MIXED-USE INVESTMENT PROPERTY 666-672 MAIN ROAD, NORTHDENE, QUEENSBURGH WEB#: AUCT-000743 | www.in2assets.com ADDRESS: 666-672 Main Road, Northdene, Queensburgh AUCTION VENUE: The Durban Country Club, Isaiah Ntshangase Road, Durban AUCTION DATE & TIME: 19 September 2018 | 11h00 VIEWING: By Appointment CONTACT: Luke Hearn | 071 351 8138 | 031 574 7600 | [email protected] REGISTRATION FEE: R 50 000-00 (Refundable Bank Guaranteed Cheque) AUCTIONEER: Andrew Miller 666-672 MAIN ROAD, CONTENTS NORTHDENE, QUEENSBURGH 1318 Old North Coast Road, Avoca CPA LETTER 2 PROPERTY DESCRIPTION 3 PROPERTY LOCATION 4 PICTURE GALLERY 5 ADDITIONAL INFORMATION 12 TERMS AND CONDITIONS 14 SG DIAGRAMS 15 ZONING CERTIFICATE 19 BUILDING PLANS 20 LEASE AGREEMENT 24 TITLE DEED 32 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. Version 3: 18.09.2018 1 CPA LETTER 666-672 MAIN ROAD, NORTHDENE, QUEENSBURGH 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. Version 3: 18.09.2018 2 PROPERTY 666-672 MAIN ROAD, NORTHDENE, QUEENSBURGH 1318DESCRIPTION Old North Coast Road, Avoca General Property Address: 666-672 Main Road, Northdene, Township & Province: Queensburgh, KwaZulu-Natal Title deed information Title Deed Number: T7552/2008 Registered Owner: Reynold Stephen Lind Title Deed Description: Erf 220 Queensburgh Extent: 4 255 m² Municipal information The local authority in which the property is situated is the EThekwini Municipality. According to the permitted zoning scheme the property is zoned as follows: Town Planning Information Zoning: General Commercial F.A.R: 1.0 Coverage: 80% Height: 4 Storeys Building Lines: Nil Side Space: 3.0 m Rear Space: 3.0 m Parking: Depends on use Version 3: 18.09.2018 3 PROPERTY 666-672 MAIN ROAD, NORTHDENE, QUEENSBURGH 1318LOCATION Old North Coast Road, Avoca The property is in Northdene, a suburb of Queensburgh approximately 20km West of Durban in the Greater Durban Metropolitan Area. The property fronts onto Main Road and obtains access from Main Road, Redman Road and Rapson Road. The property is surrounded by medium to upmarket type residential dwellings and sectional title duplexes as well as some commercial centres. It is positioned approximately 50m from the Northdene Train Station. The M7 Main Arterial Road is easily accessible which in turn links to the N2 National Freeway in the east. To the west, the M7 links to Hansdettman Highway which carries traffic to commercial and industrial businesses to the north (Pinetown, New Germany & Westmead) and the Chatsworth Township to the south. All modern amenities are found within the suburb of Malvern, which also forms part of the township of Queensburgh. A police station and other emergency services are found on the Main Road to Malvern. SUBJECT PROPERTY: 666-672 Main Road, Northdene, Queensburgh Version 3: 18.09.2018 4 PICTURE 666-672 MAIN ROAD, NORTHDENE, QUEENSBURGH 1318GALLERY Old North Coast Road, Avoca Version 3: 18.09.2018 5 666-672 MAIN ROAD, PICTURE NORTHDENE, QUEENSBURGH 1318GALLERY Old North Coast Road, Avoca (Continued) Version 3: 18.09.2018 6 PICTURE 666-672 MAIN ROAD, NORTHDENE, QUEENSBURGH 1318GALLERY Old North Coast Road, Avoca (Continued) PICTURE 24 SELBOURNE ROAD, WESTVILLE GALLERY (Continued) Version 3: 18.09.2018 7 666-672 MAIN ROAD, PICTURE NORTHDENE, QUEENSBURGH 1318GALLERY Old North Coast Road, Avoca (Continued) Version 3: 18.09.2018 8 PICTURE 666-672 MAIN ROAD, NORTHDENE, QUEENSBURGH 1318GALLERY Old North Coast Road, Avoca (Continued) Version 3: 18.09.2018 9 PICTURE 666-672 MAIN ROAD, NORTHDENE, QUEENSBURGH 1318GALLERY Old North Coast Road, Avoca (Continued) Version 3: 18.09.2018 10 PICTURE 666-672 MAIN ROAD, NORTHDENE, QUEENSBURGH 1318GALLERY Old North Coast Road, Avoca (Continued) Version 3: 18.09.2018 11 666-672 MAIN ROAD, ADDITIONAL NORTHDENE, QUEENSBURGH 1318INFORMATION Old North Coast Road, Avoca Primary use This mixed-use investment property is bound by three roads and is exposed to high volumes of vehicular traffic. The improvements on the property comprises of two double storey buildings and a single storey building that interlink. The two double storey buildings consists of three residential flats on the upper floor. The lower levels consist of retail components utilized by a plumbing store, post office, bakery and supermarket. At split level to the basement this building further comprises of ablution facilities and a store room. This building also comprises of a single garage accessed by a roller shutter door. The single storey retail building comprises of a basement at a split level. At the rear of the property there is ample land that is currently being used as a scrap yard. Access from Rapson Road leads to the tarred yard area with shaded cloth undercover parking that is utilized by a car wash. These structures for parking (shaded cloth) form part of the sale of the property. As per Title Deed, the property is subject to a servitude of non-user in favour of the Electricity Supply Commission. The property underlies AMAFA regulations. 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. Accommodation Details As per the Seller, the Gross Building Area is approximately 800 m². Version 3: 18.09.2018 12 666-672 MAIN ROAD, ADDITIONAL NORTHDENE, QUEENSBURGH 1318INFORMATION Old North Coast Road, Avoca (Continued) Lease Details Lease Lease Premises Tenant Name Monthly Rental Annual Rental Commencment Term/Expiry Flat 1 John Henry Foster 01-Feb-18 Monthly R 3 860,00 R 46 320,00 Flat 2 Mohammed Khan 01-Feb-18 Monthly R 2 859,00 R 34 308,00 Flat 3 Craig Hammond 01-Feb-18 Monthly R 5 566,00 R 66 792,00 Rear Yard Mid West Metals on Main CC 01-Feb-18 Monthly R 10 434,00 R 125 208,00 Yard Ultimate Clean Auto Wash & Valet 01-Feb-16 31-Jan-21 R 10 368,00 R 124 416,00 Shop A Vacant n/a n/a n/a n/a Shop B Vacant n/a n/a n/a n/a Shop C Vacant n/a n/a n/a n/a Shop D Vacant n/a n/a n/a n/a Shop E Vacant n/a n/a n/a n/a Shop F Vacant n/a n/a n/a n/a R 33 087,00 R 397 044,00 Comments: • The above lease details were provided by the Seller. • The rental figures for Mid West Metals on Main CC & Ultimate Clean Auto Wash & Valet are inclusive of Vat • No Vat is being charged on the rentals for the Residential flats. • The tenants are liable for Water & Electricity expenses. • The tenant Ultimate Clean Auto Wash & Valet has the option to renew the lease. Expenses The assessment rates for the year 2018/2019 amounts to R97 440.00, which equates to a monthly figure of R8 120.00. Vat Status The Seller is Vat Registered – Option to Zero Rate Version 3: 18.09.2018 13 666-672 MAIN ROAD, TERMS & NORTHDENE, QUEENSBURGH 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 Hours Confirmation period – 20 September 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.