Multi-Asset Class Portfolio | Retail | Concurso
The property is situated in the Salt River precinct between Brickfield Road at the front of the building, and Pickwick Road at the rear. The property is one erven back from the M4 in Cape Town, with the M4 acting as the main transport link to Woodstock, with the CBD to the west and Observatory to the east. There is easy access along the M4 to the N2, and the resulting network of motorways including access to the port and Cape Town CBD. The greater catchment area consists of a large residential population, the commercial district, Harbour district, and smaller industrial nodes.
The building comprises 5,251 square metres of net lettable area over two levels. It has been refurbished to the tenants’ specifications providing retail and related workspace on the ground floor, with a large incoming goods yard on Pickwick Road. Parking, office, and other amenities are provided on the first floor with entrance up a ramp from Brickfield Road. Customer access is from Brickfield Road where there is street parking and two carparks.
|Tenant||GLA (m2)||Rate (R/m2)||Starts||Expires||Esc %|
|Buco City||5 251||81.76||01/05/2016||30/04/2026||6|
Buco, or the “Building Company” is a South African company focused on selling building materials and associated products including hardware, electrical and plumbing products directly to mainly cash paying customers. Buco is owned by the same holding company as Timber City and is visible in many Buco retail stores.
|Net Income Forecast (1 Sept 23 – 31 Aug 24)||TOTAL|
|Rental||R 5 570 405|
|Recoveries (Operating Costs)||R 951 451|
|Gross Income||R 6 521 856|
|Operating Expenses||R 1 145 328|
|Forecast Net Operating Income||R 5 376 528|
|Registered Owner||Perele Investments (Pty) Ltd|
|Legal Description||RE Erf 13753, Cape Town, in the City of Cape Town, Cape Division, Province of the Western Cape|
|Land Area||5,251 square metres in extent|
|Title Deed No||T38360/2020|
|Municipal Authority||City of Cape Town|
|Address||1 Brickfield Road, Salt River, Cape Town|
|Zoning||Mixed Use, Sub Zone 2|
|Floor Area Ratio (FAR)||4.0|
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 email@example.com
Henry Playne at firstname.lastname@example.org
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