Illovo Luxury Apartment Hotel Sandton Modern Facilities - 28 Luxury Apartments
Max Executive Hotel - 5 Rivonia Road
Wednesday, 27 May 2020 @ 12h00 Houghton Golf Club – Osborn Road, Houghton, Johannesburg Warren Aronson | 082 529 1020 | [email protected]
Version 1: 1 April 2020 NT
Upmarket Modern Hotel (28 Luxury Apartments) – Illovo,
Sandton
Index
Disclaimer, Auction Information and Terms & Conditions Page 3
Property Images Page 4
Executive Summary & Key Investment Highlights Page 6
General Information Page 7
Locality Information Page 9
Property Description Page 11
Proposed Improvements – Artistic Impressions Page 14
Agreement Summary Page 16
Zoning Information Page 17
Surveyor Diagram Page 24
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Upmarket Modern Hotel (28 Luxury Apartments) – Illovo,
Sandton
Disclaimer, Auction Information and Terms & Conditions
Disclaimer Whilst all reasonable care has been taken to provide accurate information, neither Aucor Corporate (Pty) Ltd T/A Aucor Property nor the Seller/s guarantee the correctness of the information provided herein and neither will be held liable for any direct or indirect damages or loss, of whatsoever nature, suffered by any person as a result of errors or omissions in the information provided, whether due to negligence or otherwise of Aucor Corporate (Pty) Ltd T/A Aucor Property or the Seller/s or any other person.
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Auction Information Deposit 5% of bid price Commission 10% plus 15% VAT thereon of the bid price Confirmation period 2 Business Days
Rules of auction and conditions of sale are available at www.aucorproperty.co.za/
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Terms & Conditions R50 000 refundable deposit (strictly bank guaranteed cheque or cash transfer only). Bidders must provide original proof of identity and residence on registration. No cash will be accepted at the auction. No exceptions. All bids are exclusive of VAT. Aucor Property may bid up to reserve on behalf of the sellers. Subject to change without notification. Auctioneer: Pieter Geldenhuys.
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Upmarket Modern Hotel (28 Luxury Apartments) – Illovo,
Sandton
Property Images Exterior Images
Boundary lines are not drawn to scale and are drawn for illustrative purposes only.
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Upmarket Modern Hotel (28 Luxury Apartments) – Illovo,
Sandton
Property Images
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Upmarket Modern Hotel (28 Luxury Apartments) – Illovo,
Sandton
Property Images
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Upmarket Modern Hotel (28 Luxury Apartments) – Illovo,
Sandton
Executive Summary & Key Investment Highlights
Street Address: Max Executive Hotel - 5 Rivonia Road, Illovo GPS Coordinates: -26.1270, 28.0491
Registered Land Sizes: 2,898m² Residential 4' (See the zoning confirmation attached to this Zoning: brochure) Assessment Rates: To be verified
See from page 11 for full accommodation details Improvements on the subject property comprise a modern serviced accommodation complex hosting a triple storey building with a L- Accommodation: shaped footprint. The building features 28 serviced luxury apartments spread across 4 floors.
The property is let in terms of an agreement expiring on 31 July 2020. Occupation: See page 15 for details.
Upmarket, serviced luxury apartments complex in the trendy suburb of Illovo, Sandton
Centrally located and in close proximity to the economic hubs in neighbouring Rosebank, Hyde Park and Sandton City.
The Rosebank and Sandton Gautrain Stations are easily accessible from the subject property, allowing for optimal connectivity to the Key Investment Highlights: rest broader Gauteng City Region. Extensive refurbishments to the building, the furniture and equipment/installations on the subject property to undergo refurbishments by the tenant. Property to be sold "lock, stock and barrel", which will include an extensive list of assets including unique artworks, bespoke furniture and electronic equipment (LCD TV s, dishwashers, fridges, etc.)
By bidding on this property, the purchaser acknowledges that he has acquainted himself with the extent and the nature of the property he is buying, and that he accepts the property as such.
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Upmarket Modern Hotel (28 Luxury Apartments) – Illovo,
Sandton
General Information
Street Address Max Executive Hotel - 5 Rivonia Road, Illovo GPS Co-Ordinates -26.1270, 28.0491 ______Title Deed Information Title Deed Number T48921/2013 Registered Owner Readam S A (Pty) Ltd Title Deed Description Remaining Extent of Erf 105, Illovo Registered Land Size 2,898m² Title Deed Conditions A copy of the title deed is on hand and will be made available upon request. Servitudes By Notarial Deed K1344/1973, the property is subject to a servitude in perpetuity for sewer, water mains and other municipal purposes, five metres wide, in favour of the City of Johannesburg Metropolitan Municipality.
______Municipality Information Municipality City of Johannesburg Metropolitan Municipality Rates To be verified
______Town Planning Information Zoning 'Residential 4' (See the zoning confirmation attached to this brochure) Amendment Scheme 02-14177 Permitted Uses (per scheme*) "As per scheme - including places of refreshment, conference facilities, shops, spa and wellness centre and all ancillary and related uses to a hotel Coverage 40%/1,159.2m² Height Height Zone 0 - seven (7) storeys Floor Area Ratio 2.4/6,955.2m² provided that the retail floor area shall be limited to 150m² Building Lines As per scheme* Parking Requirements As per scheme* *City of Johannesburg Land Use Scheme. 2014
Material Disclosure: The purchaser will also be liable for bulk contribution costs of R2,514,527.32 payable to Council prior to transfer of the property in respect of the rezoning application completed by the Seller.
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Upmarket Modern Hotel (28 Luxury Apartments) – Illovo,
Sandton
Locality Information Macro Locality Max Executive Hotel is a fully serviced luxury accommodation complex situated in a prestigious commercial and residential suburb of Sandton in Johannesburg, known as Illovo. The suburb borders a node of affluent northern suburbs including Hyde Park, Sandhurst and Craighall Park. The site is situated on Rivonia Road and thus enjoys excellent exposure to vehicular traffic. The property is centrally located, with Rivonia Road being a major arterial road cutting through the area and connecting the locality to the economic hubs in nearby Rosebank, Melrose and the illustrious Sandton CBD. The apartments are close to a variety of trendy boutique stores and an assortment of leisure and entertainment activities in the aforementioned suburbs, as well. The Sandton and Rosebank Gautrain Stations, which connect the locality to the Greater Gauteng Region are easily accessible from the subject property. All major amenities are available in close proximity. GPS coordinates for the site are as follows: -26.1270, 28.0491
Sandton
Sandhurst
Hyde Park
Craighall Park N Image Data: Google, AfriGIS (Pty) Ltd, DigitalGlobe
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Upmarket Modern Hotel (28 Luxury Apartments) – Illovo,
Sandton
Locality LocalityInformation Information
Micro Locality
N Illovo
Parkmore
Sandhurst ImageData: Google, AfriGIS Ltd, (Pty) DigitalGlobe
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Upmarket Modern Hotel (28 Luxury Apartments) – Illovo,
Sandton
Locality PropertyInformation Description
Approximate Boundaries
N
Johannesburg GIS ImageData: City of
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Upmarket Modern Hotel (28 Luxury Apartments) – Illovo,
Sandton
Property Description
Accommodation Improvements on the subject property comprise a modern serviced accommodation complex hosting a triple storey building with a L-shaped footprint. The building features 28 serviced luxury apartments spread across 4 floors. The ground floor is configured to accommodate a reception/lobby area with back office support offices, from which a wine lounge serviced by a high-spec industrial kitchen can be accessed. The floor further hosts a meeting room and ablutions, as well as a fully functional laundry room. The smartly designed apartments feature spacious interiors and luxurious amenities. The apartment mix varies and has been configured in the following fashion: • 6 x Studio Apartments (includes 3 x Executive Studio units) • 19 Two-bedroom apartments, of which 3 are Executive Apartments and 1 is a Garden Apartment • 3 x Three-bedroom apartments
The bedrooms are characterized by an intelligent use of space and high-quality finishes and generally offer open plan living areas encompassing a full-spec kitchen, dining area, lounge and a study area. The bathrooms generally offer large showers with a luxury bath unit preferred in some units.
The possibility of extending the building by two floors has been explored. See pages 13-14 for artistic impressions of the proposed alterations. ______
Additional features Additional property features include the following: • The typical room includes a large working desk, an LCD TV with selected DSTV Channels, a fully kitted and equipped kitchen, washing machine & tumble dryer combo, a dishwasher, individually controlled air-conditioners, wireless internet and an electronic safe (amenities may differ from one room to the next) • A single lift with a capacity of 630kg/8 persons • Free Wi-fi • CCTV surveillance system • Designated Server room • On-site laundry facility • 200KvA diesel generator • 2 x JoJo water tanks – part of rainwater harvesting system and connected to a borehole and is currently utilized as a part of the irrigation system in the landscaped areas and as back water supply • Centrally controlled air-conditioning in communal areas • Swimming pool • Extensive landscaped garden area
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Upmarket Modern Hotel (28 Luxury Apartments) – Illovo,
Sandton
Property Description
Construction The building is constructed of rendered and painted brick structural walls with an exposed, painted brick finish along the exterior façade. The roof is constructed of waterproofed concrete. ______
Finishes and Features Common areas and rooms are carefully designed to include a combination of ceramic tiles and wall-to-wall carpets. Walls are painted in warm colours combined with textured and 3D wallpaper. The ceilings feature a combination of suspension ceiling boards with designer and standard gypsum ceiling boards. Suspended lights and downlights are installed throughout the building. Decorative features such as paintings, photos, canvas images and plants are strategically located in and around the building. ______
Utilities Utilities are supplied by the City of Johannesburg Metropolitan Municipality. ______
Parking A total of 28 parking bays is available on-site. The split between covered and open parking bays can be summarized as follows: 24 x Covered parking bays (Stilt parking lot) 4 x Open parking bays ______
Occupation The property is offered with or without a leaseback option between the new owner and the operator of Max Executive Suites. ______
Inclusions All movables could be subject to a separate sale agreement should the property be sold without a leaseback option. An inventory list will be supplied upon our receipt thereof. ______
Condition The building appears to be in pristine condition and offers excellent curb appeal. We have not undertaken a structural survey of the buildings nor have we arranged for tests or inspections of the service installations, but these appear to be in working order.
By bidding on this property, the purchaser acknowledges that he has acquainted himself with the extent and the nature of the property he is buying and that he accepts the property as such.
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Upmarket Modern Hotel (28 Luxury Apartments) – Illovo,
Sandton
Proposed Improvements – Artistic Impressions
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Upmarket Modern Hotel (28 Luxury Apartments) – Illovo,
Sandton
Proposed Improvements – Artistic Impressions
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Upmarket Modern Hotel (28 Luxury Apartments) – Illovo,
Sandton
Agreement Summary
These agreement summaries should not be relied upon in isolation and should be read in conjunction with the executed agreement(s), copies of which are available to bona fide prospective purchasers upon request. ______Lease Agreement
Lessee Max Executive Suites (Pty) Ltd
Rentable Area 20 Parking Bays
Commencement Date 1 August 2016
Termination Date 31 July 2020
Renewal Period Not applicable
Escalation Rate 7%
Rental (excl VAT) R407,500 per month**
Key Clauses Variation of Main Agreement
1.1.1. By deleting paragraph 1.10 in its entirety and substituting it with the following: “duration” means a period of 4 years from the commencement date.” 1.1.2 By deleting paragraph 1.16 in its entirety and substituting it with the following: “the initial period” means 1 August 2016 to 31 July 2020 16.3.5 pay to the landlord any and all deposits held and payments received by it, in respect of the business conducted by it, for guests who will be in occupation of any designated area of the premises at any time after 31 July 2020 16.3.7 at its own cost, restore the premises, the property, the equipment, the FF & E and the appurtenances to the same standard and condition as they were in when handed over to the tenant as at the commencement date of the lease. ______
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Upmarket Modern Hotel (28 Luxury Apartments) – Illovo,
Sandton
Zoning Information
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Upmarket Modern Hotel (28 Luxury Apartments) – Illovo, Sandton
Zoning Information
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Upmarket Modern Hotel (28 Luxury Apartments) – Illovo, Sandton
Zoning Information
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Upmarket Modern Hotel (28 Luxury Apartments) – Illovo, Sandton
Zoning Information
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Upmarket Modern Hotel (28 Luxury Apartments) – Illovo, Sandton
Zoning Information
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Upmarket Modern Hotel (28 Luxury Apartments) – Illovo, Sandton
Zoning Information
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Upmarket Modern Hotel (28 Luxury Apartments) – Illovo, Sandton
Zoning Information
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Upmarket Modern Hotel (28 Luxury Apartments) – Illovo, Sandton
Surveyor General Diagram
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Upmarket Modern Hotel (28 Luxury Apartments) – Illovo, Sandton
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