277 Madiba Street | Pretoria | 0002
12 Storey office building with fully let high street retail
Possible conversion for office component
Attractive basement parking
Projected Net Operating income for the period 1 July 2023 to 30 June 2024 of approximately R5,3 million (including a projection for the vacant offices)
The subject property is situated on the south-eastern corner of Madiba and Queen Streets in a prime spot in the Pretoria CBD. Madiba Street is an arterial west-to-east-one-way road and Queen Street links Church Street (now Helen Joseph Street) in the south with Madiba Street to the north. Both Queen and Church Streets have been pedestrianised and there are a number of informal traders lining Church Street. The erf directly to the east is used for parking purposes. Sammy Marks Square, Standard Bank Centre, Edgars Centre, Jetmart Centre and Mosque Plaza are all within the immediate vicinity of the subject property. All amenities such as primary, secondary and tertiary educational institutions, churches, shopping centres, police and fire stations are withing convenient reach of the subject property.
The Pretoria CBD has good access to freeways and main roads such as the N1, M1 and the N4. Public transport, in the form of busses and minibus taxis, serve the area on main arterials. The neighbouring properties mainly comprise of similar type developments offering ground floor retail with office above.
The property is level with the natural fall of the land being moderately downwards to Madiba Street. It is rectangular shaped with the street facing northern boundary along Madiba Street measuring approx. 48m.
Improvements comprise of a fourteen-storey, commercial building with double parking basement. The ground floor consists of retail accommodation incorporating three shops of which two have lower-level basement storage. Two of the shops (Capitec Bank and Fair Price) front onto Madiba Street with the remaining clothing retailer having frontage onto Queen Street.
The primary entrance to the office tower lobby is from Queen Street with vehicular access into the basement parking along the southern boundary, also from Queen Street. The intermediate (mezzanine) floor has the largest footprint with floors 1 to 12 above being square shaped and all having a similar layout. Access to the upper floors is via four 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.
Floor coverings are ceramic tiles and carpets and there is central air-conditioning as well as split units servicing the offices. The roof is a waterproofed concrete slab.
The accommodation is in a good state of repair and could be utilised for commercial tenants alternatively one could look to do a residential conversion here.
Title Deed and Zoning Information
Title Deed Number: T153529/2002
Legal Description: Remaining Extent of Portion 1 of Erf 286 Pretoria
Registered Owner: 277 Vermeulen Street Properties (Pty) Ltd
Local Authority: City of Tshwane Metropolitan
Extent: 1,542 sqm
Zoning: Business 1
Primary Uses: Business Buildings, Government Purposes, Retail Industry, Shops and Showrooms
Height Restriction: 10 Storeys
Parking: None indicated
Building Lines: 3,5m along street boundaries. 4,5m along other boundaries
Net operating income
FIRST YEAR NOI
Period July 2023 - June 2024
|Gross income (ZAR)||
8 227 878
|Gross Expenses (ZAR)||2 931 984|
|Net Operating Income (ZAR)||
5 295 893
Based on 9 month projection of income at discounted rentals for the vacant space
*A full breakdown of the projected NOI is available upon signature of an NDA and access to the due diligence information.
Seller has been registered for VAT (Value Added Tax) and therefore VAT is payable by the Purchaser.
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
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