Isivuno
135 Van der Walt Street | Pretoria | 0002
Private Treaty
GALLERY
Investment highlights
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22 Storey office building with ground floor retail
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GLA: 23,694m²
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Approx 80% let ground floor retail
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Office component is vacant
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Possible residential conversion
Location
The Pretoria CBD has good access to freeways and main roads such as the N1, M1 and N$. Public transport, in the form of busses and minibus taxis, serve the area on the main arterials. The neighbouring properties mainly comprise of similar type developments offering ground floor retail with offices above. The subject property is however much higher than most of the surrounding buildings.
The property is prominently situated at the north-western corner of Lilian Ngoyi and Madiba Streets in a prime spot in the Pretoria CBD. Madiba Street is an arterial west-to-east one-way road and Lilian Ngoyi Street a primary one-way north-south road from Fountains Circle in the south to Boom Street in the north. Sammy Marks Square, Tshwane House, Liberty Building, Regents Place and Mosque Plaza are all within the immediate vicinity of the property. All amenities such as primary, secondary, and tertiary educational institutions, churches, shopping centres, police and fire stations etc. are within convenient reach to the subject property.
Description
The erf has a rectangular shape with a moderate natural downward slope to the north.
Improvements comprise of a 22-storey commercial building with double parking basement providing approximately 227 bays. Ground floor mainly comprises of retail accommodation incorporating five shops of which one has an internal mezzanine level storage / retail. Three of the shops (Steers, Webbers and the ex-bakery) front onto Madiba Street with the remaining clothing retailer and Pep having frontage onto Lillian Ngoyi Street.
The primary entrance to the office tower lobby is from Lillian Ngoyi Street with vehicular access into the parking being along the eastern boundary, also from Lillian Ngoyi Street. The ground floor and parking levels have the largest footprint with floors 2 to 22 above being square shaped and all having a similar layout. Access to the upper floors is via six lifts as well as centrally located stairwells. The ablution and kitchen facilities are adjacent to the lift lobbies with the offices arranged around the central core and comprising of a combination of open plan and drywall partitioned accommodation.
The retail trades well and is almost fully let, but the office component either needs to be let or a residential conversion should be considered.
Title Deed and Zoning Information
Title Deed Number: T42786/2016
Legal Description: Erf 2989 Pretoria
Registered Owner: Delta Property Fund Limited
Local Authority: City of Tshwane
Extent: 4,122m²
Zoning: Business 1
Primary Uses: Business Buildings, Government Purposes, Retail industry, Shops and Showrooms
Height Restriction: 10 Storeys
Coverage: 95%
F.A.R: 5,5 0r 22,671m²
Parking: 1 bay per 100m² of GLA
Building Lines: 3,5m along street boundaries and 4,5m along other boundaries
Rentable Areas
| Building | Size (Sqm) |
|---|---|
| Offices and Storeroom | 21,339 |
| Storage | 2,355 |
| Total | 23,694 |
| Parking | Bays |
| Basement | 227 |
| Total | 227 |
Tenancy
Tenant: Webbers
Area: 313m²
Tenant: Pepkor Trading
Area: 995m²
Tenant: Steers/Debonairs
Area: 231m²
Tenant: Yusra Brothers Trading Wholesale
Area: 358m²
Tenant: Out-Smart Outdoor Advertising
Area: Billboard
Tenant: Vodacom
Area: 2 antennae
Forecasted monthly rates and taxes expense
| Current Rates and Taxes |
R264 413.20 |
| Projected July 2023 Rates and Taxes | R280 277.00 |
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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