Waterfall View & Crescent

Mahai Close |  Vorna Valley | Midrand  | 1686

Price on Application



Investment highlights

  • Sectional title office block scheme, comprising of 12 sectional title units in four distinct office blocks with a total combined GLA of 2,416 sqm

  • Multi-tenanted with a current occupancy level of approximately 58%

  • Securely located within the sought-after Waterfall node of Midrand

  • Convenient access via the Allandale Interchange, located on the N1 highway.

  • Value-add opportunity for judicious leasing strategy implementation and execution.

  • First year’s forward Net Operating Income for the period 1 March 2022 to 28 February 2023 of approximately R1 million


The sectional title development is located in a short cul-de-sac (Mahai Close) in the secure Waterfall Park business estate. The property is accessible via Howick Close and Mac Mac Road which feeds into Waterfall Park off Bekker Road.

Waterfall Park is located within close proximity to the newly developed Waterfall Precinct and the Mall of Africa, offering convenient access to retail, healthcare and transport amenities. Access to the node is facilitated via the Allendale Interchange, located on the N1 highway. The node itself has and continues to exhibit strong demand, with notable capital-inflows and development. A trend of premium retailers and multinational corporates establishing their operations within the node is expected to continue, supported by infrastructure upgrades and residential development.


Waterfall View consists of four office blocks, each double storey with basement parking. The buildings have vivid red face-brick facades with contrasting white plaster bands and window reveals along with high-pitch roofs and balconies.

The property is multi-tenanted, with Cash Processing Solutions occupying the largest portion, 35% (854 sqm), of the total office area. Other tenants occupy a collective 558 sqm of the total office area and include Skin & Ko, Olee Telecom Solutions and IPAS. The current office vacancy is 735 sqm, while a tenant occupying 166.22 sqm is undergoing an eviction due to non-payment.


Zoning and Title Deed Information

Property: Sections 3, 4, 5 and Sections 8 to 16 Waterfall View situated on Portion 1 and The Remainder of Erf 1839 Vorna Valley Ext 21

Title Deed Number: ST50768/2011

Registered Owner: The Gauteng Employees Pension Fund

Local Authority: City of Johannesburg Metropolitan Municipality

Extent: 3,056 sqm

Zoning: Special

Height Restriction: 3 Storeys

Coverage: 40%


Building Lines: 5m along all boundaries

Parking Requirements: As per scheme clauses

*Please note an open Sectional Title Register is to be confirmed.

Rentable Areas

Use Use Size (Sqm) / Bays
Office 2,416
Total 2,416
Open 34
Shade 5
Covered 46
Basement 9
Total 94
Storeroom 1 12
Storeroom 2 16
Storeroom 3 27.78
Storeroom 4 17
Total 72.78



Sections being sold  Size (Sqm)
Sections 3 314
Sections 4 151
Sections 5 151
Sections 8 150
Sections 9 92
Sections 10 194
Sections 11 186
Sections 12 190
Sections 13 173
Sections 14 231
Sections 15 157
Sections 16 220
Total 2,209



Tenancy and covenant

Tenant: Cash Processing Solutions (Pty) Ltd

  • Area: 884 sqm (688 sqm per the main lease and an additional lease for 196 sqm)
  • Lease term: The main lease commenced on 1 June 2020, expiring on 31 May 2023. The additional lease commenced on 1 February 2021, expiring on 31 May 2023.
  • Rent: R72,428 per month
  • Escalation: 7% per annum

Tenant: Skin & Ko International (Pty) Ltd

  • Area: 166 sqm
  • Lease term: Commenced on 1 June 2019, expiring on 31 May 2022. Currently concluding a lease addendum to extend their lease for 6 months to qualify for COVID19 Deferments offered to them during the hard lockdown period.
  • Rent: R15,443.32 per month
  • Escalation: 8% per annum

Tenant: Olee Telecom Solutions (Pty) Ltd

  • Area: 196 sqm
  • Lease term: Commenced on 1 August 2018, expired on 31 July. Currently let on a month-to-month basis, renewal process underway.
  • 2020. Currently let on a month-to-month basis.
  • Rent: R17, 358 per month
  • Escalation: 8% per annum 

Tenant: IPAS South Africa NPC

  • Area: 196 sqm
  • Lease term: The lease commenced on 1 January 2021, expiring on 31 December 2021. This is a new tenant which took occupation on a one-year lease in January 2021, renewal negotiations underway.
  • Rent: Current rental of R12,932 per month
  • Escalation: Escalation for renewal budgeted at 6%

Cash Processing Solutions

Cash Processing Solutions (Pty) Ltd (CPS) is the local arm of Cash Processing Solutions Limited, headquartered in the United Kingdom. CPS has 18 offices in different locations across the globe.

CPS provides complete cash centre consultancy, data & software solutions and sorting machines, supported by a global service team, to central banks, commercial processors and retailers as well as single note inspection systems to banknote printworks, across the world.

The CPS customer base spans across more than 100 countries and is supported by over 300 service personnel employed around the world.

Skin & Ko International

Skin and Ko (Pty) Ltd is a professional distributor of luxury imported skin care products, and has been operating in the aesthetics and health and wellness sectors for over 30 years.

Olee Telecom Solutions

Olee Telecom Solutions (Pty) Ltd develops Mobile Applications (iOS/Blackberry/Windows/Android) for Private and Public Sector. Olee also provides consultancy services related to Mobile Strategy, BYOD Enterprise Solutions, Big Data Analytics, Location-based Mobile Advertising Solutions, App Monetization Strategies , Mobile Data Services and Mobile Point of Sale (mPOS).

IPAS South Africa

IPAS is a Non-Profit Company (NPC) that has partnered with the health departments in two provinces, Gauteng and Limpopo, with the mission of increasing women’s access to safe, high-quality abortion. Ipas South Africa also works with partners to advocate for public commitment to legal, accessible abortion.

Net operating income


Period March 22 to February 23  
Gross income (ZAR) 3 024 774.70
Gross Expenses (ZAR) 2 012 915.59
Net Operating Income (ZAR) 1 011 859.11

*The cashflow summary assumed a 3 to 5 month vacancy period, at a reduced rental.




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 PJ.Muller@empactgroup.co.za +27 (0) 82 888 0828
Kedibone Bolofo Kedibone.Bolofo@empactgroup.co.za +27 (0) 83 988 1740



Pepler Sandri pepler.sandri@eu.jll.com +27 (0) 82 445 5496
Thabiso Malibeng thabiso.malibeng@eu.jll.com +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.