BP Virginia - 12 Market St, Virginia, 9430, South Africa Virginia Free State | Online.cbreexcellerate.com
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BP Virginia - 12 Market St, Virginia, 9430, South Africa

Multi-Asset Class Portfolio | Retail | Tender


Investment Highlights

  • Strong national tenant – BP, operating in over 80 countries worldwide.
  • Established central location adjacent to Checkers Virginia.
  • R 2 081 477 Net Operating Income for 12 months beginning 1 September 2023.
  • Solar installation opportunity.
  • Over 8 years remaining on a ten-year lease.
  • The property is available for individual purchase or as part of a larger portfolio. Offers for the larger portfolio will receive priority.

Location and Access

The property is situated on Market Street, adjacent to Checkers Virginia, a 6,300 m² shopping centre with anchor tenants Checkers and Clicks. Virginia Way, a major thoroughfare into central Virginia is 200 metres along Market Street and the R730, providing direct access to Welkom is a further 3 kilometres away. The site is part of the commercial and industrial central Virginia which is surrounded residential neighbourhoods.

Ingress and egress to and from the property is provided from Market Street.

Asset Description

The property comprises a 2,069 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 a retail BP shop, storage, and filling station workspace. The property has a generator but there is an opportunity for solar installation as an alternative.


Tenant GLA (m2) Rate (R/m2) Starts Expires Esc %
BP 2 069 80.81 01/08/2021 01/07/2031 4.5

Tenant Information

Tenant: BP South Africa (Pty) Limited (Registration No. 1924/02602/07)

  • Gross Lettable Area: The tenant leases the total land area of 2,069 m² along with ancillary service station buildings on the property
  • Lease Type: A fully repairing and maintaining triple net lease
  • Renewals: None
  • Escalation: 4.5%
  • Initial Rental: R 160,000 /month
  • Initial Expiry Date: 31st July 2031
  • Commencement Date: 1st August 2021
  • Term: 10 years
  • Current Rental R 174,724 /month
  • Net Operating Income: R 2,053,219 for 12 months beginning 1 September 2023
  • Right of Refusal: No

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.

Financial Information

Net Income Forecast (1 Sep 23 – 31 Aug 24) TOTAL
Rental R 2 104 551
Recoveries (Operating Costs) R 28 258
Gross Income R 2 132 808
Operating Expenses R 51 331
Forecast Net Operating Income R 2 081 477

Ownership Structure and Zoning Information

Ownership Details
Registered Owner Africom Networks (PTY) LTD
Registration No. 2016/334506/07
Legal Description ERF 1320, 1321 and 1322, Virginia Township, District of Ventersburg, Province of Free State
Land Area Erf 1320 measuring 669 m²
Land Area Erf 1321 measuring 731 m²
Land Area Erf 1322 measuring 669 m²
Total Land Area 2,069 m²
Title Deed No T9197/2020
Tenure Freehold
Municipal Authority Matjhabeng Local Municipality


The seller is registered for VAT (Value Added Tax). All offers will be exclusive of VAT at a rate of 0%.

Sales Process

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.

  • Purchase Price for the Property, based on the Net Operating Income and an acquisition yield;
  • A description of your company as the proposed purchaser and a reference list of similar retail transactions completed;
  • Evidence of the prospective purchaser’s financial ability to complete the transaction, including the method of financing the purchase;
  • Terms and conditions of closing;
  • Schedule of timing and events to complete closing;
  • A summary of all internal and external consents required to proceed with the contemplated transaction and a list of any other conditions to signing and completion;
  • A completed LOI, in the format provided by the seller; and
  • FICA documentation for the Purchaser.

Submission Date

Interested parties are invited to provide their offers to:

Fabio Nava at fabio.nava@cbreexcellerate.com


Henry Playne at henryplayne@qando.co.za


Exclusive Advisor

All communications regarding the Sale Process and/or the Property should be directed to the Seller’s exclusive Advisors:

Fabio Nava

+27 82 585 2498


Henry Playne

+27 72 763 4090


Map Details

Transaction Advisor

Fabio Nava

Director: Capital Markets - Advisory & Transaction Services

Contact Fabio

Henry Playne

Transaction Advisor

Contact Henry