213 Mathews Meyiwa (Stamford Hill) Road, Durban Modern Office Investment

MODERN OFFICE INVESTMENT 213 MATHEWS MEYIWA (STAMFORD HILL) ROAD, DURBAN

WEB#: AUCT-000663 | www.in2assets.com ADDRESS: 213 Mathews Meyiwa (Stamford Hill) Road, Durban AUCTION VENUE: The Durban Country Club, Isaiah Ntshangase Road, Durban AUCTION DATE & TIME: 16 May 2018 | 11h00 VIEWING: Thursday, 10 May 2018 | 14h00 to 15h00 CONTACT: Carl Kleinhans | 082 467 5664 | 031 574 7600 | [email protected] REGISTRATION FEE: R 50 000-00 (Refundable Bank Guaranteed Cheque) AUCTIONEER: Andrew Miller

CONTENTS 213 MATHEWS MEYIWA (STAMFORD HILL) ROAD, DURBAN 1318 Old North Coast Road, Avoca

CPA LETTER 2

PROPERTY DESCRIPTION 3

PROPERTY LOCATION 5

PICTURE GALLERY 6

ADDITIONAL INFORMATION 9

TERMS AND CONDITIONS 11

SG DIAGRAMS 12

BUILDING PLANS 15

ZONING CERTIFCATES 21

LEASE AGREEMENTS 25

TITLE DEED 55

RULES OF AUCTION & CONDITIONS OF SALE 59

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 213 MATHEWS MEYIWA (STAMFORD HILL) ROAD, DURBAN 1318 Old North Coast Road, Avoca

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.

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PROPERTY 213 MATHEWS MEYIWA (STAMFORD HILL) ROAD, DURBAN 1318DESCRIPTION Old North Coast Road, Avoca

General

Property Address: 213 Mathews Meyiwa (Stamford Hill) Road

Township & Province: Durban, KwaZulu-Natal

Title Deed Information – Property 1

Title Deed Number: T42120/2010

Registered Owner: Point Zero Trading CC

Title Deed Description: Portion 14 of Erf 1449 Durban

Extent: 501 m²

Title Deed Information – Property 2

Title Deed Number: T42120/2010

Registered Owner: Point Zero Trading CC

Title Deed Description: Portion 15 of Erf 1449 Durban

Extent: 408 m²

Title Deed Information – Property 3

Title Deed Number: T42120/2010

Registered Owner: Point Zero Trading CC

Title Deed Description: Portion 16 of Erf 1449 Durban

Extent: 247 m²

Total Combined Extent: 1 156 m²

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PROPERTY 213 MATHEWS MEYIWA (STAMFORD HILL) ROAD, DURBAN 1318DESCRIPTION Old North Coast Road, Avoca (Continued)

Municipal information

The local authority in which the property is situated is the eThekwini Municipality. According to the permitted zoning scheme the properties are zoned as follows:

Town Planning Information – Portion 14 of Erf 1449 Durban

Town Planning Information – Portion 15 of Erf 1449 Durban

Town Planning Information – Portion 16 of Erf 1449 Durban

Zoning: General Residential 2 F.A.R: 1.0 Coverage: 40%; 20% garden area to be provided Height: N/A Building Lines: 7.5 metres to all road frontages Side: 1.2 metres / storey (minimum of 3.0 metres) Rear: 1.2 metres / storey (minimum of 5.0 metres) Parking: Depends on use Comments: As per the zoning certificates, the current zoning is General Residential 2. We are unable to determine whether special consent for offices has been given / granted.

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PROPERTY 213 MATHEWS MEYIWA (STAMFORD HILL) ROAD, DURBAN 1318LOCATION Old North Coast Road, Avoca

The property is situated within the upmarket suburb of Stamford Hill, surrounded by the suburbs of Windermere and Essenwood. Stamford Hill which is Durban’s sports hub is positioned west of the Umgeni and north of Greyville. The property is positioned at the corner of Silver Avenue and Mathews Meyiwa (Stamford Hill) Road approximately 260m from Sandile Thusi Road (M17) and approximately 220m from Umgeni Road.

The immediate surrounding community enjoys the close proximity to Stamford Hill Road and Florida Road cosmopolitan atmosphere. Stamford Hill is a sought after location for mixed use activities. Commercial nodes are established in the vicinity which are mostly geared towards retail, accommodation, offices and restaurants. It is a built up area, with numerous sectional title complexes and historic residential dwellings operating as commercial uses.

The property enjoys easy access to the Central Business District of Durban. Musgrave Centre and Clifton Preparatory School are nearby.

SUBJECT PROPERTY: 213 Mathews Meyiwa (Stamfordhill) Road, Durban

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PICTURE 213 MATHEWS MEYIWA (STAMFORD HILL) ROAD, DURBAN 1318GALLERY Old North Coast Road, Avoca

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PICTURE 213 MATHEWS MEYIWA (STAMFORD HILL) ROAD, DURBAN 1318GALLERY Old North Coast Road, Avoca (Continued)

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PICTURE 213 MATHEWS MEYIWA (STAMFORD HILL) ROAD, DURBAN 1318GALLERY Old North Coast Road, Avoca (Continued)

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ADDITIONAL 213 MATHEWS MEYIWA (STAMFORD HILL) ROAD, DURBAN 1318INFORMATION Old North Coast Road, Avoca

Primary use

This neat and well maintained double storey office building is positioned at the corner of Silver Avenue and Mathews Meyiwa (Stamford Hill) Road comprises modern and upmarket offices. There is a basement that consists of 4 store rooms and can park 5 cars and there is an extension to the basement that can park another 4 cars. The property is fully secured with electric fencing and accessed via intercom and automated gates. There is a neat garden to the front and the driveways are tarred.

The property has pedestrian and vehicular access off Stamford Hill Road and vehicular exit onto Silver Avenue. There is ample parking on-site, with 24 parking bays (in total) of which 8 have shaded cloth.

The upper floor and ground floor comprises of configuration of open plan and individual offices and a common reception area at the ground floor. Fixtures and fittings are superior throughout the building and most of the featured walls internally provide the building with the attractive appeal.

The building currently accommodates 3 tenants, two on the ground floor and one upstairs. All tenants have access to the communal ablution facilities and the upstairs have their own ablution facilities. Office areas are either carpeted or have granite tiling.

At the rear of the property there is a staff ablution facility and a staff shower. The property is subject to a sewer servitude as per the Title Deed.

The Purchaser acknowledges herewith that he has fully acquainted himself with the improvements on the Property as well as the building plans and any deviations that may be applicable between the building plans and the improvements on the Property itself. The Purchaser acknowledges that he will have no claims against the Seller or the Auctioneer in respect hereof.

As per the Title Deed, the property shall not be alienated, transferred, leased, mortgaged or otherwise dealt with the one separate from the other.

Accommodation Details

As per the Seller, the Gross lettable area is as follows:

Ground Floor 279 m² First Floor 344 m² Basement (1) 130 m² Total 753 m²

Basement: The basement is used by the owner for storage and for parking of vehicles. This area is not included in the rental income but is an opportunity for the new owner to generate additional income.

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ADDITIONAL 213 MATHEWS MEYIWA (STAMFORD HILL) ROAD, DURBAN 1318INFORMATION Old North Coast Road, Avoca (Continued)

Lease Details

Lease Monthly Rental Annual Rental Tenant Name Lease Expiry Commencement (Excluding Vat) (Excluding Vat) Icon 3 Sixty (Pty) Ltd 01-Jul-15 31 June 2018 R 14 459.50 R 173 514.00 Fahrenheit Designs CC 01-Sep-11 31-Aug-18 R 24 668.18 R 296 018.16

Haibo Trading (Pty) Ltd 01-Mar-17 28-Feb-20 R 62 436.00 R 749 232.00 Total R 101 563.68 R 1 218 764.16

Comments:  All tenants are liable for Water, Electricity and Sewerage expenses.  There is no rental charged for parking.

Expenses

The assessment rates for the year 2017/2018 amounts to R31 308.96, which equates to a monthly figure of R2 609.08.

Vat Status

The Seller is Vat registered – Option to Zero Rate.

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TERMS & 213 MATHEWS MEYIWA (STAMFORD HILL) ROAD, DURBAN 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 plus 15 % Vat payable by the Purchaser on the fall of the hammer  24 Hour Confirmation period – 17 May 2018 @ 17h00  45 Day Guarantee Period  Possession on Registration of Transfer  Electrical, Entomologist and Gas Certificates for the Sellers account

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 : Standard Bank Account Name : In2assets Properties (Pty) Ltd Account No. : 050022032 Branch Name : Kingsmead Branch code : 040026

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SG DIAGRAMS 213 MATHEWS MEYIWA (STAMFORD HILL) ROAD, DURBAN 1318 Old North Coast Road, Avoca

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SG DIAGRAMS 213 MATHEWS MEYIWA (STAMFORD HILL) ROAD, DURBAN

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SG DIAGRAMS 213 MATHEWS MEYIWA (STAMFORD HILL) ROAD, DURBAN

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BUILDING 213 MATHEWS MEYIWA (STAMFORD HILL) ROAD, DURBAN 1318PLANS Old North Coast Road, Avoca

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BUILDING 213 MATHEWS MEYIWA (STAMFORD HILL) ROAD, DURBAN 1318PLANS Old North Coast Road, Avoca

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BUILDING 213 MATHEWS MEYIWA (STAMFORD HILL) ROAD, DURBAN 1318PLANS Old North Coast Road, Avoca

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BUILDING 213 MATHEWS MEYIWA (STAMFORD HILL) ROAD, DURBAN 1318PLANS Old North Coast Road, Avoca

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BUILDING 213 MATHEWS MEYIWA (STAMFORD HILL) ROAD, DURBAN 1318PLANS Old North Coast Road, Avoca

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BUILDING 213 MATHEWS MEYIWA (STAMFORD HILL) ROAD, DURBAN 1318PLANS Old North Coast Road, Avoca

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ZONING 213 MATHEWS MEYIWA (STAMFORD HILL) ROAD, DURBAN 1318CERTIFICATES Old North Coast Road, Avoca

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ZONING 213 MATHEWS MEYIWA (STAMFORD HILL) ROAD, DURBAN 1318CERTIFICATES Old North Coast Road, Avoca

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ZONING 213 MATHEWS MEYIWA (STAMFORD HILL) ROAD, DURBAN 1318CERTIFICATES Old North Coast Road, Avoca

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ZONING 213 MATHEWS MEYIWA (STAMFORD HILL) ROAD, DURBAN 1318CERTI OldFICATES North Coast Road, Avoca (Continued)

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