Gijima AST Holdings

Landmarks Avenue | Randjespark | Kosmosdal | Tshwane 0157

Price on Application

LETTER OF INTEREST DEADLINE 07 OCTOBER 2021

PRIVATE TENDER CLOSED

Investment highlights

  • Four ‘A’ grade, double-storey offices building located in the Samrand Business Park, measuring 21 312sqm

  • Tenanted by Resolve Solution Partners, a division of Imperial Logistics Limited, occupying  27% of the GLA

  • Previously occupied by Gijima, South Africa’s largest black-owned Information and Communications Technology Services (ICT) Company

  • The property is accessible from Landmarks Avenue and enjoys exposure to the N1 highway.

  • Projected Net Operating income for the period 1 March 2022 to 28 February 2023 of approximately R10 million

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Location

The subject property is located in the Samrand Business Park adjacent to the N1 Highway. Samrand is situated between Pretoria and Johannesburg, approximately 12 kilometres south of Centurion and ten kilometres north of Midrand. The property is positioned on Landmarks Avenue with visibility from the N1 Highway.

Immediate neighbours include the Patio Warehouse two stands to the south and Shell Ultra City N1 South on the opposite side of the N1 Highway.

Samrand Business Park is developed with a mix of good quality commercial and industrial sites interspersed with mixed-use development. There are still three more phases of development to follow.

Description

The property is improved with four ‘A’ grade double-storey office blocks of varying sizes with basement parking.

The east side blocks are in modular glass and concrete design with clean elevations, flat concrete roofs and window inlays with sections of double volume glazing. The west side buildings are built in face-brick with plaster under eaves, cantilever IBR roofs with extended eaves to awning features. The buildings are modern in design, fitted with aluminium windows and incorporate sections of double volume offices with interior balconies; stylized foyers and reception areas and the use of internal high columns.

Internal finishes include ceramic and carpeted floors tiles, steel balustrades and suspended ceilings with recessed strip and down lighting. Restrooms, recreation areas and kitchenettes are provided.

External works comprise of brick paving to the yard and driveways and a steel palisade fence securing the perimeter of the property.

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Zoning and Title Deed Information

Erf: 847 Kosmosdal Ext 11, Portion 6 of Erf 115 Kosmosdal Ext 4 and Erf 5228 Kosmosdal Ext 11

Title Deed Number: T10432/2009

Registered Owner: Government Employees Pension Fund

Local Authority: City of Tshwane Metropolitan Municipality          

Extent: 32 233 sqm

 

Permitted

Property:

Erf 847 Kosmosdal Ext 11

Local Authority

City of Tshwane Metropolitan Municipality

Zoning

Industrial 2

F A R

As per scheme clauses

Coverage

As per scheme clauses

Height

As per scheme clauses

Building Lines -

As per scheme clauses

Parking Requirements

As per scheme clauses

 

 

 

Permitted

Property:

Portion 6 of Erf 115 Kosmosdal Ext 4

Local Authority

City of Tshwane Metropolitan Municipality

Zoning

Industrial 2

F A R

0.6

Coverage

50%

Height

2 Storeys

Building Lines -

5m metres street boundaries & As per site development plan

Parking Requirements

As per scheme clauses

 

 

Permitted

Property:

Erf 5228 Kosmosdal Ext 11

Local Authority

City of Tshwane Metropolitan Municipality

Zoning

Business 4

F A R

0.6

Coverage

40%

Height

2 Storeys

Building Lines -

As per the site development plan

Parking Requirements

As per scheme clauses

Rentable Areas

The property has the following Gross Internal floor areas:

Description

Size (Sqm)

Offices

 21 312sqm

Total                            

sqm

 

Parking

No. of Bays

Open

115

Covered

192

Basement

621

Total                            

928

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Tenancy and covenant

Tenant: Resolve Solution Partners

  • Area: 5 688sqm
  • Lease term: 2018/04/01 – 2023/03/31
  • Rent: R464 106.98 per month
  • Escalation: 7.5% per annum

Tenant Name – Resolve Solution Partners

Resolve is a subsidiary of Imperial Holdings, a Top 40 JSE listed company. The company is geared towards moving people, products and businesses forward through entrepreneurial innovation, inspiration and foresight. Their supply chain specialist focus lies in advisory and consultant services, technology solutions and managed services

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Net operating income

First Year Cashflow Summary 

Period  1 March 2022 to 28 February 2023

Gross Income (ZAR)

R24 348 019

Gross Expenses (ZAR)

R14 256019

 

Net Operating Income (ZAR)

R10 092 000

 

  • Projected vacancy fully let after 3 months at market related rentals
  • A full breakdown of the projected NOI is availalbe upon signature of an NDA, along with tenancy schedules, rent rolls and plans where available

 

Sales process

Stage 1:

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 2:

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:

  • Price
  • Ability to perform / track record
  • Conditionality (i.e. speed of performance)
  • Timing of electronic submission of offer.

Empact Group

Empact    
PJ Muller PJ.Muller@empactgroup.co.za +27 (0) 82 888 0828
Kedibone Bolofo Kedibone.Bolofo@empactgroup.co.za +27 (0) 83 988 1740

 

 

JLL

JLL    
Pepler Sandri pepler.sandri@eu.jll.com +27 (0) 82 445 5496
Thabiso Malibeng thabiso.malibeng@eu.jll.com +27 (0) 79 183 1153

 

Disclaimer

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.