Multi-Asset Class Portfolio | Retail | Tender
The subject property is located on Kingsley Road in Orkney, North West province adjacent to the local Municipality and the town council buildings. Kingsley Road dissects central Orkney and acts as one of the busy corridors through which motorists, taxis and foot traffic navigate the Orkney CBD. The central location and public transport/taxi availability make the property ideally positioned for the densely populated greater Orkney catchment area. The property enjoys excellent visibility with easy access from Kingsley Road, which also provides customer parking.
The building comprises two levels with the ground floor of 2,030 m let to Shoprite. The second floor consists of 22 apartments and storage, bathroom, and management office facilities for Shoprite. The property is well maintained and boasts high levels of security creating a calm refuge within the bustling city centre. Both visibility and access are excellent, helping identify the building as a standout destination within its local setting.
|Tenant||GLA (m2)||Rate (R/m2)||Starts||Expires||Esc %|
|MAFADI||1st Floor||37 500.00/mth||Renegotiated annually||Renegotiated annually||N/A|
Shoprite is the largest South African retailer by market capitalisation, sales, profit and number of employees and customers. They specialize in grocery stores selling produce and household items.
Mafadi are the managing for all the 22 residential units present on the subject property. Each tenant has their own lease. For access to the current rent roll, please sign our NDA and request document access.
|Net Income Forecast (1 Sep 23 – 31 Aug 24)||TOTAL|
|Recoveries (Operating Costs)||R 570,405.59|
|Gross Income||R 3 846 033.07|
|Operating Expenses||R 410,463.76|
|Forecast Net Operating Income||R 3,435,569|
|Registered Owner||Perele Investments (Pty) Ltd|
|Legal Description||ERF 2836, Orkney Township, The Province of North West|
|Land Area||1784 Square Meters|
|Title Deed No||T13296/2020|
|Municipal Authority||Dr Kenneth Kaunda District Municipality|
|Address||Orkney Complex, 9 Kingsley Rd, Orkney, 2619|
The seller is registered for VAT (Value Added Tax). All offers will be exclusive of VAT at a rate of 0%.
The property is offered for Sale by way of a direct sale of title.
Upon registration and signing the NDA, you will be provided with access to the Stage 1 Due Diligence data room, which will provide you with a full tenant schedule, a 12-month Income and Expense Forecast, a Letter of Intent template (“LOI”) and a full Sale Process Letter including instructions about making a binding LOI.
Interested parties are invited to provide submissions for the property in the form of an LOI due by the deadline date displayed. Submissions should include at a minimum, the information and terms outlined below and the completed LOI provided in the Stage 1 Due Diligence Data Room.
Interested parties are invited to provide their offers to:
Fabio Nava at firstname.lastname@example.org
Henry Playne at email@example.com
BY NO LATER THAN 12H00, THURSDAY 15TH June 2023.
All communications regarding the Sale Process and/or the Property should be directed to the Seller’s exclusive Advisors:
+27 82 585 2498
+27 72 763 4090
Director: Capital Markets - Advisory & Transaction Services