PROPERTY FOR SALE
PORTFOLIO DISPOSAL
84 THIRD STREET
SPRINGS
GAUTENG
RESIDENTIAL BUILDING FOR SALE
ASKING PRICE R8 000 000
(SERIOUS OFFERS WILL BE CONSIDERED)
Contact for further info:
Darryl Shaff Cell: 082 45 45 954 Email: [email protected]
1. ADDRESS’ OF PROPERTY
Property Address: 86 Third Street, Springs Central, Ekurhuleni, Gauteng Erf & Suburb & City: ERF 1918, Springs Central, Ekurhuleni, Gauteng ERF Size: 1238m²
2. DESCRIPTION OF SUBJECT PROPERTY
The Old Metropolitan building in Springs central, has been converted into a residential building. This is a multi-storey building consisting of 5 floors. The ground floor has 12 sections, the first, second and third floors have 11 sections each and 12 sections on the fourth floor. The building consists of a total of 57 flats.
The subject property is an old building and therefore the condition would be deemed to be average. There is a certain amount of maintenance that is done on the building.
Tenants are billed separately for electricity and water over and above the rental. The utilities are fully recovered.
3. AREA INFORMATION
The city of Springs, east of Johannesburg, is on the East Rand, or what is now known as the Metropolitan area of Ekurhuleni, in the Gauteng Province. Springs is currently one of the industrial centres of the Witwatersrand and also the Eastern Gateway of Gauteng towards Mpumalanga and Northern KwaZulu Natal.
Springs is also a transporting centre with many transporting companies. Springs has a well developed CBD with a couple of high-rise office buildings housing the regional office of Telkom.
There are two major shopping malls in the Springs Downtown serving Springs, The Avenues and Palm Springs, as well as Veranda Shopping Centre. There are a number of shopping centres in the suburbs of Springs. Springs Mall on Wit Road at the N17 onramp gives the area 50000 m² of premium retail shopping.
There are several schools, ranging from pre-primary to secondary schools, and a tertiary college in Springs.
Springs is served by two national highways. The N12 is an east/west freeway, connecting Springs with Witbank to the east and with Johannesburg in the west. The N17 is also an east/west freeway. Springs is also served by four regional routes, the R29, R51, R554 and the R555. The R29 is an east/west regional route which connects Springs with Benoni northwest of Springs and with Leandra in the east. The north–south R51 which connects Springs with Pretoria in the north and with Nigel,
Springs is also a major railway hub. Springs is a sub hub for the Metrorail Gauteng with the Springs- Johannesburg trains serving Springs, Brakpan, Benoni, Boksburg, Germiston and Johannesburg.
Springs is served by the Far East Rand provincial Hospital and three private hospitals, the N17 Hospital, the St Mary Women's Hospital and the Parkland Hospital closer to the Springs CBD. Then there are many private clinics, some of them under Medi Clinic.
4. SITE PHOTOGRAPHS
Lounge Kitchen Area Bedroom Area
Bedroom Area Bathroom Area shower with toilet and basin 5. INCOME AND EXPENSES
Ground unit 1 R 2 640,00
Ground unit 2 R 2 364,00
Ground unit 3 R 2 255,00
Ground unit 4 R 1 870,00
Ground unit 5 R 2 255,00
Ground unit 6 R 1 760,00
Ground unit 7 R 1 930,00
Ground unit 8 R 1 870,00
Ground unit 9 R 2 255,00
Ground unit 10 R 1 980,00
Ground unit 11 R 2 100,00
Ground unit 12 R 2 310,00
Flat 101 R 1 980,00
Flat 102 R 1 980,00
Flat 103 R 1 980,00
Flat 104 R 2 255,00
Flat 105 R 1 540,00
Flat 106 R 1 760,00
Flat 107 R 1 760,00
Flat 108 R 2 100,00
Flat 109 R 2 255,00
Flat 110 R 2 255,00
Flat 111 R 1 870,00
Flat 201 R 1 980,00
Flat 202 R 2 100,00
Flat 203 R 1 980,00
Flat 204 R -
Flat 205 R 1 980,00
Flat 206 R 2 300,00
Flat 207 R 2 100,00
Flat 208 R 2 100,00
Flat 209 R 2 100,00
Flat 210 R 2 300,00
Flat 211 R 2 255,00
Flat 301 R 1 980,00
Flat 302 R 2 300,00 Flat 303 R 1 870,00
Flat 304 R 1 980,00
Flat 305 R 1 875,00
Flat 306 R 2 100,00
Flat 307 R 1 980,00
Flat 308 R 2 255,00
Flat 309 R 1 980,00
Flat 310 R 2 050,00
Flat 311 R 2 300,00
Flat 401 R 1 650,00
Flat 402 R 1 650,00
Flat 403 R 1 650,00
Flat 404 R 1 650,00
Flat 405 R 2 300,00
Flat 406 R 2 050,00
Flat 407 R 1 650,00
Flat 408 R 1 750,00
Flat 409 R 1 650,00
Flat 410 R 1 650,00
Flat 411 R 2 100,00
Flat 412 R 2 750,00
TOTAL GROSS RENTAL: R 113 689,00
Expenses:
Insurance R 3 000,00
Municipality - Rates/Refuse/Sewerage and under recovery of water and elec. R 10 000,00
Cleaner/Security Pro Rata R 2 500,00
Maintenance Provision R 2 000,00
Vacancy Provision R 5 000,00
TOTAL EXPENSES R 22 500,00
NET RENTAL R 91 189,00
6. MUNICIPAL ACCOUNT
7. OTHER ASSETS IN THIS PORTFOLIO
The Old SARS Building is 74 3rd Street in Springs and only 550m away from The Metropolitan Building and the Advertiser Building
The Advertiser Building is right next door to the Metropolitan Building.
The Wilco Building is based at 304 Commissioner Street Boksburg CBD.
The Kenilworth Property is a retail opportunity 91 Main Road Kenilworth Rosettenville Johannesburg
8. PORTFOLIO SUMMARY
The Sars Building Compromises of 42 x 1 bedroom flats with a further 10 rooms Gross Monthly Income (JAN 2020) R74 525.00 Vacancies are 14 units (some have been tenanted since) Potential Gross Monthly Income R103 050.00 Asking Price R5 000 000.00
The Advertiser Building Compromises of 39 flats with a further 24 Shops Gross Monthly Income (JULY 2020) R108 906.00 Vacancies are 13 units (some have been tenanted since) Potential Gross Monthly Income R137 806.00 Asking Price R7 000 000.00
The Wilco Building Compromises of 10 flats with a further 4 Shops and 3 rooms Gross Monthly Income R77 574.00 Vacancies are 0 units Asking Price R5 000 000.00
The Kenilworth Building Compromises of 7 Retail Shops Gross Monthly Income R39 500.00 Vacancies are 0 units Asking Price R3 000 000.00