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Please consider the environment before printing this Property |
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Exciting Mixed-Use Opportunity: Residential Conversion in Pretoria CBD
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for sale
Private Tender
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Location
Summary
- 12 Storey office building with fully let high street retail
- GLA: 10,289m²
- Possible conversion for office component
- Attractive basement parking
- Projected Net Operating income for the period 1 July 2023 to 30 June 2024 of approximately R5,3 million (including a projection for the vacant offices)
Situation
The subject property is situated on the south-eastern corner of Madiba and Queen Streets in a prime spot in the Pretoria CBD. Madiba Street is an arterial west-to-east-one-way road and Queen Street links Church Street (now Helen Joseph Street) in the south with Madiba Street to the north.
Both Queen and Church Streets have been pedestrianised and there are a number of informal traders lining Church Street. The erf directly to the east is used for parking purposes. Sammy Marks Square, Standard Bank Centre, Edgars Centre, Jetmart Centre and Mosque Plaza are all within the immediate vicinity of the subject property. All amenities such as primary, secondary and tertiary educational institutions, churches, shopping centres, police and fire stations are withing convenient reach of the subject property.
The Pretoria CBD has good access to freeways and main roads such as the N1, M1 and the N4.
Public transport, in the form of busses and minibus taxis, serve the area on main arterials. The
neighbouring properties mainly comprise of similar type developments offering ground floor retail
with office above.
Description
The property is level with the natural fall of the land being moderately downwards to Madiba Street.
It is rectangular shaped with the street facing northern boundary along Madiba Street measuring
approx. 48m.
Improvements comprise of a fourteen-storey, commercial building with double parking basement.
The ground floor consists of retail accommodation incorporating three shops of which two have
lower-level basement storage. Two of the shops (Capitec Bank and Fair Price) front onto Madiba
Street with the remaining clothing retailer having frontage onto Queen Street.
The primary entrance to the office tower lobby is from Queen Street with vehicular access into the
basement parking along the southern boundary, also from Queen Street. The intermediate
(mezzanine) floor has the largest footprint with floors 1 to 12 above being square shaped and all
having a similar layout. Access to the upper floors is via four 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.
Floor coverings are ceramic tiles and carpets and there is central air-conditioning as well as split
units servicing the offices. The roof is a waterproofed concrete slab.
The accommodation is in a good state of repair and could be utilised for commercial tenants
alternatively one could look to do a residential conversion here.
Title Deed and Zoning Information
Title Deed and Zoning Information
- Title Deed Number: T153529/2002
- Legal Description: Remaining Extent of Portion 1 of Erf 286 Pretoria
- Registered Owner: 277 Vermeulen Street Properties (Pty) Ltd
- Local Authority: City of Tshwane Metropolitan
- Extent: 1,542 sqm
Zoning Information
- Zoning: Business 1
- Primary Uses: Business Buildings, Government Purposes, Retail Industry, Shops and Showrooms
- Height Restriction: 10 Storeys
- Coverage: 95%
- F.A.R.: 5.5
- Parking: None indicated
- Building Lines: 3,5m along street boundaries. 4,5m along other boundaries
Rentable Areas
| Use | Size (sqm) |
| Office | 8,209 |
| Retail | 1,915 |
| Total | 10,289 |
| Parking | Bays |
| Basement Parking | 135 |
| Total | 135 |
Tenancy
| Tenant | Leased Area |
| Capitec Bank | 177.20 m² |
| Fair Price Furniture and Appliances | 1,362.20 m² |
| Hardy’s Mens and Boys Boutique (excluding storeroom) | 376 m² |
NOI
First Year NOI
| Period July 2023 – June 2024 | |
| Gross Income (ZAR) | R8,227,878 |
| Gross Expenses (ZAR) | R2,931,984 |
| Net Operating Income (ZAR) | R5,295,893 |
Based on 9 month projection of income at discounted rentals for the vacant space
*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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