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Ideal canvas for a student accommodation or residential redevelopment project.
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for sale
Private Tender
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Location
Summary
- Ideal Student or Residential redevelopment
- GBA ± 7,495 m² GLA ± 6,610 m²
- In the heart of Braamfontein
- Close proximity to WITS University and other campuses
- Property has backup power
Situation
The property is well located in the vibrant suburb of Braamfontein which is just north of the
Johannesburg CBD. Braamfontein is the seat of the Constitutional Court and several major
corporations and institutions such as Wits University, Liberty Holdings Limited, JD Group, Sappi,
Bidvest Bank and Hollard.
The immediate locality of the property is characterised by a mixture of commercial and medium-to-high density residential developments catering to the strong demand for student accommodation and affordable rental accommodation for the burgeoning work force active in the area.
The property is located near various prestigious educational facilities, namely: WITS Main & Medical
Campus, IIE Rosebank, Damelin, Varsity College, Star Schools, IH Johannesburg, Boston City
Campus, Birnam College, Lyceum, etc.
The site offers double street frontage and has easy access to the nearby M1 highway. A variety of
transport modalities, including the Gautrain Station, Park Station and the Wanderers Taxi Rank are
within easy access from the property. All major and general amenities, including a variety of retail
and leisure offerings are available in the area and the nearby CBD.
Description
The property is a seven-story office building with structured parking on basement, ground floor and
first floor levels. There is vehicular access from De Korte St. There is pedestrian access from De
Korte Street which accesses the reception area with two turnstiles for access control.
The property is diagonally opposite Damelin College situated in the centre of Braamfontein.
There are three elevators in working condition that services all seven storeys of the building and the
basement level with lift foyer on each floor. A well-kept staircase spans the height of the structure
and provides additional accessibility.
Each of the storeys above the ground floor consist of drywalled office spaces easily reconfigurable or
removable for redevelopment purposes. Each office space has split unit air conditioning and
windows on all peripheries which increase the natural lighting within the structure. The first floor
offers a canteen. There are numerous ablution facilities throughout the building.
Zoning and Title Deed Information
Title Deed Information
Title Deed Number: T48910/2013
Legal Description: Portion of Erf 4665 Johannesburg Township
Registered Owner: Delta Property Fund Limited
Local Authority: Province of Gauteng
Extent: 1,934m²
Title Deed Number: T48910/2013
Legal Description: Portion of Erf 3007 Johannesburg Township
Registered Owner: Delta Property Fund Limited
Local Authority: Province of Gauteng
Extent: 59m²
Zoning Information
Zoning: Business 1
Primary Uses:
Height Restriction: 3 Storeys
Coverage: 80%
F.A.R.: 4.0
Density: 1 Dwelling per 200m²
Parking: 2 spaces per 100m² of gross floor area (offices)
Rentable Areas
| Use | Size (sqm) |
| Office | 6,610.04 |
| Total | 6,610.04 |
| Parking | Bays |
| Basement | 67 |
| Covered | 5 |
| Total | 72 |
Tenancy
The property is currently vacant.
There is income from MTN & Cell-C towers on the roof.
In addition to the redevelopment opportunity the property also could be used for offices that would suit various clients, such as those in the fields of education, trade union, government, corporate offices, etc.
There is also potential to activate the retail levels.
Forecasted Monthly Rates and Taxes
| Current Rates and Taxes for July 2023 | R78,416 |
VAT
The Seller has been registered for VAT (Value Added Tax) and therefore VAT is payable by the Purchaser.
Sales Process
This property is being sold by way of a Private Treaty process under a Sole Marketing Mandate with CBRE-X online.
Interested parties will have access to the Property Brochure and NDA on registration on the CBRE-X online website.
Should you wish to access the full Due Diligence information in the ClicktoPurchase (CTP) data room, we will require you to sign the Non-Disclosure Agreement (NDA), and provide information regarding the entity and individuals represented by that entity, that is expressing an interest in the property. This can be in the form of a link to your company website, your company profile or a brief resume for both the company and key individuals involved in the transaction.
On successful review of your registration, you will be granted access to the CTP data room. Besides all DD documentation, you will also have access to the sale agreement.
Should you wish to submit an offer on the property, you will be required to provide proof of funds or comfort from a financial institution that they would favourably consider an application from yourself for funding for the property in question. Interested parties are invited to submit their best unconditional offer as soon as possible.
Only interested parties that have submitted an NDA and provided the aforementioned information, will be invited to view the property in the company of the Agent or a representative of the Seller.
FICA and KYC verification will be required in order to register on (CTP).
In the instance where a binding offer acceptable to the Seller is presented, the Seller reserves the right to accept any offer but undertakes to instruct the Agent to inform all interested parties (those that have signed a NDA and accessed the DD information via CTP) that there is an offer under consideration at least 5 business days after receipt of that offer.
The agent will present all offers to the Sellers.
All offers need to be open for acceptance for a minimum period of 15 business days from date of submission.
The agent will communicate acceptance of their offer to the winning party and inform all other parties that have not been successful.
Offers will be assessed on, amongst others, the following criteria:
- The price offered.
- Ability to perform and provision of comfort letter or proof of funds for the transaction in question.
- Conditionality of the offer and timeline to conclude the deal.
Disclaimer
The website provides information about properties but does not guarantee its accuracy. Users access the site at their own risk and should seek professional advice before making any decisions based on the information provided. Property descriptions are general and do not constitute an offer or contract. All details are believed to be correct but should be verified by users. The company and its employees do not make any representations or warranties regarding the properties. Prices quoted are exclusive of taxes. The information on the website may contain errors, omissions, or may change without notice. Users should conduct their own investigations before making any investment decisions. The information provided should not be considered financial or investment advice. Any information given by the company or the vendor is for illustration purposes only and does not constitute a representation, condition, or warranty. Users are responsible for conducting their own due diligence to verify the accuracy of the information provided.
Contacts
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CBRE Excellerate
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Disclaimer
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