Student AccommodationPROPERTY - Block of 84 Student Beds, FOR Lorentzville SALE STUDENT ACCOMMODATION
84 BEDS - 21 FLATS – Pendlebury Building Lorentzville Johannesburg
73 Gordon Road, Lorentzville, Johannesburg
Erf 73, 74 and 75, Lorentzville, Johannesburg
Contact for further info: Daniel Pelkowitz Cell: 072 360 7510 Email: [email protected]
WH Auctioneers Properties (PTY) Ltd
578 16th Road, Randjespark, Midrand
TheTel: auction 0115745700 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. Descriptions mentioned herein are not guaranteed by the auctioneers and are as supplied.
www.whauctions.com Page | 1
Student Accommodation - Block of 84 Student Beds, Lorentzville
1. GENERAL
Property Address: 73 Gordon Road, Lorentzville, Johannesburg
Erf & Suburb & City: Erven 73, 74 and 75, Lorentzville, Johannesburg, Gauteng
Building Name: Pendlebury Student Building
2. TITLE DEED INFORMATION
Deeds Office: Johannesburg
Title Deed No.: T43626/2008
Erf Sizes: Erf 73: 447m2 Erf 74: 447m2 Erf 75: 447m2 TOTAL: 1 341m2
Zoning: Residential 4
Building Age: Approx. 70 Years
3. LOCALITY
Lorentzville is a suburb of Johannesburg, South Africa. It is a small suburb found on the eastern edge of the Johannesburg central business district (CBD), tucked between the suburbs of Bertrams and Judith's Paarl, with Troyeville to the south. It is located in Region F of the City of Johannesburg Metropolitan Municipality.
The property is located just 1.3km away from the University of Johannesburg Doornfontein Campus.
The GPS co-ordinates for the property is as follows:
S - 26°18'98.22" E - 28°06'94.32"
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. Descriptions mentioned herein are not guaranteed by the auctioneers and are as supplied.
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Student Accommodation - Block of 84 Student Beds, Lorentzville
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. Descriptions mentioned herein are not guaranteed by the auctioneers and are as supplied.
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Student Accommodation - Block of 84 Student Beds, Lorentzville
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. Descriptions mentioned herein are not guaranteed by the auctioneers and are as supplied.
Page | 4
Student Accommodation - Block of 84 Student Beds, Lorentzville
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. Descriptions mentioned herein are not guaranteed by the auctioneers and are as supplied.
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Student Accommodation - Block of 84 Student Beds, Lorentzville
4. DESCRIPTION OF IMPROVEMENTS
The subject property consists of a 4-storey residential block of apartments. The building comprises 21 apartments and 3 rooms. The building is utilised as accredited student accommodation with a total of 84 beds.
The façade of the building comprises face-brick as well as plastered and painted brickwork. Access to the floors is gained via internal staircases. Internal passages are power floated and painted concrete as well as stone tiles. All windows have steel window frames.
The flats can be broken down as follows:
- 19 X Two-bedroom flats – 4 Sleeper Units - 2 X Three-bedroom flats – 6 Sleeper Units - 3 X Rooms
All of the units are finished in a similar fashion and have very large bedrooms and living areas. Each unit has beds, a separate kitchen and a bathroom and toilet. Bedrooms have built in cupboards and study desks. Kitchens are equipped with built in cupboards, stoves, microwaves and fridges. Each unit has as security gates and burglar bars. Internal floors consist of ceramic tiles, walls are plastered and painted brickwork while ceilings are painted concrete. Some of the units have enclosed balconies.
The 3 rooms are located on the roof and are occupied by on-site staff members. The units have communal bathrooms and toilets.
Historically the building has always been in high demand and rarely has vacancy.
STUDENT ACCOMMODATION
The building is fully accredited for student accommodation with the University of Johannesburg. Attached below is a copy of the approved accreditation. The contract began in 2018 and is a 3-year contract. Student accommodation is in very high demand due to the massive shortage of quality accommodation.
As mentioned above, there are 4 sharing and 6 sharing unit in the building. There a=is also the option for a student to have their own room for which they pay a higher price per bed.
Parking
There are 15 open bay air parking bays and 3 garage parking bays basement parking bays available on site. There is also dedicated street front parking. Open bays are rented for R150/month and garages are rented for R300/month.
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. Descriptions mentioned herein are not guaranteed by the auctioneers and are as supplied.
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Student Accommodation - Block of 84 Student Beds, Lorentzville
Site Access and Security
Full access control systems are in place. Access to the property is gained through a walk-in security turnstile which is manned by 24hr security. Access tags are used in order to operate the turnstile.
Services
Each unit has its own pre-paid electricity metre. The metres are kept separately by the owners with only the key pads located in the flats. This prevents metres from being tampered with. Electricity is managed by Enbaya. Students are given a monthly allowance for electricity as per student accommodation regulations.
Each unit has its own geyser.
Each shop is supplied with 3 phase electricity.
The building is supplied by borehole water. In case of emergencies, there is a switch over valve so that the building can be connected to municipal water if needs be. This is a massive saving in terms of water costs. The borehole system is complete with a filtration system to make sure the water is drinkable.
The roof is corrugated steel sheeting and appears to be in a good condition.
All fire equipment is in place and appears to be in working order and regularly serviced. The building as well as every single room has been fitted with an addressable fire detection system complete with heat sensors and smoke detectors. There are also break glasses throughout the building.
There is a communal kitchen as well as a communal TV room if the students wish to make use of same. The building also has a WIFI system. Washing lines are provided for all students as well as a communal laundry.
There is an on-site caretaker as well as cleaners. The building is kept in excellent condition and is very clean.
Summary
Roof: Waterproof concrete slab External Walls: Face brick and Plastered and Painted Brickwork Internal Walls: Face brick, plastered and painted. External Floors: Tiles/Tar/Concrete/Paved walkways Internal floors: Tiled/Parquet Flooring Condition: The building appears to be in a good condition and is maintained well by the owners. Renovations to flats take place as and when tenants vacate. There is no evidence of roof leaks or structural damage. The building is kept very clean and neat and is serviced. All maintenance and upkeep is managed by the owners directly. A structural and damp survey of the building has not been undertaken and will not form part of this report. All structural and maintenance information are as per information provided by the owners upon visiting the site.
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. Descriptions mentioned herein are not guaranteed by the auctioneers and are as supplied.
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Student Accommodation - Block of 84 Student Beds, Lorentzville
5. FINANCIAL INFORMATION
As per the rent rolls and rental statements attached below, tenants are billed monthly for rental and parking. Electricity is pre-paid and water is supplied by a borehole and therefore not charged.
There are pre-paid electricity meters in every unit which are monitored off-site by a company called Enbaya pre- paid.
RENTAL: Sharing Room Rentals: R2 018.35 per bed (Excl. VAT on 60% of Rental) Private Rooms: R2 752.29 per bed (Excl. VAT on 60% of Rental) – only 2 singles in the building Parking: Open bays are rented for R150/month and garages are rented for R300/month.
Owners are responsible for maintenance, rates and taxes and insurance.
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. Descriptions mentioned herein are not guaranteed by the auctioneers and are as supplied.
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Student Accommodation - Block of 84 Student Beds, Lorentzville
RENT ROLL/TENANCY SCHEDULE
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. Descriptions mentioned herein are not guaranteed by the auctioneers and are as supplied.
Page | 9
Student Accommodation - Block of 84 Student Beds, Lorentzville
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. Descriptions mentioned herein are not guaranteed by the auctioneers and are as supplied.
Page | 10
Student Accommodation - Block of 84 Student Beds, Lorentzville
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. Descriptions mentioned herein are not guaranteed by the auctioneers and are as supplied.
Page | 11
Student Accommodation - Block of 84 Student Beds, Lorentzville
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. Descriptions mentioned herein are not guaranteed by the auctioneers and are as supplied.
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Student Accommodation - Block of 84 Student Beds, Lorentzville
6. INCOME STATEMENT
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. Descriptions mentioned herein are not guaranteed by the auctioneers and are as supplied.
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Student Accommodation - Block of 84 Student Beds, Lorentzville
7. SITE PICTURES
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. Descriptions mentioned herein are not guaranteed by the auctioneers and are as supplied.
Page | 14
Student Accommodation - Block of 84 Student Beds, Lorentzville
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. Descriptions mentioned herein are not guaranteed by the auctioneers and are as supplied.
Page | 15
Student Accommodation - Block of 84 Student Beds, Lorentzville
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. Descriptions mentioned herein are not guaranteed by the auctioneers and are as supplied.
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Student Accommodation - Block of 84 Student Beds, Lorentzville
8. SITE LAYOUT AND UNIT BREAKDOWN
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. Descriptions mentioned herein are not guaranteed by the auctioneers and are as supplied.
Page | 17
Student Accommodation - Block of 84 Student Beds, Lorentzville
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. Descriptions mentioned herein are not guaranteed by the auctioneers and are as supplied.
Page | 18
Student Accommodation - Block of 84 Student Beds, Lorentzville
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. Descriptions mentioned herein are not guaranteed by the auctioneers and are as supplied.
Page | 19
Student Accommodation - Block of 84 Student Beds, Lorentzville
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. Descriptions mentioned herein are not guaranteed by the auctioneers and are as supplied.
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Student Accommodation - Block of 84 Student Beds, Lorentzville
9. BUILDING PLANS
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. Descriptions mentioned herein are not guaranteed by the auctioneers and are as supplied.
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Student Accommodation - Block of 84 Student Beds, Lorentzville
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. Descriptions mentioned herein are not guaranteed by the auctioneers and are as supplied.
Page | 22
Student Accommodation - Block of 84 Student Beds, Lorentzville
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. Descriptions mentioned herein are not guaranteed by the auctioneers and are as supplied.
Page | 23
Student Accommodation - Block of 84 Student Beds, Lorentzville
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. Descriptions mentioned herein are not guaranteed by the auctioneers and are as supplied.
Page | 24
Student Accommodation - Block of 84 Student Beds, Lorentzville
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. Descriptions mentioned herein are not guaranteed by the auctioneers and are as supplied.
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Student Accommodation - Block of 84 Student Beds, Lorentzville
10. MUNICIPAL ACCOUNTS
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. Descriptions mentioned herein are not guaranteed by the auctioneers and are as supplied.
Page | 26
Student Accommodation - Block of 84 Student Beds, Lorentzville
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. Descriptions mentioned herein are not guaranteed by the auctioneers and are as supplied.
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Student Accommodation - Block of 84 Student Beds, Lorentzville
11. ZONING INFORMATION
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. Descriptions mentioned herein are not guaranteed by the auctioneers and are as supplied.
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Student Accommodation - Block of 84 Student Beds, Lorentzville
12. ACCREDITATION FOR STUDENT ACCOMMODATION
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. Descriptions mentioned herein are not guaranteed by the auctioneers and are as supplied.
Page | 29
Student Accommodation - Block of 84 Student Beds, Lorentzville
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. Descriptions mentioned herein are not guaranteed by the auctioneers and are as supplied.
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Student Accommodation - Block of 84 Student Beds, Lorentzville
13. OCCUPANCY CERTIFICATE
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. Descriptions mentioned herein are not guaranteed by the auctioneers and are as supplied.
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Student Accommodation - Block of 84 Student Beds, Lorentzville
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. Descriptions mentioned herein are not guaranteed by the auctioneers and are as supplied.
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