705 Madiba Drive

Matsulu-A Income Generating Investment Opportunity Mpumalanga GLA – ±6,082.54m2 (Seller Supplied)

705 Madiba Drive

Tuesday, 25 August 2020 @ 12h00

Online Webcast Auction Lael Levy | 073 384 7714 | [email protected]

Draft Version 3: 6 August 2020 NvV Matsulu Spar Shopping Centre: Investment Opportunity – Matsulu-A, Mpumalanga

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 8

Property Description Page 10

Site Layout Plan Page 13

Projected Gross Annual Income Summary Page 14

Projected Gross Annual Income Page 15

Rental Summary Page 16

Lease Summaries Page 17

Rates Statement Page 25

Zoning Information Page 26

Surveyor General Diagram Page 28

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Matsulu Spar Shopping Centre: Investment Opportunity – Matsulu-A, Mpumalanga

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.

______

Auction Information Deposit 5% of the bid price Commission 10% plus 15% VAT thereon of the bid price Confirmation period 7 Days

Rules of auction and conditions of sale are available at www.aucorproperty.co.za/

______

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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Matsulu Spar Shopping Centre: Investment Opportunity – Matsulu-A, Mpumalanga

Property Images Aerial Image

lustrative purposes only. only. purposes lustrative are drawn for il for drawn are Boundary lines are not to scale and and scale to not are lines Boundary

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Matsulu Spar Shopping Centre: Investment Opportunity – Matsulu-A, Mpumalanga

Property Images

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Matsulu Spar Shopping Centre: Investment Opportunity – Matsulu-A, Mpumalanga

Executive Summary & Key Investment Highlights Matsulu Spar Shopping Centre: 704 Madiba Dr - Matsulu-A, Street Address: Mpumalanga

GPS Coordinates: -25.5189, 31.3538

Registered Land Size: 1.1003ha/11,003m² Zoning: 'Business' - see a copy of the zoning certificate attached to this brochure. Assessment Rates: R 51,069.60 per month - excluding consumption charges and city levies.

See from page 11 for full accommodation details: The improvements on the subject property comprise of a convenience shopping centre currently configured to host approximately 20 units of varying sizes and configuration. The units have been organized to form a U-shaped footprint and offer a Accommodation: total gross lettable area of ± 6,086.54m². The building features covered walkways along the shop front extents. Each of the units are accessible from the exclusive and enclosed parking yard, accessible from a primary access gate located on Madiba Drive. Approx. Total Gross Lettable Area: ±6,082.54m² (Seller supplied)

The property is multi-let with ongoing lease agreements in place. Occupation: See from page 14 for details.

Situated in the bustling, primary trading node of Matsulu-A, situated between Mbombela and Malalane. Prime location along the main area arterial, being Madiba Drive, which provides ease of access to the nearby N4-highway.

Key Investment Highlights: Strong income generating capacity, supported by various national tenants and anchored by Spar.

Ideal investment property with a Projected Gross Annual Income of ±R8,795,284 in the first year of ownership (contractual inflows only and excluding recoverable expenses).

Unless otherwise stated, all movables and tenant installed Exclusions: equipment (air-conditioning units, generators, etc.) are excluded from the sale of this property.

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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Matsulu Spar Shopping Centre: Investment Opportunity – Matsulu-A, Mpumalanga

General Information Street Address Matsulu Spar Shopping Centre: 704 Madiba Dr - Matsulu-A, Mpumalanga GPS Coordinates -25.5189, 31.3538 ______Title Deed Information Title Deed Number T11584/2015 Registered Owner Arrowhead Properties (Pty) Ltd Title Deed Description Erf 2039, Matsulu-A, Mpumalanga Registered Land Size 1.1003ha/11,003m² Title Deed Conditions A copy of the Title Deed is on hand and will be made available to bona fide prospective purchasers upon request thereof. Servitudes The erf is subject to servitudes 3m wide (along street boundary), 2m wide (along rear / mid-block boundary) and a servitude along the side boundaries with an aggregate width of 3m and a minimum width of 1m, in favour of the local municipality for sewerage and other municipal purposes. ______Municipality Information Municipality City of Mbombela Metropolitan Municipality Rates Excluding consumption charges and city levies. Based on the Tax Invoice as issued by Council for the June 2020 billing period - see a copy attached to this brochure for these and other charges. 2019 / 2020 Municipal Rates 2019 / 20 Annual Exclusion Rebate 2019 / 2020 Tariff Monthly Rates Valuation Category Rates (Annual ÷12) R 39 360 000 Business N/A N/A 0,0155700 R 612 835,20 R 51 069,60 ______Zoning Information Zoning (per scheme*) 'Business' - see a copy of the zoning certificate attached to this brochure. Permitted Uses (per zoning) "Places of refreshment, hotels, shops, dwelling units, residential buildings, places of public worship, place of instruction, social halls, dry cleaners and offices" Consent Use N/A Height Three (3) storeys Floor Area Ratio 2,0 (places of refreshment, hotels, social halls, dry cleaners and offices); 1,5 (shops); 1,6 (dwelling units); 1,8 (residential buildings) Coverage 80% (places of refreshment, hotels, social halls, dry cleaners and offices); 60% (shops, dwelling units, residential buildings); 75% (places of public worship and/or instruction) Density 1 dwelling unit per 300m²-500m² (20-33 dwelling units / ha) Building Lines 5m street boundary; 2m all other boundaries Parking & Loading Requirements Varying based on land use - as per attached zoning certificate * Nelspruit Town Planning Scheme, 1989 - a copy is on hand and will be made available upon request thereof.

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Matsulu Spar Shopping Centre: Investment Opportunity – Matsulu-A, Mpumalanga

Locality Information Macro Locality The subject erf is advantageously located along Madiba Drive in the bustling township of Matsulu-A, the south-eastern section of the greater Matsulu township. Matsulu is a township in the Mbombela Municipality under the Ehlanzeni District Municipality in the Mpumalanga province of South Africa. It lies next to the N4 national road, 41 km east of Nelspruit (Mbombela) CBD, 3 km before the Kaapmuiden train station and approximately 23km west of Malalane. The immediate locality of the subject property is characterised by a mixed use character, ranging from low density residential dwellings to institutions such as the Matsulu Public Library and a number of primary and secondary schools. The property is advantageously located along Madiba Drive, which is the main arterial providing access to the greater Matsulu township from the N4 highway, as well as being the primary internal arterial connecting the east to the west of the greater Matsulu. The proximity to the N4 highway provides ease of access to nearby towns such as Mbombela and Malalane and their wide ranges of service offerings. In addition, it provides ease of access to the nearby Kruger National Park, as well as Mozambique via the Lebombo Border Post. The site is connected to all major municipal services with all general amenities available in the area and/or nearby towns. GPS coordinates for the site are as follows: -25.5189, 31.3538.

Kaapmuiden

Image Data: Google, AfriGIS (Pty) Ltd, DigitalGlobe

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Matsulu Spar Shopping Centre: Investment Opportunity – Matsulu-A, Mpumalanga

Locality LocalityInformation Information Micro Locality

Nkomazi Plaza Toll

Image Data: Google, AfriGIS (Pty) Ltd, DigitalGlobe Ltd, (Pty) AfriGIS Google, Data: Image

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Matsulu Spar Shopping Centre: Investment Opportunity – Matsulu-A, Mpumalanga

Locality PropertyInformation Description Approximate Boundaries

Spatial Data Spatial

lines may seem distorted due to the the to due distorted seem may lines

CSG CSG

Note boundary boundary Note at. taken were they which at angle photographic

Image Data: Data: Image Mapviewer

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Matsulu Spar Shopping Centre: Investment Opportunity – Matsulu-A, Mpumalanga

Property Description

Accommodation See the site layout plan on page 13. The improvements on the subject property comprise of a convenience shopping centre currently configured to host approximately 20 units of varying sizes and configuration. The units have been organized to form a U-shaped footprint and offer a total gross lettable area of ± 6,086.54m².

The building features covered walkways along the shop front extents. Each of the units are accessible from the exclusive and enclosed parking yard, accessible from a primary access gate located on Madiba Drive.

The building is currently configured to accommodate 20 tenants; however, the configuration and design of the units allow for simple reconfiguration into a more suitable unit mix as may be dictated by future strategic objectives.

Units predominantly include a retail trading component (open floor plan) with some units that include partitioned sections to create smaller units for various tenant specific purposes such as (but not limited to) fitting rooms, offices, kitchenettes, etc. The building includes public ablutions, accessible via a steel security gate from the parking yard. ______Additional Features The building and/or units include the following additional features: • Various safety features (cameras, burglar bars, steel gates and/or roller shutter doors fitted to some units) and fire equipment (fire extinguishers and hoses); • Extensive covered walkways lining the entire yard-facing façade of the building; • Additional fittings to some units such as split unit air conditioning – ownership to be verified; • Public ablution facilities with security gate; • Various roller shutter doors fitted to units; • Sufficient maneuvering space for delivery vehicles; • Lower ground delivery area for Spar and Build It along Senator Street (eastern building perimeter); • Massive enclosed yard with ample parking.

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Matsulu Spar Shopping Centre: Investment Opportunity – Matsulu-A, Mpumalanga

Property Description

Construction The building is constructed of a combination of exposed face brick with rendered and painted wall colums in between units, as well as rendered and painted sections above the covered walkway structure. Shopfronts feature a combination of steel and aluminium framed glass windows and doors, with roller-shutter doors fitted to some of the unit entrances for additional security purposes. The building is topped with a slightly sloped roof of IBR roof sheets. ______Fixtures and Finishes The different units and sections have been purposefully configured and finished to the relevant tenant’s specifications and requirements to optimally accommodate the different tenant specialties and services. ______Utilities All utilities are supplied by the City of Mbombela Municipality and are recovered from the tenants on a monthly basis. ______Gross Lettable Areas ±6,086.54m² (Seller supplied) ______Parking ±110 open visitors parking bays ______Perimeter The property is bounded by means of painted palisade fencing along the Madiba Drive street fronts, fitted with a primary access gate in Madiba Drive. ______Yard The undeveloped yard is mostly utilized for driving, maneuvering and parking purposes and is predominantly covered with interlocked brick paving throughout. ______Occupation The property is multi-tenanted with ongoing lease agreements in place. See from page 16 for details. ______Condition The buildings appear to be in a generally good condition with ongoing repairs and maintenance required. No structural survey of the buildings has been undertaken nor have tests or inspections of service installations been arranged.

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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Matsulu Spar Shopping Centre: Investment Opportunity – Matsulu-A, Mpumalanga

Site Layout Plan

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Matsulu Spar Shopping Centre: Investment Opportunity – Matsulu-A, Mpumalanga

Projected Gross Annual Income - Summary

Contractual Cashflow Projections - November 2020 to October 2021 Approx. Area / Folio No. Item / Tenant Start Date Expiry Date Esc Basic Rent Total Units

Retail Rental ATM1 ABSA Bank Ltd 01/01/2017 31/12/2021 8,0% R 487,41 6 R 37 433,09 ATM2 Capitec Bank Ltd 01/01/2020 31/12/2020 7,0% R 534,29 6 R 40 712,64 Shop 1 Sameer Moosa Trading 01/09/2018 28/02/2021 10,0% R 90,75 141 R 163 785,60 Shop 2 Sameer Moosa Trading 01/03/2018 28/02/2021 10,0% R 90,75 123 R 142 876,80 Shop 3 Drop Zone Laundromat CC 01/03/2019 28/02/2022 8,0% R 178,20 42,2 R 95 053,31 Shop 4 Private Individual 1 01/03/2018 31/12/2021 10,0% R 90,75 52 R 61 347,00 Shop 5 Private Individual 2 01/03/2019 28/02/2022 8,0% R 215,78 71,41 R 201 033,67 Shop 6 Private Individual 3 01/10/2017 30/09/2022 10,0% R 163,35 191 R 415 270,00 Shop 7 Private Individual 2 01/03/2019 28/02/2022 8,0% R 215,78 97,65 R 274 904,74 Shop 8 Sakhumbuso Comprehensive Clinic 01/06/2020 31/05/2023 10,0% R 106,48 72 R 95 832,00 Shop 9 Sameer Moosa Trading 01/06/2019 31/05/2022 8,0% R 227,85 82 R 231 681,60 Shop 10 Godey Gacalo Traders CC 01/09/2016 31/08/2021 8,0% R 153,65 150,28 R 301 248,16 Shop 11 Vacant N/A N/A N/A R - 350 R - Shop 12 PEP 01/05/2020 30/04/2022 54 5,0% R 117,75 R 509 180,44 Shop 13 PEP 01/05/2020 30/04/2022 299 Shop 14 The Spar Group Ltd 01/10/2011 30/09/2021 7,0% R 111,68 2378 R 3 429 939,14 Shop 15 Standard Bank of SA Ltd 01/10/2017 30/09/2023 6,0% R 110,38 181 R 240 939,87 Shop 16 Tswelopele Life (Pty) Ltd 01/06/2019 31/05/2022 7,0% R 138,67 79 R 135 295,36 Shop 17 The South African Post Offices 01/06/2018 31/05/2021 6,0% R 161,24 250 R 495 802,55 Shop 18 Rage Distribution (Pty) Ltd 01/01/2020 31/12/2021 6,0% R 121,66 107 R 164 018,99 Shop 19 The Spar Group Ltd t/a Build It 01/01/2018 30/09/2020 8,0% R 69,98 124 R 113 216,92 Shop 20 The Spar Group Ltd t/a Build It 01/10/2015 30/09/2020 498 8,0% R 66,58 R 1 064 969,02 Shop 21 The Spar Group Ltd t/a Build It (Yard) 01/10/2015 30/09/2020 728

Tenancy Summary Gross Basic Rental Income R 8 214 540,89 Occupied Lettable Area 5 732,54 Vacant Lettable Area 350 Non-GLA Income R 366 855 Total GLA 6 082,54 Rates & Taxes R 295 922,76 Refuse Removal R 70 932,00

Other Income R 213 889 Operating Costs R 91 378 Drop Zone Laundromat CC R 9 626,24 Standard Bank of SA Ltd R 36 470,77 The South African Post Offices R 45 281,47

Security Services R 122 510 Drop Zone Laundromat CC R 4 648,99 Standard Bank of SA Ltd R 17 275,47 The Spar Group Ltd t/a Build It (Unit 19) R 2 963,71 The Spar Group Ltd t/a Build It (Units 20 & 21) R 97 622,22

Gross Income R 8 795 284,52

Notes/Assumptions 1. The Basic rent, Escalation rate, expiry dates and the approximate areas of the various units are as extracted from the executed lease agreements (incl. signed offers to lease and/or renewals), read in conjunction with the Tenancy Schedule as at 16 July 2020 and as supplied by the Seller. 2. It is understood that the salient terms (referenced in point 1 above) reflecting on the Tenancy Schedule have been directly extracted from the executed lease agreements. 3. Unless otherwise stated, the salient terms and conditions have been verified to the respective signed lease agreements. Copies of the leases, unless otherwise stated, are on hand and will be made available upon request. 4. Where the tenants are responsible for a pro-rata share of municipal rates and taxes and refuse removal, the portion of the recoverable amount has been included in gross income accordingly. 5. All amounts represented above are exclusive of VAT. 6. Only contractual cash inflows have been considered in the above analysis. 7. Where the executed lease agreement expires during the course of the projected period it is assumed that the tenant will continue to occupy the space on a month-to-month basis, on the same principles and escalations as the current lease agreement signed. 8. The lease agreement of the highlighted tenant indicates that the lease agreement escalates annually on 1st October and not annually on the start date. Special Note - The rental information in this brochure is not intended to constitute specific advice nor to substitute for a due diligence exercise, and Date: accordingly should not be relied upon to make a purchase decision. Prospective purchasers should make their own enquiries and investigation to 03-Aug-2020 confirm pertinent information and forecasts, and should further seek appropriate independent professional advice in relation thereto from suitably E & OE qualified professionals to complete their own due diligence in relation to the Property.

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Matsulu Spar Shopping Centre: Investment Opportunity – Matsulu-A, Mpumalanga

Projected Gross Annual Income -

91 378 91

E & OE

122 510 122

213 889 213

366 855 366

2 2 963,71

4 4 648,99

9 9 626,24

97 622,22 97

17 275,47 17

45 281,47 45

36 470,77 36

70 932,00 70

95 832,00 95

61 347,00 61

95 053,31 95

40 712,64 40

37 433,09 37

295 922,76 295

113 216,92 113

164 018,99 164

495 802,55 495

135 295,36 135

240 939,87 240

509 180,44 509

301 248,16 301

231 681,60 231

274 904,74 274

415 270,00 415

201 033,67 201

142 876,80 142

163 785,60 163

Total

8 795 284,52 8 795

8 214 540,89 8 214

1 064 969,02 1 064

3 429 939,14 3 429

R -

264,97

397,22

822,50

7 7 930,36

8 8 727,81

1 1 518,41

3 3 902,31

3 3 205,56

5 5 911,00

8 8 433,22

5 5 190,90

8 8 121,64

3 3 430,12

3 3 158,42

10 908,41 10

773 978,5 773

18 838,77 18

24 660,23 24

30 571,23 30

95 212,46 95

10 122,04 10

13 798,42 13

42 727,70 42

11 721,95 11

21 177,14 21

43 644,04 43

26 932,78 26

20 178,72 20

24 577,58 24

37 751,82 37

17 973,21 17

12 278,48 12

14 075,33 14

Oct-21

724 568,49 724

304 062,54 304

2020/08/03

Date:

245,34

397,22

822,50

7 7 748,91

8 8 081,31

1 1 432,46

3 3 902,31

3 3 024,11

5 5 911,00

9 9 372,26

8 8 433,22

5 5 190,90

8 8 121,64

3 3 430,12

3 3 158,42

10 156,33 10

735 572,8 735

17 905,24 17

24 660,23 24

30 571,23 30

88 159,69 88

13 798,42 13

42 727,70 42

11 721,95 11

19 978,43 19

43 644,04 43

24 937,76 24

20 178,72 20

22 757,01 22

34 319,84 34

16 641,86 16

12 278,48 12

14 075,33 14

687 096,37 687

284 170,60 284

Sep-21

R R

245,34

397,22

822,50

7 7 748,91

8 8 081,31

1 1 432,46

3 3 902,31

3 3 024,11

5 5 911,00

9 9 372,26

8 8 433,22

5 5 190,90

8 8 121,64

3 3 430,12

3 3 158,42

10 156,33 10

735 572,8 735

17 905,24 17

24 660,23 24

30 571,23 30

88 159,69 88

13 798,42 13

42 727,70 42

11 721,95 11

19 978,43 19

43 644,04 43

24 937,76 24

20 178,72 20

22 757,01 22

34 319,84 34

16 641,86 16

12 278,48 12

14 075,33 14

687 096,37 687

284 170,60 284

Aug-21

R R

245,34

397,22

822,50

7 7 748,91

8 8 081,31

1 1 432,46

3 3 902,31

3 3 024,11

5 5 911,00

9 9 372,26

8 8 433,22

5 5 190,90

8 8 121,64

3 3 430,12

3 3 158,42

10 156,33 10

735 572,8 735

17 905,24 17

24 660,23 24

30 571,23 30

88 159,69 88

13 798,42 13

42 727,70 42

11 721,95 11

19 978,43 19

43 644,04 43

24 937,76 24

20 178,72 20

22 757,01 22

34 319,84 34

16 641,86 16

12 278,48 12

14 075,33 14

Jul-21

687 096,37 687

284 170,60 284

R R

245,34

397,22

822,50

7 7 748,91

8 8 081,31

1 1 432,46

3 3 902,31

3 3 024,11

5 5 911,00

9 9 372,26

8 8 433,22

5 5 190,90

8 8 121,64

3 3 430,12

3 3 158,42

10 156,33 10

735 572,8 735

17 905,24 17

24 660,23 24

30 571,23 30

88 159,69 88

13 798,42 13

42 727,70 42

11 721,95 11

19 978,43 19

43 644,04 43

24 937,76 24

20 178,72 20

22 757,01 22

34 319,84 34

16 641,86 16

12 278,48 12

14 075,33 14

Jun-21

687 096,37 687

284 170,60 284

R R

245,34

397,22

822,50

7 7 528,03

8 8 081,31

1 1 432,46

3 3 681,42

3 3 024,11

5 5 911,00

9 9 372,26

7 7 666,56

5 5 190,90

8 8 121,64

3 3 430,12

3 3 158,42

10 156,33 10

727 826,9 727

17 684,36 17

24 660,23 24

30 571,23 30

88 159,69 88

13 798,42 13

40 309,15 40

10 955,09 10

19 978,43 19

41 565,75 41

24 937,76 24

18 684,00 18

22 757,01 22

34 319,84 34

16 641,86 16

12 278,48 12

14 075,33 14

679 571,30 679

284 170,60 284

May-21

R -

245,34

397,22

822,50

7 7 528,03

8 8 081,31

1 1 432,46

3 3 681,42

3 3 024,11

5 5 911,00

9 9 372,26

7 7 666,56

5 5 190,90

8 8 121,64

3 3 430,12

3 3 158,42

10 156,33 10

727 826,9 727

17 684,36 17

24 660,23 24

30 571,23 30

88 159,69 88

13 798,42 13

40 309,15 40

10 955,09 10

19 978,43 19

41 565,75 41

24 937,76 24

18 684,00 18

22 757,01 22

34 319,84 34

16 641,86 16

12 278,48 12

14 075,33 14

679 571,30 679

284 170,60 284

Apr-21

R -

245,34

397,22

822,50

7 7 528,03

8 8 081,31

1 1 432,46

3 3 681,42

3 3 024,11

5 5 911,00

9 9 372,26

7 7 666,56

5 5 190,90

8 8 121,64

3 3 430,12

3 3 158,42

10 156,33 10

727 826,9 727

17 684,36 17

24 660,23 24

30 571,23 30

88 159,69 88

13 798,42 13

40 309,15 40

10 955,09 10

19 978,43 19

41 565,75 41

24 937,76 24

18 684,00 18

22 757,01 22

34 319,84 34

16 641,86 16

12 278,48 12

14 075,33 14

679 571,30 679

284 170,60 284

Mar-21

R R

245,34

367,80

761,57

7 7 467,10

8 8 081,31

1 1 432,46

3 3 681,42

3 3 024,11

5 5 911,00

9 9 372,26

7 7 666,56

5 5 190,90

7 7 520,04

3 3 430,12

3 3 158,42

10 126,91 10

724 739,1 724

17 594,01 17

24 660,23 24

30 571,23 30

88 159,69 88

13 798,42 13

40 309,15 40

10 955,09 10

19 978,43 19

41 565,75 41

24 937,76 24

18 684,00 18

22 757,01 22

34 319,84 34

16 641,86 16

11 162,25 11

12 795,75 12

Feb-21

676 573,90 676

284 170,60 284

R R

245,34

367,80

761,57

7 7 467,10

8 8 081,31

1 1 432,46

3 3 681,42

3 3 024,11

5 5 911,00

9 9 372,26

7 7 666,56

5 5 190,90

7 7 520,04

3 3 430,12

3 3 158,42

10 126,91 10

724 739,1 724

17 594,01 17

24 660,23 24

30 571,23 30

88 159,69 88

13 798,42 13

40 309,15 40

10 955,09 10

19 978,43 19

41 565,75 41

24 937,76 24

18 684,00 18

22 757,01 22

34 319,84 34

16 641,86 16

11 162,25 11

12 795,75 12

Jan-21

676 573,90 676

284 170,60 284

R R

245,34

367,80

761,57

7 7 467,10

8 8 081,31

1 1 432,46

3 3 681,42

3 3 024,11

5 5 911,00

9 9 372,26

7 7 666,56

4 4 719,00

7 7 520,04

3 3 205,72

2 2 924,46

10 126,91 10

723 027,8 723

17 594,01 17

24 660,23 24

30 571,23 30

88 159,69 88

13 017,38 13

40 309,15 40

10 955,09 10

19 978,43 19

41 565,75 41

24 937,76 24

18 684,00 18

22 757,01 22

34 319,84 34

16 641,86 16

11 162,25 11

12 795,75 12

674 862,60 674

284 170,60 284

Dec-20

R -

245,34

367,80

761,57

7 7 467,10

8 8 081,31

1 1 432,46

3 3 681,42

3 3 024,11

5 5 911,00

9 9 372,26

7 7 666,56

4 4 719,00

7 7 520,04

3 3 205,72

2 2 924,46

10 126,91 10

723 027,8 723

17 594,01 17

24 660,23 24

30 571,23 30

88 159,69 88

13 017,38 13

40 309,15 40

10 955,09 10

19 978,43 19

41 565,75 41

24 937,76 24

18 684,00 18

22 757,01 22

34 319,84 34

16 641,86 16

11 162,25 11

12 795,75 12

674 862,60 674

284 170,60 284

Nov-20

R R

728

498

124

107

250

181

299

191

123

141

350

42,2

2378

Units

97,65

71,41

150,28

Rates & Taxes

Gross Income

Other Income

Security Services Security

Refuse RemovalRefuse

Non-GLA Income Operating Costs

Approx. Area /

Standard Bank ofLtd SA

66,58

69,98

90,75

Gross Basic Rental Income

121,66

161,24

138,67

110,38

111,68

117,75

153,65

227,85

106,48

215,78

163,35

215,78

178,20

534,29

487,41

Drop Zone Laundromat CC

Drop Zone Laundromat CC The SouthThe PostAfrican Offices

Basic Rent

R The Spar GroupThe Ltd t/a Build It (Unit 19)

The Spar GroupThe Ltd t/a Build It (Units &20 21)

Esc

8,0%

6,0%

7,0%

6,0%

7,0%

5,0%

N/A

8,0%

7,0%

8,0%

10,0%

10,0% 10,0%

N/A

30/09/2020

31/12/2021

31/05/2021

31/05/2022

30/09/2023

30/09/2021

30/04/2022

31/08/2021

31/05/2022

31/05/2023

28/02/2022

30/09/2022

28/02/2022

31/12/2021

28/02/2022

28/02/2021

31/12/2020 31/12/2021

Expiry Date

350

N/A

6 6 082,54

5 5 732,54

Start Date

01/10/2015

01/01/2018

01/01/2020

01/06/2018

01/06/2019

01/10/2017

01/10/2011

01/05/2020

01/09/2016

01/06/2019

01/06/2020

01/03/2019

01/10/2017

01/03/2019

01/03/2018

01/03/2019

01/03/2018

01/09/2018 01/01/2020 01/01/2017

Total GLA

Tenancy Summary

Vacant Lettable Area Occupied LettableOccupied Area

Item Item / Tenant

The Spar GroupThe Ltd t/a Build It (Yard)

The Spar GroupThe Ltd t/a Build It

Rage Rage Distribution Ltd(Pty)

The SouthThe PostAfrican Offices

Tswelopele LtdLife (Pty)

Standard Bank ofLtd SA

The Spar GroupThe Ltd

PEP

Vacant

Godey Gacalo CCTraders Godey

Sameer MoosaSameer Trading

Sakhumbuso Comprehensive Clinic

Private Individual 2

Private Individual 3

Private Individual 2

Private Individual 1

Drop Zone Laundromat CC

Sameer MoosaSameer Trading

Capitec Bank Ltd ABSA Bank Ltd ABSA

ATM2

ATM1

Shop 9

Shop 8

Shop 7

Shop 6

Shop 5

Shop 4

Shop 3

Shop 2

Shop 1

Shop 21

Shop 20

Shop 19

Shop 18

Shop 17

Shop 16

Shop 15

Shop 14

Shop 13

Shop 12

Shop 10

Shop 11

Folio No.

pertinent information and and shouldforecasts, appropriateseek further independent professional inadvice relation thereto from suitably qualified professionals to complete their own due diligence in relation to the Property.

Special Special Note rental - The information in this brochure is not intended to constitute noradvice tospecific substitute and aaccordingly for shoulddue diligence exercise, not be relied upon to make a decision.purchase Prospective shouldpurchasers make their own enquiries and investigation to confirm

8. The lease agreement8.lease The the of highlighted tenant indicates that the agreementlease escalates annually on 1st October and not annually on the start date.

7. Where the executed lease agreementlease the during7. expires executed Where the thecourse of projected period it is assumed that the tenant will continue to the on space occupy a month-to-month basis, on the same principles and escalations as the current agreementlease signed.

6. Only 6.contractual Only cash inflows considered inbeen have the above analysis.

5. All amounts VAT. of above are represented exclusive

4. Where the 4. tenantsWhere are responsible a for pro-rata municipalshare of rates andremoval, taxes andthe refuse portion the amountof recoverable has included been in gross income accordingly.

3. Unless otherwise stated, the salient terms and conditions to verified been have thesigned respective agreements.lease Copies unless the of otherwiseleases, stated, are on hand and will be made available upon request.

2. It is understood that inthe salient directly point extracted frombeen have agreements.lease the Schedule terms onexecuted reflecting 1 above) the(referenced Tenancy

1. The Basic rent, 1.Basic Escalation The dates rate, andexpiry the approximate theareas of various units are as extracted from agreementslease tothe (incl. executed signed and/orlease offers read in conjunctionrenewals), as with atSchedule July16 and the2020 as Tenancy supplied the by Seller.

Notes/Assumptions

Retail Rental Contractual Cashflow Projections to OctoberNovember- 2020 2021

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Matsulu Spar Shopping Centre: Investment Opportunity – Matsulu-A, Mpumalanga

Rental Summary

As per the Rent Roll for the July 2020 billing period - Seller supplied

69,98

90,75

163,91

121,66

161,24

138,67

160,04

111,68

769,74

153,65

227,85

106,48

215,78

163,35

215,78

178,20

320,57

487,41

E & OE

Gross Rate /m

547,04

2 2 875,66

1 1 670,24

5 5 360,29

4 4 606,30

4 4 320,52

98 350,63 98

10 277,61 10

15 610,54 15

50 699,85 50

14 153,14 14

40 867,52 40

44 203,07 44

26 451,68 26

20 780,75 20

10 821,18 10

24 077,37 24

36 326,95 36

18 030,73 18

10 636,39 10

14 272,17 14

17 803,68 17

944 787,11 944

472 043,80 472

Total

2020/08/03

Date:

227,17

367,80

9 9 510,12

7 7 482,69

1 1 432,46

Security

Services

761,57

7 7 467,09

3 3 681,42

3 3 024,10

Costs

Operating

687,95

547,04

383,06

4 4 742,24

1 1 200,65

1 1 990,41

3 3 722,55

1 1 920,88

5 5 626,52

1 1 220,18

1 1 721,86

1 1 124,86

1 1 949,84

1 1 807,06

2 2 807,60

1 1 663,71

1 1 404,05

1 1 884,33

3 3 361,58

1 1 400,58

1 1 396,06

201 761,48 201

159 198,47 159

Electricity

81,64

84,74

74,40

73,55

53,74

43,61

110,57

258,35

187,04

364,79

155,30

100,58

197,38

127,11

145,71

5 5 911,00

1 1 395,08

2 2 457,41

Refuse

Removal

87,44

70,13

125,78

129,05

514,53

793,52

809,70

129,05

564,03

416,70

489,01

471,97

906,00

385,46

256,59

455,86

638,26

1 1 059,07

1 1 060,37

21 529,13 21

12 166,61 12

Sewerage

84,33

63,90

125,54

129,05

540,54

836,77

860,54

129,05

591,23

435,29

513,36

494,13

957,30

402,11

264,64

475,94

671,32

1 1 128,64

1 1 121,11

23 797,63 23

13 972,84 13

Water

35,16

96,77

70,46

18,09

234,08

546,90

140,46

794,25

328,74

128,01

132,32

258,82

166,68

191,06

2 2 849,96

24 660,23 24

18 668,47 18

Taxes

Rates and

8 8 678,02

7 7 666,56

4 4 719,00

7 7 520,04

3 3 205,72

2 2 924,46

81 629,34 81

13 017,38 13

40 309,15 40

10 955,09 10

28 967,11 28

41 565,75 41

23 090,52 23

18 684,00 18

21 071,31 21

31 199,85 31

15 409,13 15

11 162,25 11

12 795,75 12

650 150,43 650

265 580,00 265

(Monthly)

Basic Rental

350

728

498

124

107

250

181

299

191

123

141

350

42,2

2378

6 6 087

5 5 737

97,65

71,41

150,28

6 6 086,54

Area Let

Tenancy Summary

Total GLA

Vacant Lettable Area

Occupied LettableOccupied Area

Item Item / Tenant

The Spar GroupThe Ltd t/a Build It (Yard)

The Spar GroupThe Ltd t/a Build It

Rage Rage Distribution Ltd(Pty)

The SouthThe PostAfrican Offices

Tswelopele LtdLife (Pty)

Standard Bank ofLtd SA

The Spar GroupThe Ltd

PEP

Vacant

Godey Gacalo CCTraders Godey

Sameer MoosaSameer Trading

Sakhumbuso Comprehensive Clinic

Private Individual 2

Private Individual 3

Private Individual 2

Private Individual 1

Drop Zone Laundromat CC

Sameer MoosaSameer Trading

Capitec Bank Ltd

ABSA Bank Ltd ABSA

Unit

ATM2

ATM1

Shop 9

Shop 8

Shop 7

Shop 6

Shop 5

Shop 4

Shop 3

Shop 2

Shop 1

Shop 21

Shop 20

Shop 19

Shop 18

Shop 17

Shop 16

Shop 15

Shop 14

Shop 13

Shop 12 Shop 10

Shop 11

appropriate independent professional inadvice relation thereto from suitably qualified professionals to complete their own due diligence in relation to the Property.

upon to make a decision.purchase Prospective shouldpurchasers make their own enquiries and investigation to confirm pertinent information and and shouldforecasts, seek further

Special Special Note rental - The information in this brochure is not intended to constitute noradvice tospecific substitute and aaccordingly for shoulddue diligence exercise, not be relied

4.The previous4.The tenant in Unit vacated 11 on May31 It2020. is understood that this theirof is utilitythe recovery theirfor charges last month's occupation.

3. Rental Information balances brought excludes depositforward, general maintenance charges, and recoveries similar items billedonce-off and/or reimbursed during this period.

2. All rental information above presented VAT. isof exclusive

1. Based 1. onBased the Rent as Roll supplied Schedule the thefor by Seller Julyandbilling 2020 Tenancy period.

Notes/Assumptions

Retail Rental Period July- 2020

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Matsulu Spar Shopping Centre: Investment Opportunity – Matsulu-A, Mpumalanga

Lease Summaries These lease summaries should not be relied upon in isolation and should be read in conjunction with the executed lease documents, copies of which are on hand and will be made available upon request. ______Lease 1 Tenant ABSA Bank Ltd t/a ATM 1 Rentable Area ±6m² Start Date 1 January 2017 Expiry Date 31 December 2021 Renewal Period 5 (Five) years Escalation Rate 8% per annum Monthly Rental (excl. VAT) From To Area (m²) Basic Rental Gross Rate / m² 01/01/2020 31/12/2020 R 2 924,46 R 487,41 6 01/01/2021 31/12/2021 R 3 158,41 R 526,40 Other Charges The rental is exclusive of electricity. The tenant shall be liable for all electricity consumption charges, to be recovered on a monthly basis. ______Lease 2 Tenant Capitec Bank Ltd t/a ATM 2 Rentable Area ±6m² Start Date 1 January 2018 Expiry Date 31 December 2021 Renewal Period 3 (Three) years Escalation Rate 7% per annum Monthly Rental (excl. VAT) R 3,205.72 per month. Other Charges Clause 8 - The Tenant shall pay for its metered electricity consumed by the ATM’s / DNR’s. Special Conditions Clause 11.2 The Tenant will be responsible for and provide its own security, at its own cost in respect of the tenant’s ATM. Clause 11.8 – The Landlord shall allow the Tenant to connect to the Landlord’s emergency electricity generator supply in the centre. ______Lease 3 Tenant Sameer Moosa Trading CC Rentable Area Shop 1 - ±140m² Start Date 1 September 2018 Expiry Date 28 February 2021 Renewal Period Not specified Escalation Rate 10% per annum Monthly Rental (excl. VAT) R12,795.75 per month. Tenant’s Pro Rata Share 2.32% Other Charges *See Note 1 ______

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Matsulu Spar Shopping Centre: Investment Opportunity – Matsulu-A, Mpumalanga

Lease Summaries Lease 4 Tenant Sameer Moosa Trading CC Rentable Area Shop 2 - ±123m² Start Date 1 March 2018 Expiry Date 28 February 2021 Renewal Period Not specified Escalation Rate 10% per annum Monthly Rental (excl. VAT) R11,162.25 per month. Tenant’s Pro Rata Share 2.02% Other Charges *See Note 1 ______Lease 5 Tenant Drop Zone Laundromat CC Rentable Area Shop 3 - ±42.2m² Start Date 1 March 2019 Expiry Date 28 February 2022 Renewal Period Not specified Escalation Rate 8% per annum Monthly Rental (excl. VAT) From To Area (m²) Basic Rental Gross Rate / m² 01/03/2020 28/02/2021 R 7 520,04 R 181,50 42,2 01/03/2020 28/02/2022 R 8 121,64 R 196,02 Operating Costs

From To Area (m²) Basic Rental Gross Rate / m²

01/03/2020 28/02/2021 R 761,57 R 18,38 42,2 01/03/2020 28/02/2022 R 822,50 R 19,85 Security Costs From To Area (m²) Basic Rental Gross Rate / m² 01/03/2020 28/02/2021 R 367,80 R 8,88 42,2 01/03/2020 28/02/2022 R 397,23 R 9,59 Tenant’s Pro Rata Share 0.69% Other Charges *See Note 1 ______Lease 6 Tenant Private Individual 1 Rentable Area Shop 4 - ±52m² Start Date 1 March 2018 Expiry Date 31 December 2021 Renewal Period Not specified Escalation Rate 10% per annum Monthly Rental (excl. VAT) From To Area (m²) Basic Rental Gross Rate / m² 01/01/2020 31/12/2020 R 4 719,00 R 90,75 52 01/01/2021 31/12/2021 R 5 190,90 R 99,83 Tenant’s Pro Rata Share 0.85% Other Charges *See Note 1 ______

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Matsulu Spar Shopping Centre: Investment Opportunity – Matsulu-A, Mpumalanga

Lease Summaries Lease 7 Tenant Private Individual 2 Rentable Area Shop 5 (±71.41m²) & Shop 7 (±97.65m²) - ±169.06m² Start Date 1 March 2019 Expiry Date 28 February 2022 Renewal Period Not specified Escalation Rate 8% per annum Monthly Rental (excl. VAT) Shop 5 From To Area (m²) Basic Rental Gross Rate / m² 01/03/2020 28/02/2021 R 16 641,86 R 233,05 71,41 01/03/2021 28/02/2022 R 17 973,21 R 251,69

Shop 7

From To Area (m²) Basic Rental Gross Rate / m²

01/03/2020 28/02/2021 R 22 757,01 R 233,05 97,65 01/03/2021 28/02/2022 R 24 577,57 R 251,69 Tenant’s Pro Rata Share Shop 5 - 1.17%; Shop 7 - 1.60%; Other Charges *See Note 1 ______Lease 8 Tenant Private Individual 3 Rentable Area Shop 6 – ±191m² Start Date 1 October 2017 Expiry Date 30 September 2022 Renewal Period Not specified Escalation Rate 10% per annum Monthly Rental (excl. VAT) From To Area (m²) Basic Rental Gross Rate / m² 01/10/2019 30/09/2020 R 31 199,85 R 163,35 01/10/2020 30/09/2021 191 R 34 319,84 R 179,69 01/10/2021 30/09/2022 R 37 751,82 R 197,65 Tenant’s Pro Rata Share 3.14% Other Charges *See Note 1 ______Lease 9 - Dually signed Renewal Offer Tenant Sakhumbuso Comprehensive Clinic Rentable Area Shop 8 – ±72m² Start Date 1 June 2020 Expiry Date 30 June 2023 Renewal Period Not specified Escalation Rate 10% per annum Monthly Rental (excl. VAT) From To Area (m²) Basic Rental Gross Rate / m² 01/06/2020 31/07/2021 R 7 666,56 R 106,48 01/06/2021 31/07/2022 72 R 8 433,22 R 117,13 01/06/2022 31/07/2023 R 9 276,54 R 128,84 Tenant’s Pro Rata Share 3.14% Other Charges *See Note 1 ______

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Matsulu Spar Shopping Centre: Investment Opportunity – Matsulu-A, Mpumalanga

Lease Summaries Lease 10 Tenant Sameer Moosa Trading CC Rentable Area Shop 9 - ±82m² Start Date 1 June 2019 Expiry Date 31 May 2022 Renewal Period Not specified Escalation Rate 8% per annum Gross Rate / m² Monthly Rental (excl. VAT) From To Area (m²) Basic Rental 01/06/2020 31/05/2020 R 18 684,00 R 227,85 82 01/06/2021 31/05/2022 R 20 178,72 R 246,08 Tenant’s Pro Rata Share 1.35% Other Charges *See Note 1 ______Lease 11 Tenant Godey Gacalo Traders CC Rentable Area Shop 10 - ±150.28m² Start Date 1 September 2016 Expiry Date 31 August 2021 Renewal Period Not specified Escalation Rate 8% per annum Gross Rate / m² Monthly Rental (excl. VAT) From To Area (m²) Basic Rental 01/09/2019 31/08/2020 R 23 090,52 R 236,46 97,65 01/09/2020 31/08/2021 R 24 937,76 R 255,38 Tenant’s Pro Rata Share 2.47% Other Charges *See Note 1 ______Lease 12 - Dually signed Renewal Offer Tenant Pepkor Trading (Pty) Ltd t/a Pep Rentable Area Shop 12 (±54m²) & Shop 13 (±299m²) – ±353m² Start Date 1 May 2020 Expiry Date 30 April 2022 Renewal Period Not specified Escalation Rate 5% per annum Monthly Rental (excl. VAT) From To Area (m²) Basic Rental Gross Rate / m² 01/05/2020 31/04/2021 R 41 565,75 R 117,75 353,00 01/05/2021 31/04/2022 R 43 644,04 R 123,64 Tenant’s Pro Rata Share 5.8% Other Charges *See Note 1 ______

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Matsulu Spar Shopping Centre: Investment Opportunity – Matsulu-A, Mpumalanga

Lease Summaries

Lease 13

Tenant The Spar Group Ltd Rentable Area Shop 14 – ±2,378m² Start Date 1 October 2011 Expiry Date 30 September 2021 Renewal Period Four (4) periods of Five (5) Years Escalation Rate 7% per annum Gross Rate / m² Monthly Rental (excl. VAT) From To Area (m²) Basic Rental 01/10/2019 30/09/2020 R 265 580,00 R 111,68 2 378,00 01/10/2020 30/09/2021 R 284 170,60 R 119,50 Tenant’s Pro Rata Share 29.76% Other Charges *See Note 1 Key Clauses Clause 5.1 & 6.6 – The Landlord hereby warrants and undertakes to and in favour of the Tenant that a minimum of 60% of the GLA of the centre (excl. the area of the premises) shall be and remain occupied by tenants at market-related rentals and 70% shall be and remain occupied by “national retailers” Clause 9 – General Finishing Schedule Clause 12 – The landlord shall not during the period of this lease, or any renewal hereof, lease any portion of the shopping centre or any extension or addition thereto, to a tenant whose business in whole or in part comprises a bakery; a butchery; a superette, supermarket, greengrocer, trading store, hypermarket, wholesaler, cash and carry or any other like business; a department store with a food department; a delicatessen. Right of First Refusal Clause 34 – If the Landlord wishes to sell the shopping centre at any time during the duration of this Agreement, the Tenant shall have a right of first refusal to purchase the shopping centre. For this purpose the landlord shall give the tenant written notice (“the Offer”) setting out the terms upon which it is willing to sell and the tenant shall have a period of 14 (fourteen) days from receipt of the Offer in which to accept the Offer by way of written notice. ______

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Matsulu Spar Shopping Centre: Investment Opportunity – Matsulu-A, Mpumalanga

Lease Summaries Lease 14 – Dually signed Third Addendum Tenant The Standard Bank of South Africa Ltd Rentable Area Shop 15* – ±181m² Start Date 1 October 2020 Expiry Date 30 September 2023 Option Period Five (5) Years Escalation Rate 6% per annum Monthly Rental (excl. VAT) From To Area (m²) Basic Rental Gross Rate / m² 01/10/2019 30/09/2020 181 R 28 967,11 R 160,04

Third Addendum (dually signed)

From To Area (m²) Basic Rental Gross Rate / m² 01/10/2020 30/09/2021 R 19 978,43 R 110,38 01/10/2021 30/09/2022 181,0 R 21 177,14 R 117,00

01/10/2022 30/09/2023 R 22 447,76 R 124,02

Operating Costs From To Area (m²) Basic Rental Gross Rate / m² 01/10/2020 30/09/2021 R 3 024,11 R 16,71

01/10/2021 30/09/2022 181,0 R 3 205,56 R 17,71

01/10/2022 30/09/2023 R 3 397,89 R 18,77 Security Costs From To Area (m²) Basic Rental Gross Rate / m² 01/10/2020 30/09/2021 R 1 432,46 R 7,91

01/10/2021 30/09/2022 181,0 R 1 518,41 R 8,39

01/10/2022 30/09/2023 R 1 609,51 R 8,89 Other Charges The Tenant shall pay all electricity charges, as well as water & sewer charges as per sub-meter readings. Save and except for the abovementioned charges, the Tenant shall not be liable for any other charges of whatsoever nature. Special Conditions If the rental for the renewal period has not been agreed or determined by the Commencement Date of the renewal period, the Tenant shall continue to pay the monthly rentable payable in the year immediately preceding the renewal period of the Agreement Lease. Once the rental is determined, any shortfall of rental due to the landlord shall be paid by the Tenant. *Note Although indicated as “Shop 14” in the Lease Agreement, additional Seller supplied information confirms that the occupied premise is Shop 15. ______Lease 15 Tenant Tswelopele Life (Pty) Ltd Rentable Area Shop 16 – ±79m² Start Date 1 June 2019 Expiry Date 31 May 2022 Renewal Period Not specified Escalation Rate 7% per annum Monthly Rental (excl. VAT) From To Area (m²) Basic Rental Gross Rate / m² 01/06/2020 31/05/2021 R 10 955,09 R 138,67 79,00 01/06/2021 31/05/2022 R 11 721,95 R 148,38 Tenant’s Pro Rata Share 1.30% Other Charges *See Note 1 ______

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Matsulu Spar Shopping Centre: Investment Opportunity – Matsulu-A, Mpumalanga

Lease Summaries Lease 16 Tenant The South African Post Office Ltd Rentable Area Shop 17 – ±250m² Start Date 1 June 2016 Expiry Date 31 May 2021** Renewal Period Not specified Escalation Rate 6% per annum Monthly Rental (excl. VAT) Shop Rental – R 40,309.15 per month Operating Costs – R 3,681.42 per month Other Charges *See Note 1 Note: The expiration date as included above was extracted from the tenancy schedule supplied by the seller as at 16 July 2020. The executed lease agreement on hand as expired, a copy of the renewal / addendum has been requested and will be reviewed and the summary updated as required upon our receipt thereof. ______Lease 17 – Dually signed Offer to Renew

Tenant Rage Distribution (Pty) Ltd t/a Rage Rentable Area Shop 18 – ±107m² Start Date 1 January 2020 Expiry Date 31 December 2021 Renewal Period Not specified Escalation Rate 6% per annum Monthly Rental (excl. VAT) From To Area (m²) Basic Rental Gross Rate / m² 01/01/2020 31/12/2020 R 13 017,38 R 121,66 107,00 01/01/2021 31/12/2021 R 13 798,42 R 128,96 Other Charges *See Note 1 Special Conditions Clause 19.2 The electricity basic charge shall not exceed R1000.00 ______Lease 18 – Dually signed Addendum

Tenant The Spar Group Ltd t/a Build It Rentable Area Shop 19 – ±124m² Start Date 1 January 2018 Expiry Date 30 September 2020 Renewal Period Two (2) successive periods of five (5) years each Escalation Rate 8% per annum Monthly Rental (excl. VAT) Shop Rental – R 8,678.02 per month Security Services – R 227.17 per month Other Charges *See Note 1 Note **In line with the original lease agreement for Shops 20 & 21, as summarized below.

/AucorProperty www.aucorproperty.co.za 23

Matsulu Spar Shopping Centre: Investment Opportunity – Matsulu-A, Mpumalanga

Lease Summaries Lease 19 – Dually signed Addendum

Tenant The Spar Group Ltd t/a Build It Rentable Area Shop 20 (±498m²) & Shop 21 (yard - ±728m²) – ±1,226m² Start Date 1 October 2015 Expiry Date 30 September 2020 Renewal Period Two (2) successive periods of five (5) years each Escalation Rate 8% per annum Monthly Rental (excl. VAT) Shop & Yard Rental – R 81,629.34 per month Security Services – R 7,482.69 per month Other Charges *See Note 1 Key Clauses Clause 7.4 read in conjunction with Annexure C to the original lease agreement – In addition to the Gross Rental provided above, the Tenant shall pay to the Landlord a turnover rental at a rate of 3% of the turnover, which shall be payable annually in arrears.

______Additional Notes:

Where indicated, the lease agreements are similarly subject to the following key clauses and charges, unless otherwise stated in the different summaries:

*Note 1: Other Charges All tenants shall contribute towards the municipal and utility charges levied upon the building and site, at the proportionate share, as stipulated per unit, including assessment rates (increases), refuse, sanitation, City Improvement District Levy, other. Units appear to be separately metered for water, electricity and sanitation, all of which are recovered from the tenants on a monthly basis. ______

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Matsulu Spar Shopping Centre: Investment Opportunity – Matsulu-A, Mpumalanga

Rates Statement June 2020 Billing Period

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Matsulu Spar Shopping Centre: Investment Opportunity – Matsulu-A, Mpumalanga

Zoning Information

/AucorProperty www.aucorproperty.co.za 26

Matsulu Spar Shopping Centre: Investment Opportunity – Matsulu-A, Mpumalanga

Zoning Information

/AucorProperty www.aucorproperty.co.za 27

Matsulu Spar Shopping Centre: Investment Opportunity – Matsulu-A, Mpumalanga

Surveyor General Diagram S.G. No. 600/2008

/AucorProperty www.aucorproperty.co.za 28

Matsulu Spar Shopping Centre: Investment Opportunity – Matsulu-A, Mpumalanga

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