Truchurch Building - Single tenant retail centre

265 Helen Joseph Street | Pretoria Central | Pretoria | 0002

Price on Application



Investment highlights

  • Opportunity to acquire a well-established retail asset  in the heart of the Tshwane CBD

  • Fully let to a blue-chip tenant, Truworths Limited

  • Unexpired lease term of 22 months

  • Anchor tenant has exercised the first of two possible five-year lease extensions

  • Easy access to several prominent amenities in the immediate vicinity

  • Forecasted first year’s forward Net Operating Income of approximately R9.7 million



Truchurch is situated on Helen Joseph Street, a partially pedestrianized street in Pretoria's CBD. The immediate vicinity is a relatively established commercial node with some residential apartments and continues to be one of the most active nodes of the Pretoria CBD because of its large daily passing trade and foot traffic.

The main entrance to the property is on Helen Joseph Street which is situated parallel to Madiba Street and Pretorius Street. There is a secondary entrance at the rear of the building via a retail arcade leading to Pick n Pay.

The property is surrounded by several commercial businesses, government institutions and educational institutions including; The Department of Basic Education, The Department of Labour, National Treasury of South Africa, Rosebank College Pretoria Campus, Tshwane University of Technology Arcadia campus, Damelin Pretoria Campus, Denver Technical College and the Kruger Museum.


The property benefits from high levels of footfall that is primarily driven by two dominant factors; the presence of several educational institutions as well as a good public transport system in this area with buses, railways and taxis serving the area.

The Truchurch retail unit measures 5,497 sq.m of gross leasable area (GLA). The property is currently 100% occupied with anchor tenant Truworths Limited. Truworths Limited has exercised the first of two 5 (five) year lease extensions options, with the current lease expiring on 31 July 2023. The second extension, if exercised, has a lease expiration on 31 July 2028. Truworths and the owners are preemptively considering a revised lease renewal proposal which can be shared with prospective purchasers upon signature of an NDA.

The property offers a retail store, offices and storage. The retail store is split between two floors, with the Truworths men’s department on the First Floor. The building offers three floors with a fourth partial floor.

The building structure is made up of a concrete roof, plastered and painted brick superstructure walling with steel frame windows. The unit’s floor coverings include tiles and carpet.


Zoning and Title Deed Information

Erf: 3115 Pretoria

Tenure: Freehold

Registered Owner: Government Employees Pension Fund

Title Deed Number: T22547/2011

Local Authority: City of Tshwane Metropolitan Municipality

Extent: 2,119 sqm

Zoning: General Business

Floor Area Ratio: 6.0

Coverage: 80%

Height: 32m

Rentable Areas

GLA  Area (sqm)
Shop 5,497



Competing retail centres

Competing centre  Distance from Truchurch Size (sqm)
Sammy Marks Square 0.6 km 35,419
Bloed Mall 1.3 km 22,000
Sunarcadia Shopping Centre 1.6 km 10,343
Belle Ombre Plaza 1.7 km 8,284


Tenancy and anchor convenant

Tenant: Truworths

GLA: 5,497 sqm

Lease Start: 01 August 2018

Lease Period: 5 years

Lease End: 31 July 2023

Current Monthly Lease Rent: R 834,314.20 (R 151.78/sqm)

Rental Escalation: 8% 

Truworths International Limited is an investment holding and management company. The Company’s segments include Truworths and Office. The Truworths business operates primarily in South Africa and has a retail presence in approximately eight other African countries. The Office segment operates principally in the United Kingdom, with a store base in Germany and the Republic of Ireland. The Company is a fashion apparel retailer in South Africa.


Net operating income


Period March 2022 - February 2023  
Gross income (ZAR) 14,626,492
Gross Expenses (ZAR) 4,957,161
Net Operating Income (ZAR) 9,669,330

A full breakdown of the projected NOI is available upon signature of an NDA, along with tenancy schedules, rent rolls and plans where available.

Value-Add Opportunities

The property has potential value-add opportunities due to the current building being dated, with large storage areas. The exists an opportunity to redevelop the current building and convert current storage areas into potential additional retail/office space.


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.