
Zoning and Title Deed Information
Title Deed Information
- Title Deed Number: T16217/2013
- Legal Description: Erf 1336 Arcadia, Township
- Registered Owner: Delta Property Fund Limited
- Local Authority: City of Tshwane
- Extent: 2,007 sqm
Zoning Information
- Zoning: General Business
- Primary Uses: Commercial Office Building
Rentable Areas
| Description | Size (sqm) |
| Offices | 4,358 |
| Retail | 130 |
| Total | 4,488 |
| Parking | Bays |
| Basement | 50 |
| Total | 50 |
Tenancy
| Tenant | Leased Area |
| SAPS | 1,257 m² |
| Romans Pizza | 130 m² |
| Vodacom | Antannae |
Net Operating Income
FIRST YEAR NOI
| Period January 2024 – December 2024 | |
| Gross Income (ZAR) | R6,242,764 |
| Gross Expenses (ZAR) | R3,270,331 |
| Net Operating Income (ZAR) | R2,972,463 |
Projected income on vacant offices for 8 months at discounted rentals
*A full breakdown of the projected NOI is available upon signature of an NDA and access to the due diligence information.
VAT
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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