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Auction Brochure Botha Street, Modjadjiskloof, Limpopo

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Auction Brochure Botha Street, Modjadjiskloof, Limpopo AUCTION BROCHURE Date 26th March 2015, 12H00 Venue The Wanderers Club (Ball Room), 21 North Street, Illovo, Sandton, Gauteng (off Corlett Drive) Contact Marc Saks 079 646 3655 [email protected] BOTHA STREET, MODJADJISKLOOF, LIMPOPO RETAIL INVESTMENT Botha Street, Modjadjiskloof Page 1 of 34 Opportunity Summary Description Fully let retail property on corner of busy Botha and Main Street Erf Size 868m² Zoning Business 1 Gross Lettable Area 1,072m2 GLA Tenanted 1,072m2 (100%) GLA Vacant 0m2 (0%) Tenancy Unit 1 Ground floor and basement retail space of 813m2 occupied by E-Best Buy Beds. Lease expires 31 December 2017 Unit 2 Ground floor space of 259m2 let to Zhengda Trading. Lease expires 31 July 2016 Gross Income E-Best Buy Beds: R181,934.40 per annum (R15,161.20 per month) (including Recoveries) Zhengda Trading: R108,655.20 per annum (R9,054.60 per month) Total: R290,589.60 per annum (R24,215.80 per month) Municipal Charges Rates & Taxes: R4,578 (Jan 2015) Comments Well located property on busy high street Building is well maintained with small amount of repair works required Town is important link between Polokwane and Tzaneen Botha Street, Modjadjiskloof Page 2 of 34 Table of Contents 1. PROPERTY SUMMARY 4 1.1 Locality (see Annexure A) 4 1.2 Legal Information (see Annexures B and C) 4 1.3 Town Planning (see Annexure D) 4 2. LOCATIONAL ANALYSIS 5 3. THE DEVELOPMENT 5 4. TENANCY OVERVIEW 7 ANNEXURE A: LOCALITY 9 ANNEXURE B: DEEDS OFFICE REPORT 9 ANNEXURE C: SG DIAGRAM 10 ANNEXURE D: ZONING CERTIFICATE 12 ANNEXURE E: BUILDING PLANS 13 ANNEXURE F: THE DEVELOPMENT 14 ANNEXURE G: RENTAL INCOME 15 ANNEXURE H: LEASE AGREEMENT 16 APPENDIX :CONDITIONS OF SALE The rules of auction are available at our offices. The auction is conducted in terms of the Regulations relating to auctions contained in The Consumer Protection Act 68 of 2008 and notice is given that all sales are subject to a minimum reserve unless otherwise stated. Disclaimer: “Whilst all reasonable care has been taken to obtain the correct information, neither Broll Auctions and Sales (Pty) Ltd, nor any of its subsidiaries and related companies, nor the Sellers, guarantee the correctness of the information, and none of the aforementioned 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 supplied, whether due to the negligence or otherwise of Broll Auctions and Sales and its subsidiaries and related companied, the Seller, or any other person”. Botha Street, Modjadjiskloof Page 3 of 34 1. Property Summary 1.1 Locality (see Annexure A) Property Address: Cnr Botha St and Main St Suburb and City: Modjadjiskloof Local Authority: Greater Letaba Local Municipality Province: Limpopo 1.2 Legal Information (see Annexures B and C) Erf number(s): Remainder of Erf 157 Township: Duivelskloof Erf Extent: 868 m² Title Deed Number: T40838/2008 Registered Owner: Dipula Property Investment Trust 1.3 Town Planning (see Annexure D) In terms of the Greater Letaba Town Planning scheme, above mentioned Erf is zoned Business 1: Zoning: Business 1 Height: 2 Storeys (Ground and Basement) Coverage: 60% F.A.R: 2.0 Parking: As per Town Planning Scheme Building line: As per Town planning scheme Botha Street, Modjadjiskloof Page 4 of 34 2. Locational Analysis This is a well located commercial building on the corner of Botha Street and Main Street on a main route (R36) running through the central business district in Modjadjiskloof. Botha Street (R36) is a main arterial route linking Modjadjiskloof with Polokwane and Tzaneen. Modjadjiskloof is situated approximately 100km north-east from Polokwane (Pietersburg) and 21km south of Tzaneen on the R36. The town lies in a valley at the foot of heavily forested hills and is popular amongst passing tourists for its scenic landscape and nature reserve, with the main industry traditionally being timber manufacturing. Population count is close to 2000 inhabitants however a constant stream of footfall passes through the town due to its position between Polokwane and Tzaneen. The property is located amongst other retail buildings, some of which are dated. There are more recently built modern retail buildings on Botha Street with most commercial buildings being well maintained and/or refurbished. Retail shops and banks are in close proximity with a Spar, First National Bank branch and KFC situated on Botha Street. GPS co-ordinates for the property are: -23.6966, 30.1402 3. The Development This is a brick and reinforced concrete structure, with IBR roof sheeting, double storey commercial building. The property is maintained with ceramic floor tiling in the ground floor by E-Best Buy Beds store along with fluorescent lighting and suspended ceilings. There is an administrative office at the rear of the ground floor level for the by E-Best Buy Beds store. The by E-Best Buy Beds store has ducted air- conditioning. The basement is neat and clean with proper lighting and contains ablutions for the building. The second shop has suspended ceilings and grano/screeded concrete floors. There is a driveway leading down the side of the building, which allows access to the rear yard of property which is gated and walled. The design of this building has resulted in an elevated walkway with an overhang of approximately 1.5m which allows pedestrian traffic to walk past these two shops. General maintenance is required and a water leak that should be rectified with the use of a plumber. Botha Street, Modjadjiskloof Page 5 of 34 Description of Improvements Primary Use Retail Shops Roof IBR sheeting Ceilings Suspended ceilings with central air conditioning Walls Various (Brick/plaster and dry walling) Floor Coverings Ceramic tiling, carpeting, Grano (Concrete screeded floors) Conditions In general the centre is well maintained. Measurements Description GLA E-Best Buy Beds 813m² Zhenga Trading 259m² Current Vacancies 0m² TOTAL GROSS LEASABLE AREA 1072m² We have not undertaken a structural survey of the above-described improvements or finishes, nor have we arranged for tests or inspections to be carried out on any of the service installations. Botha Street, Modjadjiskloof Page 6 of 34 4. Tenancy Overview The rent roll provided reflects the following tenants: Feb 15 Monthly Feb 15 Monthly Rent excl Rent incl No. Tenant Size - m² Lease Exp. Esc % Recoveries Recoveries 0 E-Best Buy Beds(Basement) 496.24 31-12-2017 8% R2,481.20 R3,426.86 1 E-Best Buy Beds(Shop) 317.00 31-12-2017 8% R11,735.34 R11,735.34 2 Zhenga Trading 258.76 31-07-2016 10% R8,250.00 R9,055.60 TOTAL 1,072.00 R22,466.54 R24,215.80 . The gross income is reflected as R24 215.80 per month, equating into R290 598.60 per annum. Botha Street, Modjadjiskloof Page 7 of 34 Annexure A: Locality Botha Street, Modjadjiskloof Page 8 of 34 Annexure B: Deeds Office Report Botha Street, Modjadjiskloof Page 9 of 34 Annexure C: SG Diagram Botha Street, Modjadjiskloof Page 10 of 34 Botha Street, Modjadjiskloof Page 11 of 34 Annexure D: Zoning Certificate Botha Street, Modjadjiskloof Page 12 of 34 Annexure E: Building Plans Retail area 575.76 square meteres. 31.121m Raised pedest rian walkway Store area 496.246 square meters 29.765m 259 sq m 317 sq m 269 sq m 226 sq m Toilets 26.500m 26.500m 4.700m Kitchen area 24.034m Accuracy 90% PROPOSED DIVISION PROPOSED PROPOSED DIVISION PROPOSED 12.500m 12.500m UPPER FLOOR BASEMENT TOWN TALK MODJADJISKLOOF REF:- mojkloof ERF 157 Botha Street, Modjadjiskloof Page 13 of 34 Annexure F: Photo gallery Staircase to basement E ParkingBeds shop Lot Basement ablutions E Bed Loadingshop- rear Zone of shop Basement storage Shop 2 next to e Beds Botha Street, Modjadjiskloof Page 14 of 34 Annexure G: Rental Income Botha Street, Modjadjiskloof Page 15 of 34 Annexure H: Lease Agreement Botha Street, Modjadjiskloof Page 16 of 34 Botha Street, Modjadjiskloof Page 17 of 34 Botha Street, Modjadjiskloof Page 18 of 34 Botha Street, Modjadjiskloof Page 19 of 34 Botha Street, Modjadjiskloof Page 20 of 34 Botha Street, Modjadjiskloof Page 21 of 34 Botha Street, Modjadjiskloof Page 22 of 34 Botha Street, Modjadjiskloof Page 23 of 34 Botha Street, Modjadjiskloof Page 24 of 34 2nd Lease Lin Gao t/a Zhengda Trading Botha Street, Modjadjiskloof Page 25 of 34 Botha Street, Modjadjiskloof Page 26 of 34 Botha Street, Modjadjiskloof Page 27 of 34 Botha Street, Modjadjiskloof Page 28 of 34 Botha Street, Modjadjiskloof Page 29 of 34 Botha Street, Modjadjiskloof Page 30 of 34 Botha Street, Modjadjiskloof Page 31 of 34 Botha Street, Modjadjiskloof Page 32 of 34 Botha Street, Modjadjiskloof Page 33 of 34 Notes Botha Street, Modjadjiskloof Page 34 of 34 Rules of Auction and Conditions of Sale 1.5. Section 45 subsection (2) of the Act provides that: “ When goods are put up for sale by auction IMMOVABLE PROPERTY in lots, each lot is, unless there is evidence to the contrary, regarded to be the subject of a separate transaction. ” DATE OF AUCTION : 26 March, 2015 PLACE OF AUCTION : The Wanderers Club, 21 North Street, Illovo, 1.6. The auction will commence at the published time and will not be delayed to allow any specific Johannesburg person or more persons in general to take part in the auction. TIME OF AUCTION : 12pm AUCTION HOUSE : Broll Auctions and Sales (Pty) Ltd 1.7. Registration to bid at the auction: (Registration Number 2014/250826/07) AUCTIONEER : Ismail Hendricks 1.7.1 Anyone that intends to bid at the auction must register his or her identity on the bidder’s Suite 4, 1 st Floor, Atholl Square, Cnr Katherine Drive and record prior to the commencement of the auction.
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