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Zoning and Title Deed Information
Title Deed Information
- Erf: 110 Erand Gardens Extension 49
- Tenure: Freehold
- Registered Owner: The Government Employees Pension Fund
- Title Deed number: T160968/2007
- Local Authority: City of Johannesburg
- Extent: 8,441 sqm
Zoning Information
- The property recently received rezoning approval to “Special” for offices, hotel, training centres, conference centres and place of instruction, subject to the following conditions:
- Zoning: Special
- Primary Rights: The erf and the buildings erected or to be erected on it shall be used for offices, hotel, training centres, conference centres and place of instruction
- Height: 2 storeys, not exceeding 14 metres above natural ground level
- Coverage: 20%
- F.A.R: 0.3
- Parking: Offices – 4 parking bays per 100 gross leasable floor area; Other – to the satisfaction of the Local Authority
- Building lines: 10 metres along all boundaries
- Specific Conditions: The number of learners shall not exceed 450, which may be increased with the consent of the Local Authority
Rentable Areas
| Use | Size (sqm) / Bays |
| School (previously offices) | 2,400 |
| Total | 2,400 |
| Parking | Bays |
| As per the lease negotiation the school does not pay for parking bays |
Tenancy and Covenant
Tenancy
Tenant: Pioneer Academies
- Lease term: 10-year lease commencing on 1 April 2016, expiring on 31 March 2026
- Rent: Current rent rate of R269,771 per month
- Escalation: 7% per annum
Covenant
Nova Pioneer Education Group is a Pan-African independent school network, that builds and operates high standard, affordable education, offering education to students in grades from preschool through to secondary school. Nova Pioneer is currently operational in both South Africa and Kenya.
The school offers a modern approach to education that imparts students with relevant 21st Century skills and problem-solving skills. The school uses the Cambridge Curriculum which promotes creative
ways of facilitating learning. It is also structured to offer parents, students and teachers a distinctive and blended learning opportunity.
Nova Pioneer Midrand Primary offers private school education that seeks to provide students with creative problem-solving skills.
NOI
FIRST YEAR NOI
| Period January 2024 – December 2024 | |
| Gross Income (ZAR) | R4,327,780 |
| Gross Expenses (ZAR) | R1,107,279 |
| Net Operating Income (ZAR) | R3,220,502 |
*A full breakdown of the projected NOI is available upon signature of an NDA, along with tenancy schedules, rent rolls and plans where available.
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 single stage open private treaty process.
Interested parties are requested to notify us of their interest to purchase the property in writing to the email addresses of the agents provided herein. To investigate the opportunity in greater detail interested parties will also be expected to submit and conclude the Seller’s Standard Non-Disclosure Agreement (“NDA”) – available under the Downloads tab.
The NDA must be completed if the purchasers want access to a comprehensive due diligence data room. In the data room bidders will gain access to:
• A comprehensive Open Private Treaty Process Letter (setting how offers must be submitted);
• Property specific due diligence information; and
• A template sale and purchase agreement.
Bids will be accessed on three main criteria:
• Price;
• Ability to perform / track record & proof of funds; and
• Conditionality (i.e. speed of performance).
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.
