PROPERTY ON AUCTION LENASIA PROPERTY AUCTION MAGNIFICENT OFFICES – SAXONWOLD PRIME LOCATION ALONG JAN SMUTS AVENUE IDEAL FOR OFFICES / SCHOOL / HOTEL / VENUE
ERF SIZE – 4 181m2 & GLA – 1 128m2
Erf 19 Saxonwold l 107 Jan Smuts Avenue, Saxonwold
LIQUIDATION
FOG INVESTMENTS (PTY) LTD IN LIQUIDATION – Master’s Ref. G1389/19
Auction Date & Time: Thursday 23 April 2020 – 12h00
Auction Venue: Live on-site – 107 Jan Smuts Avenue, Saxonwold
Auctioneer: Joshua Pelkowitz/Tim Varenzakis
Viewing: Auction Day and by appointment
WH Auctioneers Properties (PTY) Ltd
th 578 16 Road, Randjespark, Midrand Contact for further info: Tel: 0115745700
www.whauctions.comThe auction is conducted in terms ofJoshua the Regulations relating Pelkowitz 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. Cell: 072 536 5482 • Email: [email protected] Page | 1
Index
1. Guideline for the Auction Page 3
2. General Page 4
3. Title Deed Information Page 4
4. Locality Page 4
5. Description of Improvements Page 6
6. Site Sketch & Aerial Layout Page 7
7. Financial Information Page 9
8. Site Photographs Page 10
9. Building Plans Page 15
10. Title Deed Page 17
11. Municipal Account Page 19
12. Zoning Certificate Page 20
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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1. GUIDELINE FOR THE AUCTION
Auction Date & Venue: Thursday 23 April 2020 – 107 Jan Smuts Avenue, Saxonwold
Registration: Bidders can register at any time prior to auction by contacting the auction house or from 10:00am on auction day at the above- mentioned venue. Identity and FICA documents are required in order to register for the auction.
All potential buyers are required to pay a registration fee of R50 000 in order to bid at the auction. This amount can be paid either by bank guaranteed cheque or EFT into the Auctioneer’s trust account. Cash will NOT be accepted at the venue.
Once registered each buyer will be issued with a buyer’s card reflecting a buyer’s number.
Upon signature of the registration documents, all buyers will have acknowledged and accept the Terms and Conditions set out in the Rules of Auction.
Registration Fee: R50 000.00 (Refundable to unsuccessful bidders) Deposit: 18.05% of hammer price Confirmation period: 7 business days. Balance of the purchase price payable within 21 business days after confirmation of sale.
The bid price excludes the buyer’s premium which is payable over and above the purchase price.
Example: Highest bid with buyer’s premium Bid Price: R 100 000.00 Buyers comm. (7%) R 7 000.00 VAT on the Buyer’s Premium R 1 050.00 Total Purchase Price R 108 050.00
The auctioneers have the right to regulate the bidding at the auction and to bid on behalf of the seller up to (but not exceeding) the reserve price as mandated by the seller. When the auctioneer knocks down the property to the highest bidder the successful bidder will sign the Conditions of Sale on the day.
A deposit of 18.05% is payable on the fall of the hammer. This percentage is made up of the commission payable by the successful bidder of 7% plus VAT (namely, 8.05%) plus a 10% deposit on the purchase price of the Property.
The deposit is payable by way of a Bank Guaranteed cheque or electronic transfer. The deposit and buyer’s premium are deposited into the WH Auctioneers Trust account.
For queries regarding the properties on auction contact: Joshua Pelkowitz: 072 536 5482 WH Auctioneers offices: 011 574 5700
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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2. GENERAL
Property Address: 107 Jan Smuts Avenue, Saxonwold, Johannesburg
Erf & Suburb & City: Erf 19 Saxonwold, Johannesburg
3. TITLE DEED INFORMATION
Deeds Office: Johannesburg
Registered Owner: Fog Investments (Pty) Ltd (In Liquidation)
Title Deed No. T8323/2016
Erf Size: 4 181m2
Zoning: Business 4
4. LOCALITY
Saxonwold is a sedate dignified neighbourhood, around the corner from the Johannesburg zoo. Saxonwold is conveniently located and grants easy access from the suburb to the M1 and to Jan Smuts Avenue, one of the major arteries from the city through the northern suburbs. The CBD of Johannesburg is minutes’ drive from Saxonwold, particularly Braamfontein and the cultural arc, which includes the Constitutional Court, the Civic theatre. Many old houses in the area, especially along Jan Smuts avenue have been converted into bespoke offices and commercial properties.
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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Sandton CBD
Rosebank CBD
Saxonwold
Jan Smuts Ave
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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5. DESCRIPTION OF IMPROVEMENTS
The property measures 4 181m2 and is currently vacant. It was previous occupied by Fog Agency which was a advertising and marketing company which has been put into liquidation.
The site is improved with a large double storey building with an approximate Gross Lettable Area (GLA) of 1128m², which was formerly an upmarket residence and subsequently converted to provide stylish office accommodation, utilised previously as a French Embassy and also as an art gallery. The building is very individualistic both inside and out, reflecting a fusion of Provençal and avant-garde styling, which it carries well due to its generous proportions, layout and room-count. It is set within an established manicured garden amplified by the extremity of the stand which overall provides the offices with a sense of serenity despite its exposure to a busy main route.
Internally, accommodation comprises a reception area with a feature staircase, a multitude of singular and open- plan office areas (approximately 20 individual offices) on both levels, a purpose-built sound recording studio, a variety of function and meeting rooms, a kitchen and dining area, stores and separate ladies and gents ablutions strategically positioned throughout. Only 3 offices are airconditioned.
Fittings and fixtures are attractive and of very good quality, and most work-areas overlook the surrounding private garden which offers large trees and spacious grass areas, as well as a separate covered entertainment patio overlooking a dark-stained swimming pool which doubles as a tranquil pond water feature.
There is a large wooden entertainment deck overlooking the pond with a large storage room beneath
Outbuildings
There is a separate ablution block towards the back of the main building with multiple modern toilets and showers. There is also a separate staff/caretaker quarters with 3 rooms, a kitchen area and bathroom.
Access and Parking
Ample paved parking is provided at the front and rear of the building, and two entrances/exits with automated solid steel gates for entry and exit, controlled by a guardhouse alongside provides separate entry and exit points to the main road (Jan Smuts Avenue), which is obscured and protected by high brick perimeter walls.
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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6. SITE SKETCH AND AERIAL LAYOUT
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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Entrance Exit
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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7. FINANCIAL INFORMATION
The offices are currently vacant and no rental is being generated. Income and expense information will therefore be assumed based on current market conditions. Expenses will normally constitute 20% of the gross income. Based on its condition the property cannot be rented at a market related rental.
For the purposes of this report, we will assume a through rental of R130/m2 office space.
The following table illustrates an estimated income statement assuming the property was fully-let.
Accommodation Tenant / Lettable area m² Rental Rate Gross Monthly Gross Annual Lease per m² / unit Income Income Details Offices in Prime Node Vacant 1 128m2 R 130 R 146 640
Through Rental 1 128m2 R 130.00 R 146 640 Sub Total – Annual Gross Rental R 1 759 680 Vacancy factor 2.0% R 52 790 Gross Income R 1 706 890 Less: Expenditure R 341 378 Income/Expenditure Ratio 20% Potential Net Annual Income R 1 365 512
Current market rate/m2 for built space for B-Grade hand office space in Saxonwold/Rosebank is trading between R11 000/m2 and R16 000/m2
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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8. SITE PHOTOGRAPHS
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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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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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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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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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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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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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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10. TITLE DEED (Full Copies Available)
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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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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11. MUNICIPAL ACCOUNT
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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12. ZONING 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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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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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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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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