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Fully occupied 6,200 sqm warehouse and office facility with government tenant

22 & 24 George Lubbe Street, Hamilton, Bloemfontein, South Africa, 9301
for sale Clicktopurshase Icon Private Tender

Location

Summary

  • Fully occupied, single storey warehouse and office facility
  • Single government tenant
  • Prime location along George Lubbe Street (M10)
  • 6,200 sqm GLA over two stands
  • Projected Net Operating income for the period 1 July 2023 to 30 June 2024 of approximately R3.4 million

Situation

The property is situated along George Lubbe Street in the industrial suburb of Hamilton, towards the South of Bloemfontein Central. George Lubbe Street (M10) is a major route, connecting Hamilton to the Mangaung township, as well as providing direct access to the nearby Oliver Tambo Road (M30). The M30 extends towards the North of Bloemfontein and intersects with the N8 highway that passes through the city centre.

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.

The property is conveniently located and enjoys high volumes of passing vehicular and pedestrian traffic. The immediate area is mostly industrial in character, with various warehouse facilities, plants and businesses.

Description

The site comprises of two notarially tied stands that are rectangular in shape, measuring 12,177 sqm combined. The parent stand is north facing and enjoys direct access off George Lubbe Street. The site has been improved with separate, single-storey industrial flex facilities on each erf, with a fully enclosed and covered extension in between them, therefore appearing like a single rectangular building. The two structures have similar configurations, comprising of a large, open plan warehouse and offices. The warehouses are currently being used as a storage facility for stolen and/or unidentified cars by the current tenant, SAPS. The office components have a reception lobby with a waiting area and offices of varying size and configuration. The warehouses have roller shutter doors and are finished with a combination of concrete and epoxy coated flooring, and an IBR roof structure, with an eaves height of 3.5m to 4m.

 

The property also has an additional, standalone structure comprising a staff facility with an entertainment area, kitchenette, ablution facilities and an adjoining partially enclosed braai area. The site has four motorized gates, canopies, wire mesh fencing and hardened yard areas.

The property further boasts the following additional features:

  • Eaves, height ranging between ±4m (sides) to ±10.9m (centre) in the warehouse areas.
  • Split level roof for the connector between the two primary buildings with an eave’s height of ±4.4m to ±5.7m.
  • A total of 12 roller shutter doors from either side of the building from the paved yard area, between ±4m to ±4.35m (width) and ±4.1m to ±4.95m(height).
  • Multiple large steel sliding doors internally.
  • Security features including exterior lighting, steel security gates and burglar bars on exterior doors and windows, as well as to some internal office sections.
  • Split-unit air-conditioning units.
  • Fire safety equipment such as; fire hydrants, extinguishers and hoses.

Wind-driven extractor turbines fitted to sections of the roof.

Zoning Information

Zoning: General Industrial

Primary Uses: Industrial Buildings, Light Industrial Buildings, Auctioneers Buildings, Warehouse, Service Industry, Wholesale Warehouse, Motor Workshop, Industrial Shop and Business Premises

Height Restriction: No restrictions

Coverage: Warehouses and wholesale warehouses 85%, Industrial buildings 85%

­­­­F.A.R: No restrictions

  • Parking: Industrial Buildings – 1 space/100 sqm GLA
  • Manufacturing 1 space/100 sqm GLA
  • Warehousing 1 space/100 sqm GLA
  • Dairies, bakeries & laundries 1 space/100 sqm GLA
  • Storage yards 1 space/100 sqm GLA
  • Building Lines: 0 metres

Rentable Areas

Description Size (Sqm)
Office and warehouse6,200
Total6,200

Tenancy

SAPS Services

  • Area: 6,200 sqm
  • Tenant has Right of First Refusal

NOI

PROJECTED FIRST YEAR NOI

 Period July 2023 – June 2024

 Gross Income (ZAR)                   4,435,132.40

Gross Expenses (ZAR)                1,033,995.33

Net Operating Income (ZAR) 3,401,137.07

 

*A full breakdown of the projected NOI is available upon signature of an NDA, along with tenancy schedules and rent rolls and the balance of 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.

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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
The Property Pact
Lance Chalwin-Milton
+27 83 255 9275
lance@thepropertypact.com
See website for full details : https://www.cbre-x.online

Disclaimer

Legal Information – Disclaimer South Africa:

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