Lakeview Office Park

137 Muckleneuk Street |  Nieuw Muckleneuk | Pretoria  | 0181

Price on Application



Investment highlights

  • A multi-tenanted, well-maintained office park with ample parking, measuring 3,619 sqm

  • Currently let to four commercial tenants, occupying 60% of the GLA 

  • Located in Nieuw Muckleneuk, a safe and established area in Pretoria

  • Strategically situated, with excellent access to George Storrar Drive and near the N14

  • First year’s forward Net Operating Income for the period 1 March 2022 to 28 February 2023 of approximately R2.1 million



Lakeview Office Park is located in the established area of Nieuw Muckleneuk in Pretoria. The building is situated at 137 Muckleneuk Street with additional access and exposure from Middel Street, which is a key arterial route for the node. Major roads in the surrounding area include the N14 and Pretorius Street, linking Pretoria West, Pretoria Central and Arcadia.

Amenities in close proximity to the property include Brooklyn Mall, Waterkloof Corner, South African Revenue Services, the Groenkloof Hospital and various international embassies.

Landmarks in the greater area are Pretoria Boys High School, Loftus Versfeld Stadium, and the Austin Roberts Bird Sanctuary.


The site comprises of several office buildings, varying in extent and configuration.  The buildings are constructed with a facebrick façades, within neat and well-maintained grounds. The buildings are complete with basement parking, as well as sufficient open and covered parking bays within the office park.

The office park has a total occupancy of approximately 71% (2,562 sqm of the total GLA), 1,057 sqm of the GLA is vacant. The office park is currently tenanted by four commercial companies, the anchor tenant, Ask Afrika, occupies 1,195 sqm, while Urban-Econ Development Economists occupies 763 sqm. Mtaalamu IT Solutions and Maphoso Mokoena Attorneys occupy smaller units.

The offices are constructed to the tenants’ specifications and fit out, with units varying in configuration and layout. The fittings and finishes are generally of a good quality.


Zoning and Title Deed Information

Erf: 443 Nieuw Muckleneuk

Title Deed Number: T155045/2007

Registered Owner: The Gauteng Employees Pension Fund

Local Authority: City of Tshwane Metropolitan Municipality

Extent: 7,192 sqm

Zoning: Special

Height Restriction: Two storeys

Coverage: N/A

F.A.R: 0.4. May be increased to 0.5 if at least 30% of the required number of parking spaces are accommodated within the basement.

Building Lines: 5 metres from the Middel Street boundary  

Parking: On-site parking (minimum 2.5 x 5m), with sufficient manoeuvring space (7.5m), and a permanent dust free surface.4.86 bays per 100 sqm GLA

Rentable Areas

Use Use Size (Sqm) / Bays
Office 3,619
Total 3,619
Basement 97
Covered 36
Open 43
Total 176



Tenancy and covenant

Tenant: Mtaalamu IT Solutions

  • Area: 237 sqm
  • Lease term: Commenced on 1 October 2018, expiring on 30 September 2023
  • Rent: Current rent at R39,434
  • Escalation: 7% per annum

Tenant: Maphoso Mokoena Attorneys

  • Area: 366.70 sqm
  • Lease term: Commenced on 1 April 2020, expired on 30 March 2021. Currently on month-to-month, as renewal negotiations are underway.
  • Rent: Current rent at R22,644
  • Escalation: 8% per annum

Tenant: Ask Afrika

  • Area: 1,195 sqm
  • Lease term: Commenced on 1 April 2019, expiring on 31 March 2023
  • Rent: Current rental R143,656 per month
  • Escalation: 7% per annum

Tenant: Urban-Econ Development Economists

  • Area: 763 sqm
  • Lease term: Commenced on 1 December 2020, expiring on 30 November 2022
  • Rent: Current rent of R 79,070 per month
  • Escalation: 6% per annum

Ask Afrika

Ask Afrika provides research services with regard to 54 countries in Africa. Ask Africa specialises in the following research areas: government, automotive, media, FMCG, telecom’s, social research, retail and financial services.

Maphoso Mokoena Attorneys (MMA)

Maphoso Mokoena Attorneys have been involved in various corporate and commercial transaction involving public entities and private companies.

MMA regularly advises, drafts and negotiates a variety of financing agreements and related security agreements including but not limited to reviewing, drafting and negotiating Term Facility Agreements, Senior Term Loans, Revolving Developmental Loans, Cession and Pledge of Securities.

Urban-Econ Development Economists

Urban-Econ Development Economists is a specialist-consulting firm in the arena of development economics, local economic development and all related fields.

Over the past 33 years, Urban-Econ has established itself as a leader in providing innovative, practical and sustainable solutions for economic development problems, in accordance with their client’s unique requirements.

Net operating income


Period March 2022 - February 2023

Gross income (ZAR) 6,240,031
Gross Expenses (ZAR) 4,111,419
Net Operating Income (ZAR) 2,128,611

*Please note that a discounted market related rental has been applied to the vacant areas and vacant parking for a seven month period to arrive at a Projected Gross Income. A full breakdown of the projected NOI is available upon signature of an NDA.



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.

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.

PJ Muller +27 (0) 82 888 0828
Kedibone Bolofo +27 (0) 83 988 1740



Pepler Sandri +27 (0) 82 445 5496
Thabiso Malibeng +27 (0) 79 183 1153



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.