Details

Investment Summary

• Currently fully let to Build it [Spar Group]
• Gross Lettable Area [1,122m²]
• Purchase Price R 20,300,000
• Initial Lease Term 10 Years [March 2019]
• Net Annual Income R 1,547,864 [January 2023 – December 2023]

Location

Kunene Road, Mpumalanga Township, Hammarsdale, KZN.  Junction, Kunene Rd, Mpumalanga East, Mpumalanga, 3699

Building Description

Single storey Build It Hardware Store comprising of on grade parking, on grade retail, storage and mezzanine level storage component. In accordance with Build It building and finishing specifications.

Erf Description

Lease 5 on Portion 18 (of 16) of the Farm Hammarsdale No. 6981, Registration Division FT, Province of KwaZulu-Natal, in extent 8,310 (eight thousand three hundred and ten) square metres, held by Deed of Transfer R629/1971.

Landowner

Ingonyama Trust

Leased Land

MPOF Hammarsdale (Pty), “ERIS” owns the leasehold right over the portion of land described in the Erf Description above.

Lettable Area

1,122m2 of GLA comprising of the ground floor retail portion measuring 1052m2, the mezzanine portion measuring 70m2 and the yard/ storage area.

Occupancy Profile

The Spar Group Limited TA Build It

Initial Lease Period

10-Year lease Plus 4 X 5-Year Options to Renew.

Net Annual Income

R1,547,864.00 (Jan 2023 – Dec 2023)

Additional Information

The tenants Option to Purchase expired after 180 days after the Lease Commencement Date of 14 March 2019.

Leased Land

Lessor: Ingonyama Trust

Lessee: Mpof Hammarsdale (Pty) Ltd

Lease period: 40 years

Renewal option: 40 years

Lease commencement: 4th November 2010

Rental: 3% of annual gross rental received for each year

Location

Build-it is located at the area of Hammarsdale. Mpumalanga, also widely known as Hammarsdale, is a town in eThekwini in the KwaZulu-Natal province of South Africa.

The land offers a superior location, given that it is: Situated near the Hammarsdale Junction which was officially opened in May 2013 and is owned by Vukile Property Fund. It is a community shopping centre situated west of Durban in the beautifully diverse province of KwaZulu Natal.