Thandanani West

7 Matuka Close | Halfway Gardens | Midrand | 1686

Price on Application

LETTER OF INTEREST DEADLINE 07 OCTOBER 2021

PRIVATE TENDER CLOSED

Investment highlights

  • Vacant office investment opportunity, with a GLA of 2,882 sqm

  • Well situated in Halfway Gardens, in close proximity to several amenities

  • Convenient access and proximity to the N1 highway

  • Excellent opportunity for an owner-occupier looking to purchase a corporate headquarters in Midrand

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Location

The property is located at 7 Matuka Close, in Halfway Gardens, Midrand. The surrounding suburbs include Midridge Park, Halfway Gardens Estate and Carlswald. The N1 national highway runs just to the east of the property.

Description

The site is situated in Matuka Close, a cul-de-sac which is accessed via Invicta Road. Invicta Road connects to 6th Road which joins the busy New Road.

The node itself is established with major road networks, various types of residential properties and commercial amenities in the immediate vicinity. Carlswald Lifestyle Shopping Centre, San Ridge Square and the recently revamped Engen Big Bird 1-Stop are in close proximity to the property.

The office site is located at the end of the cul-de-sac, backing onto New Road. The property offers two separate office blocks, both of which are two storeys. The main entrance leads into the parking area and gardens.

The layout of the offices varies with open plan partitioned configurations. Each floor comes with ablution facilities.

There is parking to the rear of the property and partially below the buildings. The parking area is currently let by the adjacent car dealership.

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Zoning and Title Deed Information

Erf: 397 Erand Gardens Extension 49

Tenure: Freehold

Registered Owner: The Government Employees Pension Fund

Title Deed number: T160968/2007

Local Authority: City of Johannesburg

Extent: 8,078 sqm

Zoning certificate not on file.

Rentable Areas

Use Use Size (Sqm) / Bays
Office 2,882
Total 2,882
Parking  
Basement 15
Shade 36
Open 15
Total 66

 

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Tenancy

The buildings are 100% vacant. The neighbouring car dealership, Lindsay Saker, does however rent parking on the premises on a month-to-month basis.

Parking rental:

  • Tenant: Lindsay Saker
  • Lease term: Month-to-month lease commencing on 1 November 2019
  • Rent:
    • Basement Parking: 48 parking bays @ R500/bay/month
    • Covered Parking: 54 parking bays @ R400/bay/month

Forecasted monthly rates and taxes expense

 

Starting March 2022  
Rates and Taxes   R45,162.86

 

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VAT

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.

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    
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.