17 Harrison Street & Kay Street Parkade
17 Harrison Street & Kay Street | Marshalltown | Johannesburg | 2001
Private Treaty
GALLERY
Investment highlights
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12 Storey office building with ground floor retail
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GLA: 12,379m²
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Kay Street parkade 400m away offering additional bays
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Great conversion opportunity
Location
Marshalltown is known as the oldest part of Johannesburg and boasts many iconic buildings such as the Rand Club, the Carlton Centre, and Bank City. The suburb hosts many corporations’ head offices and is known as a commercial hub within Johannesburg. Commissioner Street, Marshall Street, Anderson Street, Simmonds Street and Eloff Street are some of the major thoroughfares through the area.
The subject property forms part of the Marshalls Town node of Johannesburg CBD and partially fronts onto Main Street where CID interventions have beautified the sidewalks and restricted traffic flow by introducing narrow roads.
Marshalls Town has a large contingent of corporate offices including banks and mining house who readily contribute the CID levies. The CID levies are used to enhance services to improve the physical and social environment in the area. The services provided are supplementary to those provided by the local authorities and include security patrol officers, pavement cleaning, litter collection and maintenance of public place.
Description
The subject property has been improved with a twelve-storey building comprising ground floor retail and a first floor parkade, providing 40 parking bays. Office space has been provided in the building’s basement area.
The central core of the building houses two lift bays with two lifts in each bay as well as internal staircases. Male and female bathrooms have been provided on the half landings of the staircases.
A fairly small lobby to the office space has been provided on the ground floor level. Two escalators from the ground to the lower ground floor provide access to the passenger lifts from the lobby area. The approach to the office entrance is typical of that an older CBD office building. The office space is air conditioned via a central plant and in addition there is a sprinkler system, smoke detection and power skirtings.
The floor space is fairly flexible with the majority of internal walls being demountable. The building could be leased to a single tenant or a tenant per floor without any alterations. With minor alterations, more than one tenant could be accommodated per floor.
Currently 729 sqm of the 1 082 sqm of retail space is occupied.
Kay Street parking provides additional parking to 17 Harrison Street and comprises of 68 covered parking bays enclosed with precast concrete walling. The property is located on the corner of Kay Street and Harrison Street within walking distance of 17 Harrison Street.
Title Deed and Zoning Information
Title Deed Number: T21611/2016
Legal Description: Erf 1146 Marshalls Town and Erf 1039 Marshalls Town 1
Registered Owner: Delta Property Fund Limited
Local Authority: City of Johannesburg
Extent: 3,710 m² combined (1,983m² and 1,727m² respectively)
Zoning: Business 1
Primary Uses: Office building with ground floor retail and parkade
Coverage: 100%
F.A.R: 4,3
Parking:4 bay/s per 100m² GLA
Building Lines: 1,5m form street boundaries and 2m from rear/side boundaries
Rentable Areas
| Building | Size (Sqm) |
|---|---|
| Offices | 11,297 |
| Retail | 1,082 |
| Total | 12,379 |
| Parking | Bays |
| Covered (Kay Street) | 68 |
| Structured/Basement | 40 |
| Total | 108 |
Tenancy
Tenant: ABSA Bank Ltd
- Area: 326m²
Tenant: Atlas Finance
- Area: 124m²
Tenant: Flucks Butana Mhlekwa Skhosana
- Area: 77m²
Tenant: SWU Credit Solutions
- Area: 49m²
Tenant: The Fashion Hub
- Area: 59m²
Forecasted monthly rates and taxes expense
| Rates and Taxes | R88 858 |
| Projected Rates & Taxes July 2023 | R94,189 |
| CID Levies | R16,551.88 |
VAT
The 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 SAPX.
Interested parties will have access to the Property Brochure and NDA on registration on the SAPX 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.
Should you have any queries regarding the process please contact either Lara or Kedibone
Lara Joffe 076 800 0778 lara@thepropertypact.com
Kedibone Bolofo 083 988 1740 kedi@thepropertypact.com
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Contact Us
| SAPX | ||
|---|---|---|
| Lance Chalwin-Milton | lance@thepropertypact.com | +27 (0) 83 255 9275 |
| PJ Muller | pj@thepropertypact.com | +27 (0) 82 888 0828 |
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