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Title Deed and Zoning Information
Title Deed Information
Title Deed Number: T71744/2005
Legal Description: Erf 834 Morningside Ext 65
Registered Owner: Sharmane Investments (Pty) Ltd
Local Authority: City of Johannesburg
Extent: 2,954 m²
Zoning Information
Zoning: Special
Primary Uses: As per scheme – offices including places of refreshment and ancillary and related uses that are subservient to the main use
Height Restriction: As per scheme – Height Zone 0 (10 Storeys)
Coverage: 60%. 100% for parking structures above and below natural ground level
F.A.R.: 1.5 (4,431 m²)
Parking: As per scheme
Building Lines: Streets – 3 metres, All other boundaries – 0 metres. Provided that the building lines shall not apply to the parking structures, security gatehouse structures and refuse areas.
Rentable Areas
| Description | Size (m²) |
| Office | 4,262.67 |
| Common area | 1009.29 |
| Balcony | 43.55 |
| Storeroom | 204.99 |
| Total | 5520.5 |
| Parking | Bays |
| Basement | 213 |
| Visitors | 41 |
| Total | 254 |
Tenancy
Tenant A – 1st Floor:
- Area: 1,054.70 sqm
- Lease term: Commenced on 1 January 2016, expiring on 31 December 2025
- Rent: Current rent of R305 500.44 (offices and common area)
- Escalation: 8% per annum
Tenant B – 4th Floor:
- Area: 555.85 sqm
- Lease term: Commenced on 1 January 2016, expiring on 31 December 2025
- Rent: Current rent of R161 006.01 (offices and common area)
- Escalation: 8% per annum
Tenant C – 4th Floor:
- Area: 86.27 sqm
- Lease term: Commenced on 1 March 2020, expiring on 28 February 2025, with a 1 year renewal option period
- Rent: Current rent of R20 993.02
- Escalation: 8% per annum
Tenant D – Storeroom:
- Area: 6.37 sqm
- Lease term: Month to Month
- Rent: Current rent of R826.09
NOI
PROJECTED FIRST YEAR NOI
Period 1 September 2024 – 30 August 2025
Gross Income (ZAR) R 16 177 169.89
Gross Expenses (ZAR) R 4 964 273.83
Net Operating Income (ZAR) R 11 212 896.05
*A full breakdown of the projected NOI is available upon signature of an NDA and access to the due diligence information.
Sales Process
This property is being sold by way of a Private Treaty process under a Sole Marketing Mandate with The Property Pact and hosted by 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.
