Multi-Asset Class Portfolio | Retail | Tender
The property is situated on the corner of Bagley Terrace and Weltevreden Road, a busy arterial thoroughfare connecting Cresta Shopping Centre with Constantia and the N1 Western motorway. It is over the road from two well tenanted convenience centres, Mountainview Centre with a Woolworths anchor directly opposite over Weltevreden Road and L’Corro Centre with Meatworld as anchor across Bagley Avenue. Adjacent to it is a Bosch and Castrol car service centre.
This petrol station, the adjacent convenience centres and the car service centre form a vibrant convenience hub in the centre of the Northcliff and Fairland residential neighbourhoods.
Two entry/exit points from Weltevreden Road provide easy access to both the petrol station and the car wash, while there is a further access point on Bagley Avenue.
The property comprises a 3,822 m² site set up as a petrol station with a convenience store, ancillary amenities and forecourt. It has been refurbished to the tenants’ specifications providing retail and filling station workspace. The 254 m² retail building features a Wild Bean Café and a Pick n Pay Express along with customer and employee amenities. There is a large car wash and waiting area on an elevated portion of the property against the back boundary maintained by a planted retaining wall.
There is an integrated solar system with roof mounted solar panels on the retail building and the bowser canopy.
|Tenant||GLA (m2)||Rate (R/m2)||Starts||Expires||Esc %|
Tenant - BP
BP is a British multinational oil and gas company headquartered in London, United Kingdom. It is one of the world's largest companies measured by revenues and profits and is considered an oil and gas "supermajor" operating in 80 countries worldwide.
|Net Income Forecast (1 Sep 23 – 31 Aug 24)||TOTAL|
|Rental||R 4 295 461|
|Recoveries (Operating Costs)||R 733 215|
|Gross Income||R 5 028 676|
|Operating Expenses||R 837 937|
|Forecast Net Operating Income||R 4 190 739|
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 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 18TH MAY 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