Mixed Use | Tender
CEDAR PARK PROPERTIES 39 (PTY) LTD (IN LIQUIDATION) G782/2020
Description: The Sandton Gautrain Station is the busiest station on the Gautrain network, with over 20 million passengers per year. We are now offering investors the opportunity to purchase commercial development space on this prime location - a unique opportunity to create a mixed-use asset that will serve the needs of the millions of people who not only pass through the station, but Sandton itself, each year.
**Property Name: ** Sandton Gautrain Station – Rights to Develop
**Erf No: ** PTN/575, Sandotwn, Ext 49
**Physical Address: ** Corner of West & Rivonia Road, Sandown, Sandton (131 West Street, Sandton)
Property Nature / Use: The property comprises the Sandton Gautrain Station Site along with adjacent open spaces and the Sandton Library. The station is principally a Subterranean Metro style development that is an intercity rail commute system. There are 2 levels above ground comprising access, parking and street front retail activity. This is known as Phase 1.
The design of the development needs to conform to the approved town-planning scheme. The balance is open surroundings that may be landscaped, paved, parking and is effectively open space. This is known as Phase 2.
The footprint of the Gautrain Station improvement is a staggered triangular shape with the middle for main entrance access. The building is constructed using a cast-in-situ concrete framework on concrete foundation work. There are various levels of building being underground metro station stops, basement parking (part of which is staggered), ground floor reception and two upper floor office/retail levels. The building is generally a high-grade Sandton CBD retail facility awaiting further development. The nature of the existing facility lends itself to further development. The nature of the position and zoning allowance lends itself perfectly to create a highly sought after live-work-play investment opportunity.
**The following is for sale and the process will follow as such: ** There is a 50 year lease that will come into existence upon completion of the development between the new owner and "Leasco". This appears to be an internal arrangement of a financial structuring nature and a benefit to the developer for the development. The cash flow reverts to City of Johannesburg on lease expiry. The City of Johannesburg also then takes back at a nominal value of the retail, hospitality and office components of the development.
Registered Servitudes / Restrictions: There are various servitudes on the property for municipal service conveying, repairs and temporary dumping rights By virtue of provincial Gazette Notice 441/2010 dated 16 February 2020, a provincial railway line at varying depths exists in the tunnel servitude below the property, vide I – 7348/2011C No building over building lines or servitude or planting trees None of the above servitudes materially affect the value of the property or development potential and these conditions have generally been observed in the development of this property.
**Zoning: ** Special - with a basket of mixed-use rights from residential, retail, office, entertainment and other
**In essence: ** The property is being sold, and will then be sold back to the City Council on a 50 year lease back with a further option to renew for an additional 50 years.
**In order to participate in the tender, interested parties are to follow the following process: ** 1. Register an Account 2. Complete and upload NDA via DocuSign 3. Upload proof of ID 4. Upload Proof of Address
Once the above steps have been completed, vetted and approved, access to the data room will be granted. The data room houses all relevant information pertaining to the asset. Upon submission of offers, proof of funding is required along with a refundable R100,000.00 registration fee.