|
Please consider the environment before printing this Property |
|
Seven Hills Mixed Use Development – Yaoundé, Cameroon
|
for sale
Private Tender
|
Location
Summary
- A mixed-use development that focuses on a unique combination of retail and leisure offerings that promises to be a first-of-its-kind for the City of Yaoundé. The development includes:
- Strong retail centre to cater for an underserviced market in Yaoundé. There is limited competition in terms of formal shopping centre developments.
- A five-star hotel, the first of its kinds for the city.
- A modern office park featuring international standards in quality, functionality and design.
- The location of the site is close to the embassies, and residential areas where high-income local and foreign workers reside.
Situation
The proposed site known as the Seven Hills Mixed-Use Development is located in the district area known as Yaoundé 2 along the Avenue Jean-Paul II main arterial in the capital city of Cameroon. Yaoundé is situated in the Central Province of Cameroon.
The site is close to the embassies and affluent residential areas.
The primary trade area extends approximately 3km’s radius distance from the site. The secondary trade area extends to roughly a 4km-5km radius distance from the site and the tertiary trade area (inflow area) is represented by the rest of Yaoundé.
The site remains strong for a development of this nature, and is supported by an independent feasibility study.
Description
RETAIL SHOPPING CENTRE
The retail development is planned to consist of a total 17,246m² and comprises two levels of retail and three basement levels of undercover parking of about 22,764 m² offering a relaxed family friendly shopping experience.
A mix of local and international retailers will form the backbone of the facility, offering a range of shops from groceries, clothing, housewares and leisure, fashion and style, and restaurants and fast-food chains, with an international retail brand being the main anchor.
Several entertainment features include an outside multipurpose Amphitheatre that is surrounded by restaurants and family entertainment centre, a relaxed open area for children to play with the capacity to hold events such as live musical shows, screening of sports events and fashion shows and other similar interactive performances.
The total retail size for the Seven Hills Site first phase is at ±13,600m², which corresponds with market requirement.
A food retailer of ±2,500m² and an entertainment component of ±2,300m² are suggested as the anchor tenants for this development. Interest has been shown by retailers to occupy this space.
FIVE STAR HOTEL
The five-star hotel, is envisaged to be operated by an international hotel group, will be constructed as part of the mixed-use development.
The hotel will feature 150 rooms, conference facilities, restaurant, pool bar and sun decks with state-of-the-art modern designs and decor.
The building has been designed with a ground floor incorporating entrance lobby, lobby lounge, meeting rooms with pre-function area and back of house service area accessed from rear off the
adjacent main road. The first floor accommodates a large sub-divisible conference hall/ballroom catering for approximately 600 persons a large dinning facility for guest and selected visitors only and is complete with pool bar and glass side swimming pool.
UPMARKET OFFICE PARK
The office park will have basement parking facilities that features state of the art technology for access control and climate control in a well-planned and designed environment, which will form a premier business destination in Yaoundé.
The Multi storey building will ensure flexibility and layout options to the tenants in terms of spatial usage and size, allowing options to the smaller tenants as well as large corporate tenants, and will allow several corporate organizations and businesses the opportunity to establish themselves in a professional modern environment, that stands out from other facility currently in Yaoundé.
Secure residential living in an upmarket apartment-style establishment, close to supporting retail and commercial amenities quick access to workplaces is achieved through the seven Hills residential development.
Market Assessment
- The annual turnover for the catchment area at the indicated size is estimated at $51.2 million for 2024 with an average annual trading density of $3,795 for the proposed shopping centre at current projected market indicators.
- The total average retail expenditure is estimated at $445 for an effective market of 82,399 households which represents 23% of the catchment’s households.
- The market share of the proposed shopping centre is 10.5%.
Macro and Micro Assessment
- The city of Yaoundé has experienced expansion in the southern and a northern parts of the city.
- The population of Yaoundé usually doubles after every 8 to 9 years. With an exponential growth of about 4.1% per annum, Yaoundé exceeds other towns in Cameroon and is typical of the fastest-growing towns in the world.
- The population and urban growth of Yaoundé are attributed to natural increase and migration which increases 4% to 5% annually since 2000. Rural-urban exodus and immigration from abroad have greatly contributed to this population and urban growth. About 25% of the urban population of Cameroon is located in Yaoundé. In the last 6 decades, the population of Yaoundé has increased 10 folds.
- As the capital of Cameroon, the growth of Yaoundé is further attributed to the concentration of public services and diplomatic representation in the city. In 2019 Yaoundé was ranked the second fastest growing city in Africa after Luanda-Angola.
Capex
Note: The Capex document is in the downloads section at the bottom of the page.
Financial Analysis
Seven Hills income comprises of the following key revenue streams:
▪ Commercial office park
▪ Retail center
▪ Hotel
▪ Structured basement parking
For more information please see the Financial Analysis download at the bottom of the page.
Socio-Economic Impact
The development of the mixed-use development has the potential of a trade injection to the economy as follows:
- Shopping Centre Turnover Potential (Accumulative Trade Generated by retailer’s p/a): $64,635,686
- Retail Rental Projected income p/a: $8,928,000
- Office Development Projected Rental income p/a: $7,860,000
- Hotel Development Projected Turnover: $8,644,806
The regional impact of the Seven Hills development will be to the similar extent as that of the new Douala Grand Mall Development, by attracting international investment and kick starting on a globalized level, trade investment to the localized level of Yaoundé and the direct region. Ensuring multiple expansion of construction spin-offs to the economy as well as providing an international platform for trade expansion by introducing local partners to global retailers thus developing trade gravity for the region.
On a social economic level, employment opportunity and skills transfer will benefit the local economy immensely. International know-how in terms of development, property management, retail management, consumer and customer care, facility management and rental management will be transferred. The efficiency derivative, that is difficult to measure in general, will enhance investment ease due to a broader base of skills that will be developed over time.
Sales Process
This property is being sold by way of a Private Tender process under a Sole Mandate with CBRE Excellerate.
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
|
CBRE Excellerate
|
||
|
|
||
Disclaimer
Legal Information – Disclaimer South Africa:
Whilst reasonable care is taken to ensure that the information contained on this website is accurate, The Company cannot guarantee its accuracy and we reserve the right to change the information on this website (including these terms and conditions) at any time without notice.
Any person who accesses this website or relies on this website or on the information contained in this website does so at his or her own risk.
Information, ideas and opinions expressed on this website should not be regarded as professional advice or the official opinion of the Company and you are encouraged to consult professional advice before taking any course of action related to information, ideas or opinions expressed on this website.
The website and its content (including but not limited to pictures of properties, text, graphics, advertisements, files, links, financial calculators, general property information, or other items) are provided on an “as is” and “as available” basis, without any representations or warranties of any kind (express or implied). The Company disclaims all representations and warranties, including those regarding the condition, quality, performance, accuracy, suitability, fitness for purpose, completeness, or freedom from viruses or other harmful mechanisms of the website content. The Company makes no representation or warranty that the website content will be accurate, up to date, uninterrupted, or error-free. The Company cannot be held liable for any inaccurate information published on the website, except where such liability arises from gross negligence or wilful misconduct.
Indemnity:
You agree to indemnify the Company against any loss, claim, or damage which may be suffered by yourself or any third party arising in any way from your use of this website, website content, and/or any linked third-party website.
Limitation of Liability:
The Company shall not be liable for any direct, indirect, incidental, special, or consequential loss or damages arising from your use of, or reliance upon, the website or the website content; or your inability to use the website or the website content, and/or unlawful activity on the website and/or linked third-party websites. The Company is not liable for any loss or damage suffered by you or any third party arising in any way from your use of this website, website content, and/or any linked third-party website. You acknowledge that you are solely responsible for the use to which you put this website and all the results and information you obtain from it, and that all warranties, conditions, undertakings, representations, and terms, whether expressed or implied, statutory, or otherwise, are excluded by the Company to the fullest extent permitted by law.
© 2024 Singer Vielle Ltd