RETAIL INVESTMENT FOR SALE
BY GILLITTS SHOPPING CENTRE, 16 YORK AUCTION ROAD, GILLITTS, KWAZULU-NATAL
WEB#: AUCT-000344 | www.in2assets.com ADDRESS: Gillitts Shopping Centre, 16 York Road, Gillitts, Kwa-Zulu Natal AUCTION VENUE: The Durban Country Club, Isaiah Ntshangase Road, Durban AUCTION DATE & TIME: 06 December 2016 | 11h00 VIEWING: By Appointment CONTACT: Carl Kleinhans | 082 467 5664 | 031 574 7600 | [email protected] REGISTRATION FEE: R 50 000-00 (Refundable Bank Guaranteed Cheque) AUCTIONEER: Andrew Miller
The Rules of Auction can be viewed at www.In2assets.com or at Unit 504, 5th Floor, Strauss Daly Place, 41 Richefond Circle, Ridgeside Office Park, Umhlanga Ridge. Bidders must register to bid and provide original proof of identity and residence on registration. The Rules of Auction contain the registration requirements if you intend to bid on behalf of another person or an entity. The above property is subject to a reserve price and the sale by auction is subject to a right to bid by or on behalf of the owner or auctioneer.
CONTENTS GILLITTS SHOPPING CENTRE, 16 YORK ROAD, GILLITTS, KWAZULU-NATAL 1318 Old North Coast Road, Avoca
CPA LETTER 2
PROPERTY DESCRIPTION 3
PROPERTY LOCATION 5
PICTURE GALLERY 6
ADDITIONAL INFORMATION 8
LETTER OF INTEREST 10
TERMS AND CONDITIONS 12
SG DIAGRAM 13
ZONING CERTIFICATE 16
SECTIONAL TITLE PLANS 18
BODY CORPORATE RULES 31
CERTIFICATE OF REAL RIGHT 35
TITLE DEED 38
DISCLAIMER: Whilst all reasonable care has been taken to provide accurate information, neither In2assets Properties (Pty) Ltd 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 the negligence or otherwise of In2assets Properties (Pty) Ltd or the Sellers or any other person. The Consumer Protection Regulations as well as the Rules of Auction can be viewed at www.In2assets.com or at Unit 504, 5th Floor, Strauss Daly Place, 41 Richefond Circle, Ridgeside Office Park, Umhlanga Ridge. Bidders must register to bid and provide original proof of identity and residence on registration.
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CPA LETTER GILLITTS SHOPPING CENTRE, 16 YORK ROAD, GILLITTS, KWAZULU-NATAL 1318 Old North Coast Road, Avoca
In light of the Consumer Protection Act which came into effect on 1 April 2011, In2Assets would like to offer you, our valued client, the opportunity to pre-register as a bidder prior to the auction day.
South African consumers are now amongst the best protected consumers in the world and the purpose of the Act is to promote fair business practices and to protect consumers against deceptive, misleading, unfair or fraudulent conduct.
It is compulsory that all Bidders are required to present the following documentation in order to register at our auctions (without which registration cannot take place):
1. SA Identity Document;
2. Utility bill addressed to your physical address (not older than 3 months);
3. In the event of you bidding on behalf of a company, trust or close corporation in your capacity as director, trustee or member respectively, you are required to submit a letter on the Entity’s official letterhead authorizing you to bid, sign all necessary documents and effect transfer on behalf of the Entity which must be accompanied by a certified copy of the resolution by the directors, trustees or members of the entity authorizing you to do so.
4. A special Power of Attorney is required should you be bidding on behalf of another person which must expressly authorize you to bid on behalf of that person and must include a certified copy of that person’s SA Identity Document and proof of that person’s residential address not being older than 3 months.
5. Copy of Entity’s FICA Documents
6. Vat Registration Certificate
7. Income Tax Reference Number and proof of marital status
We would like to offer you an opportunity to register prior to the auction in order to avoid the time-consuming registration process as we endeavor to make this process as hassle free and efficient as possible.
Should you require any further assistance or have any questions or queries, please do not hesitate to contact us.
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PROPERTY GILLITTS SHOPPING CENTRE, 16 YORK ROAD, GILLITTS, KWAZULU-NATAL 1318DESCRIPTION Old North Coast Road, Avoca
General
Property Address Gillitts Shopping Centre, 16 York Road Township & Province: Gillitts, KwaZulu-Natal
Title deed information – Property 1-11
Scheme Title Deed Unit Scheme Name Registered Owner Extent Number/Year Number 1 SS Gillitts Shopping Centre 682/1995 ST59616/2008 Capstone 1597 CC 402 m² 2 SS Gillitts Shopping Centre 682/1995 ST59616/2008 Capstone 1597 CC 2 m² 3 SS Gillitts Shopping Centre 682/1995 ST59616/2008 Capstone 1597 CC 80 m² 4 SS Gillitts Shopping Centre 682/1995 ST59616/2008 Capstone 1597 CC 398 m² 5 SS Gillitts Shopping Centre 682/1995 ST59616/2008 Capstone 1597 CC 306 m² 6 SS Gillitts Shopping Centre 682/1995 ST59616/2008 Capstone 1597 CC 13 m² 7 SS Gillitts Shopping Centre 682/1995 ST59616/2008 Capstone 1597 CC 14 m² 8 SS Gillitts Shopping Centre 682/1995 ST59616/2008 Capstone 1597 CC 7 m² 22 SS Gillitts Shopping Centre 682/1995 ST59616/2008 Capstone 1597 CC 14 m² 23 SS Gillitts Shopping Centre 682/1995 ST59616/2008 Capstone 1597 CC 28 m² 31 SS Gillitts Shopping Centre 682/1995 ST59616/2008 Capstone 1597 CC 758 m²
Title deed information – Property 12-17 Exclusive Use Scheme Title Deed Scheme Name Registered Owner Extent Area Number/Year Number Garden Area (G1) SS Gillitts Shopping Centre 682/1995 SK5011/2008S Capstone 1597 CC 2000 m² Garden Area (G2) SS Gillitts Shopping Centre 682/1995 SK5010/2008S Capstone 1597 CC 80 m² Yard Area (Y1) SS Gillitts Shopping Centre 682/1995 SK5010/2008S Capstone 1597 CC 34 m² Yard Area (Y2) SS Gillitts Shopping Centre 682/1995 SK5011/2008S Capstone 1597 CC 418 m² Yard Area (Y3) SS Gillitts Shopping Centre 682/1995 SK5011/2008S Capstone 1597 CC 150 m² Yard Area (Y4) SS Gillitts Shopping Centre 682/1995 SK5011/2008S Capstone 1597 CC 546 m²
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PROPERTY GILLITTS SHOPPING CENTRE, 16 YORK ROAD, GILLITTS, KWAZULU-NATAL 1318DESCRIPTION Old North Coast Road, Avoca (continued)
Title deed information – Property 18
Notarial Cession of Real Right No: SK5009/2008 Registered Owner: Capstone 1597 CC Property Description: All the undermentioned Development Rights to erect and complete from time to time within a period of 25 (Twenty Five) years building or buildings in terms of Section 25(1) (a) of the Sectional Titles Act in the scheme known as GILLITTS SHOPPING CENTRE in respect of the land and building or buildings situated at GILLITTS, In the KwaZulu Natal Metropolitan Area, as shown on Sectional Plan No. SS 682/95 approximately 1 720 m². In Extent: 1 720 m²
All of which erected on: Portion 3 of the Farm Fenwick No. 14843
Municipal information
The local authority in which the property is situated is the eThekwini Municipality. According to the permitted zoning scheme the parent property is zoned as follows:
Town Planning Information
Zoning: General Commercial 1 FAR: 0.40 Coverage: 20 % Height: 2 Storeys Front: 7.5m Side: 3m Rear: 3m Parking: Depends on use
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PROPERTY GILLITTS SHOPPING CENTRE, 16 YORK ROAD, GILLITTS, KWAZULU-NATAL 1318LOCATION Old North Coast Road, Avoca
The subject units form part of a scheme known as “Gillitts Shopping Centre”. It is a mixed use type property comprising ground floor shops and some first floor residential units. The complex is situated at the heart of Gillitts, just east of the suburb of Hillcrest.
This area of Gillitts comprises of middle to upmarket freehold dwellings, offices, and retail complexes. Access to the property is off Clifton Road, which in turn links to Old Main Road, and then to the M13 Highway. Old Main Road is the main access road of Kloof.
Most amenities are situated within the immediate vicinity of the subject property. The area includes excellent schooling facilities such as Thomas Moore College, St Mary’s Diocesan and Kloof High School. The Wyebank Municipal Clinic is nearby and the Kloof Country Club is just south of the M13.
SUBJECT PROPERTY: Gillitts Shopping Centre, 16 York Road, Gillitts, KwaZulu-Natal
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PICTURE GILLITTS SHOPPING CENTRE, 16 YORK ROAD, GILLITTS, KWAZULU-NATAL 1318GALLERY Old North Coast Road, Avoca
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PICTURE GILLITTS SHOPPING CENTRE, 16 YORK ROAD, GILLITTS, KWAZULU-NATAL 1318GALLERY Old North Coast Road, Avoca (continued)
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ADDITIONAL GILLITTS SHOPPING CENTRE, 16 YORK ROAD, GILLITTS, KWAZULU-NATAL 1318INFORMATION Old North Coast Road, Avoca
Primary use
The sale consists of all 11 retail components of the fully tenanted Gillitts community Shopping Centre. The remaining sections are used for offices and are owned by other individuals.
There is a Real Right portion of land which is attached to the sale which will be ideal for either a community supermarket or a fast food drive-thru. Expressions of interest for both have been received from national retailers. G1, Y2, Y3 & Y4 are exclusive use areas for Section 31 G2 & Y1 are exclusive use areas for Section 5
Real Right to develop land of ±1 720 m²
Capstone 1597 CC, or its successor in title, holds in accordance with the Notarial Deed of Cession No. SK005009/08, a twenty five (25) year right to erect further building or buildings on the specified part of the common property. This means the real rights are valid until ____. These new buildings can be divided into sections as per the Gillitts Shopping Centre scheme shown on sectional plan SS682/95. The Real Right in respect to the subject properties is as follows:
This Real Right exists in front of the centre (next to the old gym) is a double storey structure which will be divided into 2 sections once completed: Section 32 on the ground floor which is 860m² and Section 33 above it, also 860m².
Pick ‘n Pay has provided an expression of interest to occupy up to 2000m² in the area. (See Annuexure)
Lease Details
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ADDITIONAL GILLITTS SHOPPING CENTRE, 16 YORK ROAD, GILLITTS, KWAZULU-NATAL 1318INFORMATION Old North Coast Road, Avoca (continued)
Comments: The above schedule & figures have been provided solely by the Seller. In2assets cannot verify the accuracy & correctness of the figures. As per the Seller – Brick Foundation has entered into a lease agreement 1 August 2017 until 31 July 2022. This lease agreement will be replacing Graham Norse Plant Hire. Copies of the lease agreements are available on request.
Recoveries
The Recoveries amount of R 103 104.90 includes the following:
Electricity Rates
Expenses
The assessment rates for the year 2016/2017:
Unit No Scheme Name Monthly Rates Annual Rates 1 SS Gillitts Shopping Centre R 5 287.50 R 63 450.00 2 SS Gillitts Shopping Centre R 5.95 R 71.40 3 SS Gillitts Shopping Centre R 1 372.50 R 16 470.00 4 SS Gillitts Shopping Centre R 5 287.50 R 63 450.00 5 SS Gillitts Shopping Centre R 4 230.00 R 50 760.00 6 SS Gillitts Shopping Centre R 20.83 R 249.96 7 SS Gillitts Shopping Centre R 21.82 R 261.84 8 SS Gillitts Shopping Centre R 10.91 R 130.92 22 SS Gillitts Shopping Centre R 21.82 R 261.84 23 SS Gillitts Shopping Centre R 562.50 R 6 750.00 31 SS Gillitts Shopping Centre R 9 112.50 R 109 350.00 R 25 933.83 R 311 205.96
The levy amounts to approximately R 49 900.00 per month.
Vat Status
The Seller is Vat registered – Option to Zero Rate
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LETTER OF GILLITTS SHOPPING CENTRE, 16 YORK ROAD, GILLITTS, KWAZULU-NATAL 1318INTEREST Old North Coast Road, Avoca
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LETTER OF GILLITTS SHOPPING CENTRE, 16 YORK ROAD, GILLITTS, KWAZULU-NATAL 1318INTEREST Old North Coast Road, Avoca (continued)
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TERMS & GILLITTS SHOPPING CENTRE, 16 YORK ROAD, GILLITTS, KWAZULU-NATAL 1318CONDITIONS Old North Coast Road, Avoca
If you are the successful bidder kindly note the following:
5% deposit payable by the Purchaser on the fall of the hammer 10% Auctioneers Commission payable by the Purchaser on the fall of the hammer 24 Hour Confirmation period – 07 December 2016 @ 17h00 45 Day Guarantee Period Possession on Registration of Transfer Electrical, Entomologist and Gas Certificates for the Sellers account Possession will be given on Registration of Cession of the Real Right
Kindly note for EFT & Cheque payments, the following applies:
Cheques need to be made out to In2assets Properties (Pty) Ltd
EFT Payments, our trust account banking details are as follows:
Bank Name : Standard Bank Account Name : In2assets Properties (Pty) Ltd Account No. : 050022032 Branch Name : Kingsmead Branch code : 040026
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SG DIAGRAM GILLITTS SHOPPING CENTRE, 16 YORK ROAD, GILLITTS, KWAZULU-NATAL 1318 Old North Coast Road, Avoca
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SG DIAGRAM GILLITTS SHOPPING CENTRE, 16 YORK
(continued) ROAD, GILLITTS, KWAZULU-NATAL 1318 Old North Coast Road, Avoca
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SG DIAGRAM GILLITTS SHOPPING CENTRE, 16 YORK
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ZONING GILLITTS SHOPPING CENTRE, 16 YORK ROAD, GILLITTS, KWAZULU-NATAL 1318CERTIFICATE Old North Coast Road, Avoca
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ZONING GILLITTS SHOPPING CENTRE, 16 YORK ROAD, GILLITTS, KWAZULU-NATAL 1318CERTIFICATE Old North Coast Road, Avoca
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SECTIONAL GILLITTS SHOPPING CENTRE, 16 YORK ROAD, GILLITTS, KWAZULU-NATAL 1318TITLE Old PLANSNorth Coast Road, Avoca
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SECTIONAL GILLITTS SHOPPING CENTRE, 16 YORK ROAD, GILLITTS, KWAZULU-NATAL 1318TITLE Old PLANSNorth Coast Road, Avoca
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SECTIONAL GILLITTS SHOPPING CENTRE, 16 YORK ROAD, GILLITTS, KWAZULU-NATAL 1318TITLE Old PLANSNorth Coast Road, Avoca
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SECTIONAL GILLITTS SHOPPING CENTRE, 16 YORK ROAD, GILLITTS, KWAZULU-NATAL 1318TITLE Old PLANSNorth Coast Road, Avoca
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SECTIONAL GILLITTS SHOPPING CENTRE, 16 YORK ROAD, GILLITTS, KWAZULU-NATAL 1318TITLE Old PLANSNorth Coast Road, Avoca
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SECTIONAL GILLITTS SHOPPING CENTRE, 16 YORK ROAD, GILLITTS, KWAZULU-NATAL 1318TITLE Old PLANSNorth Coast Road, Avoca
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SECTIONAL GILLITTS SHOPPING CENTRE, 16 YORK ROAD, GILLITTS, KWAZULU-NATAL 1318TITLE Old PLANSNorth Coast Road, Avoca
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SECTIONAL GILLITTS SHOPPING CENTRE, 16 YORK ROAD, GILLITTS, KWAZULU-NATAL 1318TITLE Old PLANSNorth Coast Road, Avoca
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SECTIONAL GILLITTS SHOPPING CENTRE, 16 YORK ROAD, GILLITTS, KWAZULU-NATAL 1318TITLE Old PLANSNorth Coast Road, Avoca
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SECTIONAL GILLITTS SHOPPING CENTRE, 16 YORK ROAD, GILLITTS, KWAZULU-NATAL 1318TITLE Old PLANSNorth Coast Road, Avoca
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SECTIONAL GILLITTS SHOPPING CENTRE, 16 YORK ROAD, GILLITTS, KWAZULU-NATAL 1318TITLE Old PLANSNorth Coast Road, Avoca
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SECTIONAL GILLITTS SHOPPING CENTRE, 16 YORK ROAD, GILLITTS, KWAZULU-NATAL 1318TITLE Old PLANSNorth Coast Road, Avoca
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SECTIONAL GILLITTS SHOPPING CENTRE, 16 YORK ROAD, GILLITTS, KWAZULU-NATAL 1318TITLE Old PLANSNorth Coast Road, Avoca
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BODY GILLITTS SHOPPING CENTRE, 16 YORK ROAD, GILLITTS, KWAZULU-NATAL 1318CORPORATE Old North Coast Road, Avoca RULES
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BODY GILLITTS SHOPPING CENTRE, 16 YORK ROAD, GILLITTS, KWAZULU-NATAL 1318CORPORATE Old North Coast Road, Avoca RULES
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BODY GILLITTS SHOPPING CENTRE, 16 YORK ROAD, GILLITTS, KWAZULU-NATAL 1318CORPORATE Old North Coast Road, Avoca RULES
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BODY GILLITTS SHOPPING CENTRE, 16 YORK ROAD, GILLITTS, KWAZULU-NATAL 1318CORPORATE Old North Coast Road, Avoca RULES
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CERTIFICATE OF GILLITTS SHOPPING CENTRE, 16 YORK ROAD, GILLITTS, KWAZULU-NATAL 1318REAL Old RIGHT North Coast Road, Avoca
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CERTIFICATE OF GILLITTS SHOPPING CENTRE, 16 YORK ROAD, GILLITTS, KWAZULU-NATAL 1318REAL Old RIGHT North Coast Road, Avoca
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CERTIFICATE OF GILLITTS SHOPPING CENTRE, 16 YORK ROAD, GILLITTS, KWAZULU-NATAL 1318REAL Old RIGHT North Coast Road, Avoca
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TITLE DEED GILLITTS SHOPPING CENTRE, 16 YORK ROAD, GILLITTS, KWAZULU-NATAL 1318 Old North Coast Road, Avoca
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TITLE DEED GILLITTS SHOPPING CENTRE, 16 YORK
(continued) ROAD, GILLITTS, KWAZULU-NATAL 1318 Old North Coast Road, Avoca
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TITLE DEED GILLITTS SHOPPING CENTRE, 16 YORK
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TITLE DEED GILLITTS SHOPPING CENTRE, 16 YORK (continued) ROAD, GILLITTS, KWAZULU-NATAL 1318 Old North Coast Road, Avoca
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TITLE DEED GILLITTS SHOPPING CENTRE, 16 YORK
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TITLE DEED GILLITTS SHOPPING CENTRE, 16 YORK
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TITLE DEED GILLITTS SHOPPING CENTRE, 16 YORK
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TITLE DEED GILLITTS SHOPPING CENTRE, 16 YORK
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TITLE DEED GILLITTS SHOPPING CENTRE, 16 YORK
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TITLE DEED GILLITTS SHOPPING CENTRE, 16 YORK
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TITLE DEED GILLITTS SHOPPING CENTRE, 16 YORK
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TITLE DEED GILLITTS SHOPPING CENTRE, 16 YORK
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TITLE DEED GILLITTS SHOPPING CENTRE, 16 YORK
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TITLE DEED GILLITTS SHOPPING CENTRE, 16 YORK
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TITLE DEED GILLITTS SHOPPING CENTRE, 16 YORK
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1318 Old North Coast Road, Avoca
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1318 Old North Coast Road, Avoca
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1318 Old North Coast Road, Avoca
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