Corner Challenger and Columbia Avenue | Midridge Park | Midrand | 1685
Price on Application
LETTERS OF INTEREST DEADLINE 07 OCTOBER 2021
A c.3,000 sqm office building investment opportunity in the heart of International Business Park in Midridge Park, Midrand
Two 100% vacant double storey buildings with ideal floor plates for a residential conversion
Easy access to essential amenities and public transport facilities and the N1 highway via the New Road interchange
The property is situated within the International Business Park which is a well-maintained office park located in Midridge Park, Midrand, which enjoys 24-hour security and access control.
Gateway Park comprises two separate face brick low rise double storey office buildings situated on the corner of Challenger Road and Columbia Avenue towards the southern end of the IBG. The property is well positioned in terms of freeway access to the nearby N1 Highway via New road interchange, and is located within 3km of the Midrand Gautrain Station.
The property comprises two double storey office blocks of facebrick construction and tiled roofing with aluminium framed glazing. The structures are of mirrored design and each feature shallow space B grade commercial office space along with kitchen facilities and bathrooms. Access to the upper floors is via stairs. Parking is provided via shade covered carports.
Internally the offices are air conditioned with suspended ceilings, plastered and painted walls and recessed florescent lighting. The floors to common service areas are ceramic tiled, and office areas are part carpeted or feature bare concrete floors ready for carpeting.
Zoning and title deed information
Erf: 5 and 6 Midridge Park Ext 1
Title Deed Number: T033719/2011
Registered Owner: Government Employees Pension Fund
Local Authority: City of Johannesburg
Total Extent: 8,843 sqm
Height Restriction: 3 storeys
Building Lines: 10m along all boundaries
Parking: as per scheme
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Forecasted monthly rates and taxes expense
|Starting March 2022|
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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.
In this stage of the process interested parties are requested to submit a non-binding Letter of Interest / Intent (“LOI”) to the JLL Empact JV by no later than -
12h00 on Thursday 7 October 2021. Bids are to be submitted electronically to the email addresses of the agents provided herein in the template LOI format provided in the Downloads tab below. Please note that late electronic submissions will not be considered by the PIC.
To submit these LOIs the following Stage 1 property information is available under the Downloads tab:
A downloadable Information Memorandum (which is a summary of the information contained in this property information page);
- A comprehensive Stage 1 Process Letter (setting out the two-stage Private Tender Process in greater detail);
- The Seller’s template / standard Letter of Intent / Interest (“LOI”);
- The Sellers’ standard Non-Disclosure Agreement (“NDA”). The NDA must be completed if the purchasers wants to view a detailed Tenancy Schedule (if applicable and available).
Bidders will also be allowed to view the Property, provided 48 hours’ notice is given to the JLL Empact JV.
To download any of these documents you’ll be required to register to become a subscriber to the South African Property Exchange (SAPX).
Stage 1 LOIs / bids will be assessed by the Seller and thereafter a select number of bidders will be given permission to participate in Stage 2 of the process. In Stage 2, select bidders are given access to a comprehensive Stage 2 due diligence data room to conduct a more extensive due diligence exercise. FICA or KYC verification will be required and submission of binding offers will be done via the ClicktoPurchase functionality on SAPX or via the submission of PDF signed copy of an approved sale and purchase agreement directly to the agents. The agents will provide selected bidders with instructions that outlines how offers are to be submitted via ClicktoPurchase® or direct submission by providing select bidders with a detailed Stage 2 Process Letter.
In Stage 2 bidders have up to 6 weeks to conduct their DD and submit final binding offers.
Bids will be accessed on four main criteria:
- Ability to perform / track record
- Conditionality (i.e. speed of performance)
- Timing of electronic submission of offer.
No information, statement, description, quantity or measurement contained in any sales particulars or given orally or contained in any webpage, brochure, catalogue, email, letter, report, docket or hand out issued by or on behalf of the JLL Empact JV or the vendor in respect of the property shall constitute a representation or a condition or a warranty on behalf of the JLL Empact JV or the vendor. Any information, statement, description, quantity or measurement so given or contained in any such sales particulars, webpage, brochure, catalogue, email, letter, report or hand out issued by or on behalf of the JLL Empact JV or the vendor are for illustration purposes only and are not to be taken as matters of fact. Any mistake, omission, inaccuracy or mis-description given orally or contained in any sales particulars, webpage, brochure, catalogue, email, letter, report or hand out issued by or on behalf of the JLL Empact JV or the vendor shall not give rise to any right of action, claim, entitlement or compensation against JLL Empact JV or the vendor. All bidders must satisfy themselves by carrying out their own independent due diligence, inspections or otherwise as to the correctness of any and all of the information, statements, descriptions, quantity or measurements contained in any such sales particulars, webpage, brochure, catalogue, email, letter, report or hand out issued by or on behalf of the JLL Empact JV or the vendor.